Share prices open marginally higher but retreats thereafter
KUALA LUMPUR: Bursa Malaysia opened marginally higher but retreated thereafter on mild profit-taking led by heavyweights such as Public Bank, Sime Darby and Petronas Chemicals.
At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,750.16, down 0.25 of-a-point, from 1,750.41 recorded at Wednesday's close.
The index opened 0.28-of-a-point better at 1,750.69.
Gainers edged losers 180 to 62 with 205 counters unchanged, 1,285 untraded and 54 others were suspended.
Turnover stood at 175.46 million shares worth RM48.68 million.
In a note, Hong Leong Investment Bank said that market was in an overbought position, hence the upside could be capped around 1,760 points level.
"Nevertheless, small caps and lower liners, within the oil and gas segment, may benefit from stronger overnight Brent oil which recovered above US$50 and may retest US$54 over the near-term," it said.
Meanwhile, AllianceDBS Research, in a note, said the FBMKLCI was likely to trade below the 1,747.16 points level today, following an overall market action yesterday which revealed buying power was weaker than selling pressure.
Public Bank eased four sen to RM19.90, Sime Darby fell one sen to RM9.39 and Petronas Chemicals shed two sen to RM7.60.
Other heavyweights, Maybank added one sen to RM8.98 and TNB rose two sen at RM13.76.
Of actives, Trive was flat at 20.5 sen, Zelan rose two sen to 18.5 sen and Bintai improved five sen to 27 sen.
The FBM Emas Index was 4.74 points higher at 12,418.74, FBM Emas Syariah Index increased 6.72 points to 12,852.99 and the FBMT100 Index rose 3.35 points to 12,071.03.
The FBM 70 increased 23.11 points to 14,608.87 and the FBM Ace gained 39.17 points to 5,771.90.
Sector-wise, the Plantation Index fell 5.08 points to 8,188.75, Industrial Index was 0.67 of-a-point lower at 3,268.81 and the Finance Index gained 5.10 points to 15,738.29.
The physical price of gold as at 9.30am stood at RM171.84 per gramme, down 15 sen from RM171.99 at 5pm yesterday. — Bernama