Bursa Malaysia remains in negative territory at mid-morning

At 11.01am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of-a-point to 1,540.76 from yesterday’s close of 1,541.15. ― Picture by Razak Ghazali

At 11.01am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of-a-point to 1,540.76 from yesterday’s close of 1,541.15. ― Picture by Razak Ghazali

Friday, 27 May 2022 11:43 AM MYT

KUALA LUMPUR, May 27 ― Bursa Malaysia remained in the negative territory at mid-morning, weighed down by continued profit-taking in selected heavyweights, despite the positive tone in the regional markets, dealers said.

At 11.01am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of-a-point to 1,540.76 from yesterday’s close of 1,541.15.

The benchmark index opened 0.45 of-a-point lower at 1,540.70.

On the broader market, losers outpaced gainers 423 to 319, while 384 counters were unchanged, 1,184 untraded and 40 others suspended.

Turnover stood at 1.29 billion units worth RM663.58 million.

ActivTrades trader Anderson Alves said Asian equities were in positive territory today due to month-end flows and a somewhat dovish reaction after the United States (US) Federal Open Market Committee minutes showed no discussions of larger rate hikes for now.

“Equities are likely to mirror Wall Street’s value play, where stock advances are being led by consumer discretionary and technology stocks, with retailers encouraged by earnings releases.

“It is worth noting that traders are focusing on month-end trade, a rotation out of bonds and into equities, while bids on the US dollar against all other foreign exchange pairs are expected.

“Recent price action and volumes indicate that this month could see strong inflows into US equities,” he said in a note today.

Back home, heavyweights Maybank and TNB slipped 1.0 sen each to RM8.97 and RM9.20, respectively, Public Bank was flat at RM4.60, while IHH Healthcare went up 1.0 sen to RM6.50 and Petronas Chemicals added 15 sen to RM10.02.

Of the actives, Sapura Energy and Techna-X earned half-a-sen each to 8.0 sen and 5.5 sen, respectively, and Cnergenz rose 2.5 sen to 70 sen, while Ta Win eased half-a-sen to 12 sen.

On the index board, FBM ACE shed 20.82 points to 5,185.16, FBM Emas Shariah Index increased 15.60 points to 11,369.42, FBM Emas Index was down 0.20 of-a-point to 10,984.34, FBMT 100 Index advanced 0.95 of-a-point to 10,676.76, and FBM 70 added 16 points to 13,104.

Sector-wise, the Industrial Products and Services Index was 1.21 points higher at 199.55 and the Plantation Index rose 13.59 points to 8,002.28, while the Financial Services Index fell 6.0 points to 16,583.91. ― Bernama