KUALA LUMPUR: Bursa Malaysia opened greater at this time however retreated thereafter on account of prolonged profit-taking in chosen heavyweights, sellers mentioned.
In a word at this time, Malacca Securities mentioned traders are specializing in Malaysia’s gross home product (GDP) for the second quarter of 2023 (Q2 2023) announcement at this time.
“We consider the market could cheer ought to the reported quantity come above the Bloomberg consensus expectations of three.6% year-on-year progress,” it mentioned.
On the similar time, the brokerage additionally expects the property sector to increase its constructive motion with most property gamers turning extra optimistic in the course of the first half of 2024 (H1 2024), in line with the Actual Property and Housing Builders’ Affiliation Malaysia.
“The robust automobiles knowledge could enhance automotive-related shares, whereas the power sector could advance in step with greater crude oil costs,” it mentioned.
At 9.34am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 1.67 factors to 1,446.31 from 1,447.98 at yesterday’s shut.
The important thing index opened 1.25 factors higher at 1,449.23.
On the broader market, losers surpassed gainers 342 to 154, whereas 310 counters have been unchanged, 1,542 untraded and 29 others suspended.
Turnover stood at 546.91 million items value RM219.92 million.
Among the many heavyweights, Maybank rose 2 sen to RM8.99, Petronas Chemical compounds improved 1 sen to RM6.80 and Public Financial institution was flat at RM4.16, whereas CIMB and Tenaga Nasional declined 6 sen every to RM5.58 and RM9.89, respectively.
Of the actives, Hong Seng eased 0.5 sen to six.0 sen, whereas Tanco went up 1 sen to 56 sen, Parkson added 3 sen to 25 sen and Awanbiru superior 2 sen to 19.5 sen.
On the index board, the FBM Emas Index was 18.1 factors decrease at 10,661.47, the FBMT 100 Index slipped 16.32 factors to 10,348.34, the FBM Emas Shariah Index fell 15.37 factors to 10,862.05, the FBM 70 Index decreased 40.94 factors to 14,097.31 and the FBM ACE Index shed 55.69 factors to five,257.85.
Sector-wise, the monetary companies index erased 26.22 factors to 16,267.24, the economic services index edged down 0.23 of-a-point to 167.44, and the power index slid 0.96 of-a-point to 813.91, whereas the plantation index rose 30.67 factors to 9,951.53.