Bursa Malaysia extends losses to open lower

 Publish date: Thu, 19 Nov 2020, 9:57 AM

KUALA LUMPUR: Bursa Malaysia extended yesterday's losses to open lower today, in line with most Asian markets, driven by emerging profit-taking in most of the heavyweights, dealers said.
At 9.15 am, the benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) declined 13.09 points to 1,591.66 after opening 8.96 points weaker at 1,595.79.
Losers thumped gainers 427 to 182, while 337 counters were unchanged, 1,224 untraded and 28 others suspended.
Total volume stood at 1.28 billion worth RM427.37 million. 
Malacca Securities Sdn Bhd said signs of profit-taking activities are emerging on the FBM KLCI following the key index breakthrough above the 1,600 psychological level recently.
"We now expect a consolidation to take place as investors digest their recent gains. The sidewaystrend is expected to allow fresh legs for further upside over the near term.
"In the meantime, the lower liners are expected to consolidate as well with the investors focusing on the barrage of corporate earnings releases," it said in a research note today.
The research firm also foresees that vaccine-related stocks to be on the move again as the markets are now expecting the vaccine to be available in 2021.
"We continue to like the plantation sector owing to the potential strong corporate earnings that reflect the rally in CPO prices, whilst the energy sector may take a cue from the stabilising crude oil prices," it added.
Among the heavyweights, Maybank and TNB slipped 8.0 sen each to RM8.15 and RM11.18, respectively, Public Bank fell 32 sen to RM18.74, Top GLove went down 15 sen to RM6.86, and Petronas Chemicals declined 1.0 sen to RM6.74.
Of the actives, Kanger rose 1.0 sen to 20.5 sen, Solution Group gained 2.5 sen to 98 sen, while AT Systematization and Metronic Global slipped 1.0 sen each to 18 sen and 10.5 sen, respectively.
On the index board, the FBM Emas Index was 88.96 points easier at 11,425.53, the FBM Emas Shariah Index dipped 86.40 points to 13,081.94, the FBMT 100 Index shed 88.61 points to 11,214.63, the FBM 70 declined 101.23 points to 14,624.03, and the FBM ACE contracted 84.30 points to 11,003.80.
Sector-wise, the Industrial Products and Services Index eased 0.55 of-a-point to 158.44, the Plantation Index fell 4.02 points to 7,351.13 and the Financial Services Index lost 139.55 points to 14,225.06.
 - Bernama
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