Precise Investors

Monday, September 26, 2022

Bursa Malaysia sees pullback in early trading

Bursa Malaysia

The FBM KLCI eased 4.94 points to 1,565.88, compared with 1,570.82 at Monday’s close

Bursa Malaysia saw a pullback in early trade on Tuesday, failing to sustain gains recorded in the last five sessions as profit-taking activities emerged.

The FBM KLCI eased 4.94 points to 1,565.88, compared with 1,570.82 at Monday’s close. The bellwether index opened 1.52 points better at 1,572.34.

On the broader market, gainers and decliners stood at 204 respectively, while 332 counters were unchanged, 1,531 untraded and six others suspended.

Turnover increased to 254.89 million units worth RM137.65 million ($33.00 million).

Malacca Securities Sdn Bhd said US stock markets extended their losses as the Dow fell 0.7% after the current rally of crude oil prices sparked further concern that the inflationary pressure may not be transitionary.

The crude oil price was traded above RM346.40 ($83) per barrel mark, while the crude palm oil (CPO) price was consolidating around the all-time-high region.

Despite the selling pressure on Wall Street, we expect foreign funds that have continuously been buying into local equities, coupled with firmer commodity prices of crude oil and CPO, will provide a healthy sentiment to the local exchange over the near term, it said.

As Malaysia is ready to enter the endemic phase, prospects of the economic recovery should persist and positive momentum could continue at least for the near term, it said in a note. It said recovery-theme stocks are still under the limelight following the interstate border reopening announcement, with renewable energy counters likely to trade higher ahead of Budget 2022.

Among the heavyweights, Nestlé (Malaysia) Bhd lost RM2 ($0.48) to RM132.50 ($31.76), Kuala Lumpur Kepong Bhd (KLK) was 36 sen weaker at RM22.34 ($5.36), Public Bank Bhd retreated two sen to RM4.09 ($0.98) and Sime Darby Plantation Bhd reduced four sen to RM4.23 ($1.01).

Axiata Group Bhd and Top Glove Corp Bhd fell three sen to RM3.97 ($0.95) and RM2.78 ($0.67) respectively.

IHH Healthcare Bhd continued its uptrend, adding three sen to RM6.71 ($1.61), while Bhd was two sen higher at RM4.30 ($1.03).

As for the active counters, Kejuruteraan Asastera Bhd increased three sen to 40 sen, while Mudajaya Group Bhd and Serba Dinamik Holdings Bhd were unchanged at eight sen and 40.5 sen respectively.

Sern Kou Resources Bhd rose 1.5 sen to 62 sen and Euro Holdings Bhd was 3.5 sen higher at 74 sen.


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