KUALA LUMPUR (March 29): Bursa Malaysia opened lower on profit-taking on selected heavyweights following recent gains.
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At 9.20am on Tuesday (March 29), the benchmark FBM KLCI had fallen 10.28 points to 1,587.67 from 1,597.95 at Monday’s close.
The barometer index opened 0.02 of a point lower at 1,597.93.
On the broader market, losers led gainers 631 to 381, while 568 counters were unchanged, 730 untraded and 69 others suspended.
Total turnover stood at 699.78 million worth RM259.54 million.
Malacca Securities Sdn Bhd, in a note on Tuesday, said the key index may see mild consolidation over the near term with trading focuses on the banking and consumer sectors as crude oil prices tumbled to around US$112 (about RM472.86) per barrel on the back of growing concerns over weaker fuel demand in China after a surge in Covid-19 infections prompted authorities to impose lockdown measures.
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“Meanwhile, the Malaysian Palm Oil Council expects crude palm oil prices to remain around the RM6,000 level over the next few months, driven by the unresolved conflict between Ukraine and Russia,” it said.
Among the heavyweights, Malayan Banking Bhd (Maybank) rose two sen to RM8.92, Petronas Chemicals Group Bhd added 10 sen to RM9.70, MISC Bhd bagged five sen to RM7.32, Public Bank Bhd fell one sen to RM4.65 and IHH Healthcare Bhd dropped 17 sen to RM6.35.
Of the actives, CSH Alliance Bhd gained 1.5 sen to 15.5 sen, Sapura Energy Bhd increased one sen to four sen, SMTrack Bhd and BCM Alliance Bhd were flat at eight sen and three sen respectively, while Bintai Kinden Corp Bhd fell 1.5 sen to 14 sen.
On the index board, FBM 70 decreased 21.92 points to 13,695.22, the FBM Emas Index dropped 57.93 points to 11,350.36, the FBM Emas Shariah Index lost 36.39 points to 11,929.27 and the FBMT 100 Index declined 58.90 points to 11,038.00, while FBM ACE rose 43.98 points to 5,610.14.
Sector-wise, the Industrial Products and Services Index eased 0.96 of a point to 203.88, the Plantation Index deducted 66.95 points to 7,950.22 and the Financial Services Index shed 77.08 points to 16,691.50.-BERNAMA