At 11.03am, the benchmark index moved 7.55 points lower to 1,599.19 against Tuesday’s close of 1,606.74. — Reuters pic
KUALA LUMPUR, Nov 6 ― Bursa Malaysia was in negative territory at mid-morning today on profit taking, after gaining nearly 3.8 per cent over the past three weeks.
At 11.03am, the benchmark index moved 7.55 points lower to 1,599.19 against Tuesday’s close of 1,606.74.
The key index opened 2.69 points higher at 1,609.43.
On the broader market, losers outpaced gainers 392 to 202, while 351 counters unchanged, 1,031 untraded and 16 others suspended.
Turnover amounted to 864.78 million shares worth RM477.81 million.
Malacca Securities Sdn Bhd said in a research note: “We think buying is overdone. We view the toppish market conditions as likely to slow the ascend of the key index, as the pullback signs are still largely absent.
“It could still see the extended overbought conditions persisting for now, riding on the optimism of a trade agreement between the US and China.
“On the upside, the next target is the 1,610 level, followed by the 1,620 level. The supports, on the other hand, are at the 1,600 and 1,590 levels respectively.”
On the heavyweights, Maybank lost three sen to RM8.63, Tenaga and CIMB each dropped six sen to RM13.94 and RM5.27 respectively, Public Bank gave up eight sen to RM19.78 and Petronas Chemicals shed 10 sen to RM7.60.
Of the actives, Velesto gained two sen to 38 sen, while Netx and Sumatec were flat each at two sen and half-a-sen respectively.
The FBM Emas Index was 47.14 points down at 11,326.59, the FBMT 100 Index declined 47.29 points to 11,139.33 and the FBM 70 slipped 37.84 points to 14,040.63.
The FBM Emas Shariah Index dropped 49.09 points to 11,881.90 and FBM Ace lost 23.20 points to 4,974.60.
Sector-wise, the Financial Services Index slipped 62.59 to 15,583.23 and the Plantation Index slid 33.31 points to 6,854.58, while the Industrial Products & Services Index declined 0.48 of-a-point to 154.24. ― Bernama
