KUALA LUMPUR: Bursa Malaysia opened weaker on Friday, tracking Wall Street’s decline, as valuation concerns outweighed strong economic data despite the United States (US) gross domestic product growth hitting a two-year high.
At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 2.28 points to 1,596.19 from yesterday’s close of 1,598.47.
The benchmark index had opened slightly lower at 1,597.01.
Market breadth was negative, with losers outpacing gainers 198 to 108. Meanwhile, 272 counters were unchanged, 2,650 untraded, and 48 suspended. Turnover stood at 137.29 million units worth RM56.30 million.
The US economy grew at a robust 3.8 per cent in the second quarter, according to the final revision of GDP data for April to June.
In a research note, Malacca Securities Sdn Bhd said bargain-hunting activity is expected in selected sectors such as utilities, supported by the ongoing National Energy Transition Roadmap and Tenaga Nasional’s power grid upgrades, while the technology sector has been on a recovery trend after a long consolidation.
“We continue to favour Itmax System Bhd, as its recent contract wins strengthened its recurring income base, offering robust earnings visibility over the next 15-20 years.
“Besides, He Group Bhd has seen follow-through buying interest after the flag breakout, and should observe a higher trading range in the near term,” it said.
Among the heavyweights, PPB Group shed 32 sen to RM10, CIMB Group fell four sen to RM7.20, Gamuda slid five sen to RM5.62, while Maybank and IHH Healthcare added one sen each to RM9.80 and RM7.38 respectively, and Tenaga Nasional edged up two sen to RM13.22.
In active trade, NexG Bina and NexG both eased half a sen to 9.5 sen and 51 sen,while Pegasus Heights and ICT Zone Asia were unchanged at half a sen and 21 sen, respectively.
Top losers included Nestle, down four sen to RM96.20, Kuala Lumpur Kepong fell 18 sen to RM20.08, Batu Kawan dropped 16 sen to RM18.76, Ireka Corp slipped 11.5 sen to half a sen, and UMS Holdings reduced 11 sen to RM1.88.
Top gainers were UMS Integration, up 27 sen to RM4.98, LPI Capital was higher 14 sen to RM14.24, Petronas Gas bagged 12 sen to RM18.56, Petronas Dagangan recouped eight sen to RM22.20 and IGB climbed eight sen to RM3.30.
On the broader market, the FBM Emas Index fell 18.42 points to 11,922.00, the FBM 100 Index lost 18.85 points to 11,649.48, the FBM Emas Shariah Index slipped 19.54 points to 11,998.02, the FBM 70 Index dropped 36.71 points to 16,820.77, and the FBM ACE Index eased 2.08 points to 5,149.18.
By sector, the Industrial Products and Services Index edged down 0.33 of-a-point to 171.75, the Financial Services Index dipped 14.85 points to 18,016.35, the Plantation Index trimmed 8.78 points to 7,749.03, while the Energy Index gained 1.79 points to 781.70. - Bernama
