Bursa Malaysia Opens Higher But Retreats Thereafter
By Siti Noor Afera Abu
KUALA LUMPUR, Jan 9 (Bernama) -- Bursa Malaysia opened higher on Thursday but retreated thereafter due to extended profit taking in selected heavyweights as investors remained on the sidelines due to the lack of fresh leads, dealers said.
At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 0.53 of-a-point to 1,614.30 from Wednesday’s close of 1,614.83 after opening 3.34 points firmer at 1,618.17.
Across the broader market, decliners led gainers 233 to 141, with 317 counters unchanged, 1,699 untraded, and 10 suspended.
Turnover stood at 260.39 million shares worth RM117.81 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street ended its last session mixed, with movements fluctuating between slight gains and losses.
He said this was attributed to investor caution ahead of the eagerly awaited jobs report and concerns over potential policy risks.
“Specific policies, such as mass deportations and tariffs, are viewed as possible triggers for a global trade war and heightened inflationary pressures,” he told Bernama.
Thong noted a cautious market sentiment as investors brace for policy adjustments following US President-elect Donald Trump’s swearing-in on Jan 20.
“Given these factors, Thong expected that the FBM KLCI would trade within a relatively narrow range of 1,615 to 1,625 for the day. This range reflects a balance between cautious sentiment and the opportunity presented by recent market adjustments,” he said.
Among the heavyweights, Public Bank and Maybank added four sen each to RM4.49 and RM10.10, respectively, CIMB gained five sen to RM8.14 and PPB was eight sen firmer at RM12.42. However, RHB Bank fell one sen to RM6.42.
As for the active stocks, Velocity and Vanzo lost half-a-sen each to 7.5 sen and 18.5 sen, respectively, while Jaks was flat at 13 sen. Swift Energy increased two sen to 41.5 sen, and Kucingko edged up one sen to 31.5 sen.
On the broader index, the FBM Emas Index decreased by 7.22 points to 12,423.11, the FBM Emas Shariah Index declined by 35.58 points to 12,391.45, and the FBMT 100 Index narrowed by 6.81 points to 12,098.76.
The FBM 70 Index edged down 20.87 points to 18,741.28, and the FBM ACE Index dropped 4.76 points to 5,373.41.
Sector-wise, the Financial Services Index strengthened by 68.21 points to 17,966.60 and the Plantation Index went up 1.03 points to 7,556.96, while the Industrial Products and Services Index weakened by 0.62 of-a-point to 172.72, and the Energy Index slid 1.60 points to 850.26.
-- BERNAMA
