Bursa mixed on profit taking in early session

KUALA LUMPUR: Shares on Bursa Malaysia were mixed in the early session today due to profit-taking activities, following the recent strong gains.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,723.69, down 2.49 points from Wednesday’s close of 1,726.18.

The index opened 3.81 points weaker at 1,722.37.

In a note, Public Investment Bank Bhd said profit taking activities could be more rigorous while the FBM KLCI attempts to penetrate above the resistance level of 1,734.

Nevertheless, the bank still anticipated the benchmark index to trend higher for the rest of the week, ranging between 1,720 and 1,734, given that the US Federal Reserve’s minutes from its January meeting showed that officials were generally in favour of a ‘patient posture’ on interest rates.

Market breadth was still positive with gainers outpacing losers 215 to 128, while 248 counters were unchanged, 1,264 untraded and 20 others suspended.

Turnover stood at 425.96 million shares worth RM166.02 million.

Among heavyweights on Bursa Malaysia, Maybank lost one sen to RM9.51, Public Bank shed six sen to RM25, Tenaga eased two sen to RM13.36 and Petronas Chemicals decreased 19 sen to RM8.96.

Of actives, Bumi Armada two sen weaker at 20.5 sen, Sapura Energy gained half-a-sen to 33 sen and Eduspec eased half-a-sen to three sen.

The FBM Emas Index decreased 7.78 points to 12,033.00, the FBM Emas Shariah Index went down 8.16 points to 12,033.29 and the FBMT 100 fell 9.96 points to 11,887.57.

The FBM Ace Index was 10.28 points higher at 4,709.97 and the FBM 70 rose 17.85 points to 14,504.23.

Sector-wise, the Financial Services Index was up 6.28 points at 17,790.02, the Plantation Index edged down 13.52 points to 7,485.04 and the Industrial Products and Services Index was 1.11 point lower at 167.38.