KUALA LUMPUR – Bursa Malaysia was flattish in the early session trading today amid lack of fresh catalysts.
At 9.17am, the benchmark FTSE Bursa Malaysia KLCI gained 0.43 of-a-point to 1,523.31 from 1,522.88 at yesterday’s close.
The index opened 1.33 points better at 1,524.21.
Losers led gainers 205 to 200, while 272 counters were unchanged, 1,664 untraded and 45 others suspended.
Total volume stood at 291.84 million units worth RM179.42 million.
Malacca Securities Sdn Bhd believes that the upside on technology stocks might be limited, mirroring the overnight losses on Nasdaq.
Bursa Malaysia’s Technology Index was flat at 100.40.
Commodity-wise, the brokerage said crude oil price charged higher and extended its gains above US$80 (RM336.80), while crude palm oil price performed a declining move, falling more than 2% yesterday.
“Nevertheless, we think the decision by US President Joe Biden, ordering release of the country’s oil reserves, may post some pressure on the crude oil price moving forward,” the brokerage said in a research note.
Malacca Securities said following expectations of higher supply on crude oil, investors may take a step back from energy counters.
“Nevertheless, investors may focus on sectors such as banking and plantation amid the ongoing earnings season. Also, there is decent buying support into healthcare stocks due to a spike in Covid-19 cases,” it said.
On a separate development, the ringgit slipped further to open lower against the US dollar today as the greenback maintains its bullish move ahead of the United States economic data release, an analyst said.
At 9am, the local note weakened to 4.1990/2015 versus the greenback from 4.1970/2000 at yesterday’s close.
ActiveTrades trader Dyogenes Rodrigues Diniz said the US gross domestic product data and Jobless Claims due to be released later today are likely to dictate direction for the dollar. – Bernama, November 24, 2021
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