KUALA LUMPUR – Bursa Malaysia’s main index retreated in early trade today as investors took profit in heavyweights after yesterday’s gains.
At 9.19am, the benchmark FTSE Bursa Malaysia KLCI fell 1.38 points to 1,455.35 from yesterday’s 1,456.73.
The index opened 2.29 points higher at 1,459.02.
However, market breadth was positive, with advancers outpacing decliners 236 to 134, while 269 counters were unchanged, 1,581 untraded and 12 others suspended.
Turnover stood at 294.38 million units worth RM145.16 million.
Malacca Securities Sdn Bhd said given that Wall Street accelerated into the green territory overnight as one of the Federal Reserve official’s remarks was more dovish on interest rate direction, it believes the relief rally could spill over to the local bourse.
“Nevertheless, we believe the market upside may be limited until the conclusion of the Federal Open Market Committee meeting this month,” it said in a note.
Commodities-wise, Brent crude oil traded above US$84 (RM375.82), while the crude palm oil price hovered above RM4,290, with related sectors likely to remain in focus in addition to banking, consumer, utilities and telecommunication.
Among the heavyweight counters, Petronas Chemicals and Tenaga Nasional went down 6.0 sen to RM7.21 and RM9.34, while Axiata, Maxis and IHH lost 4.0 each to RM3.17, RM3.94 and RM5.85, respectively.
CelcomDigi rose 5.0 sen to RM4.35 and Public Bank added 1.0 sen to RM4.15.
Among the active stocks, just resumed counter Boustead climbed 20 sen to 85.5 sen and electric vehicle-related company Hong Seng rose half sen to 14 sen while Eden bagged 1.5 sen to 18 sen.
On the index board, the FBM Emas Index ticked up 3.11 points to 10,586.09, the FBM 70 Index garnered 27.68 points to 13,430.11 while the FBM ACE Index grew 17.37 points to 5,396.47.
Meanwhile, the FBMT 100 Index eased 2.51 points to 10,269.85 and the FBM Emas Shariah Index dropped 12.92 points to 10,799.56.
Sector-wise, the financial services index recovered 26.24 points to 16,172.91, the plantation index advanced 3.22 points to 6,813.36, the energy index earned 7.12 points to 865.08, and the industrial products and services index inched up 0.14 of-a-point to 177.17.
Meanwhile, the ringgit opened lower against the US dollar today on better demand for the greenback due to a more hawkish stand by the US Federal Reserve, said an analyst.
At 9.01am, the local note fell to 4.4735/4790 against the US dollar from yesterday’s close of 4.4730/4780. – Bernama, March 3, 2023
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