KUALA LUMPUR, Aug 22 — The FTSE Bursa Malaysia KLCI (FBM KLCI) opened slightly higher but turned lower thereafter amidst a lack of positive sentiment to lift the market.
At 9.25am, the FBM KLCI eased 0.14 of-a-point to 1,450.43 from 1,450.57 at Monday’s close.
The key index opened 0.3 of-a-point better at 1,450.87.
On the broader market, losers edged past gainers 241 to 204, while 328 counters were unchanged, 1,580 untraded and 13 others suspended.
Turnover stood at 576.49 million units worth RM167.51 million.
Hong Leong Investment Bank (HLIB) said market volatility is likely to prevail ahead of the highly anticipated speech by US Federal Reserve chair Jerome Powell at Jackson Hole, mounting external headwinds in the United States and China, as well as potential local results season jitters.
“Nevertheless, we advocate buy on dips to ride on an envisioned recovery towards the fourth quarter of 2023, supported by factors including improved risk appetite post-elections, record low foreign shareholding at 19.7 per cent in July 2023 and a resumption of foreign net inflows amounting to RM1.5 billion in July and August,” it said in a note today.
Among the heavyweights, Maybank added one sen to RM9, Petronas Chemicals advanced six sen to RM6.96, IHH Healthcare and CelcomDigi rose four sen each to RM6 and RM4.38, while CIMB was flat at RM5.60 and Public Bank declined three sen to RM4.11.
Of the actives, Talam edged up half-a-sen to two sen, CN Asia was 1.5 sen higher at 20 sen, MY E.G. improved by 2.5 sen to 81.5 sen, Ramssol widened three sen to 38.5 sen, Hong Seng was flat at six sen and Tanco inched down half-a-sen to 54.5 sen.
On the index board, the FBM Emas Index added 6.10 points to 10,689.91, the FBMT 100 Index added 6.08 points to 10,375.40, the FBM Emas Shariah Index grew 21.0 points to 10,921.95, the FBM 70 Index increased 38.14 points to 14,124.07, while the FBM ACE Index slid 22.02 points to 5,268.88.
Sector-wise, the Industrial Products and Services Index edged up 0.16 of-a-point to 169.23, the Energy Index went up 0.87 of-a-point to 815.40, the Plantation Index slid 1.59 points to 7,018.43 and the Financial Services Index narrowed 30.42 points to 16,237.04. — Bernama