BURSA Malaysia opened higher today but retreated thereafter, driven by mild profit-taking in selected heavyweights as Wall Street continued its uptrend, analysts said.
At 9.20 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.21 of-a-point to 1,5339.33 from Monday’s close of 1,539.54.
The benchmark index was 1.10 points better at 1,540.64 at the opening bell.
Turnover stood at 280.75 million shares worth RM104.53 million.
Market breadth was negative, with 219 decliners outnumbering 142 gainers, 300 counters were unchanged, 1,674 untraded, and 17 suspended.
Malacca Securities Sdn Bhd said that while overall sentiment on the Bursa may turn softer today, it expects buying opportunities to be seen within banking stocks as the Finance Index has risen around 10 per cent from its April 9 low.
“Alliance Bank and Ambank could be in focus, as they have lagged behind peers despite healthy dividend yields,” it said in a note.
Meanwhile, following continuous contract wins in Johor, and with prospects of replicating this success in Penang, the research firm believed there is a trading opportunity on ITMAX amid a downtrend line breakout.
“For a more conservative play, we remain positive on KPJ, as the company has minimal exposure to US tariff risks, while its solid management and brownfield expansion should provide further price support,” it said.
Among heavyweights, Maybank and IHH Healthcare were flat at RM10 and RM7, respectively, Public Bank slipped 1.0 sen to RM4.46, CIMB declined 5.0 sen to RM7.03, while Tenaga Nasional rose 8.0 sen to RM13.88.
In active trade, Permaju earned half-a-sen to 3.5 sen, Ekovest added 1.0 sen to 34 sen, while Jiankun and Velesto were flat at 3.0 sen and 15.5 sen, respectively.
On the index board, the FBM Emas Index was 3.87 points weaker at 11,437.31, the FBMT 100 Index shed 6.09 points to 11,209.17, and the FBM Emas Shariah Index strengthened 12.39 points to 11,315.88.
The FBM 70 Index trimmed 26.97 points to 16,105.52, and the FBM ACE Index decreased 14.19 points to 4,610.87.
Across sectors, the Financial Services Index reduced 37.74 points to 18,238.43, the Industrial Products and Services Index eased 0.15 of-a-point to 151.64, the Energy Index inched down 0.81 of-a-point to 681.90, and the Plantation Index grew 13.05 points to 7,261.67. — BERNAMA
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