KUALA LUMPUR – Bursa Malaysia extended yesterday’s losses to open lower today, in line with most Asian markets, driven by emerging profit-taking in most of the heavyweights.
At 9.15am, benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) declined 13.09 points to 1,591.66 after opening 8.96 points weaker at 1,595.79.
Losers thumped gainers 427 to 182, while 337 counters were unchanged, 1,224 untraded and 28 suspended.
Total volume stood at 1.28 billion worth RM427.37 million.
Malacca Securities Sdn Bhd said signs of profit-taking activities are emerging on the FBM KLCI following the key index breakthrough above the 1,600 psychological level recently.
“We now expect a consolidation to take place as investors digest their recent gains. The sideways trend is expected to allow fresh legs for further upside over the near term.
“In the meantime, the lower liners are expected to consolidate as well, with the investors focusing on the barrage of corporate earnings releases,” it said in a note today.
The research firm also foresees vaccine-related stocks to be on the move again as the markets are expecting one for Covid-19 to be available next year.
“We continue to like the plantation sector, owing to the potential strong corporate earnings that reflect the rally in CPO (crude palm oil) prices, while the energy sector may take a cue from stabilising crude oil prices.” – Bernama, November 19, 2020
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