Bursa Malaysia Slips Midday Amid Profit-Taking in Key Sectors
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Bursa Malaysia experienced a dip by midday, driven primarily by profit-taking activities in heavyweight stocks, notably in the $Bursa Finance Services (0010I.MY)$, $Bursa Utilities (0065I.MY)$, and $Bursa Consumer Products & Services (0001I.MY)$. $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ slid by 0.19% or 3.22 points to settle at 1,639.55. The index opened slightly lower at 1,641.72 and fluctuated within a range of 1,635.59 and 1,646.38 during the morning session.
Market Breadth
On the broader market, decliners outpaced advancers with 472 stocks falling compared to 437 rising, while 477 counters remained unchanged. A total of 1,094 counters were untraded, and seven counters were suspended. The turnover stood at 1.97 billion units, valued at RM1.45 billion.
Sector and Stock Highlights
The decline was led by heavyweight stocks in the $Bursa Finance Services (0010I.MY)$, $Bursa Utilities (0065I.MY)$, and $Bursa Consumer Products & Services (0001I.MY)$. Specific stocks that contributed to the negative sentiment included:
• $MAYBANK (1155.MY)$: Dropped 2.0 sen to RM10.58.
• $PBBANK (1295.MY)$: Decreased 6.0 sen to RM4.61.
• $TENAGA (5347.MY)$: Fell by 14.0 sen to RM13.86.
• $MRDIY (5296.MY)$: Eased 7.0 sen to RM2.08.
These key movers collectively dragged the index down by 4.49 points. However, there were some notable gainers among heavyweights:
• $CIMB (1023.MY)$: Rose 7.0 sen to RM7.92.
• $IHH (5225.MY)$: Added 2.0 sen to RM6.34.
Active Counters
Among the active counters:
• $CEB (5311.MY)$ and $MYEG (0138.MY)$ both gained 3.0 sen each to 43.0 sen and 93.5 sen, respectively.
• $TANCO (2429.MY)$: Climbed 3.5 sen to RM1.01.
• $OVERSEA (0153.MY)$: Remained flat at 5.5 sen.
Index Performance
On the index board, the following movements were recorded:
Market Breadth
On the broader market, decliners outpaced advancers with 472 stocks falling compared to 437 rising, while 477 counters remained unchanged. A total of 1,094 counters were untraded, and seven counters were suspended. The turnover stood at 1.97 billion units, valued at RM1.45 billion.
Sector and Stock Highlights
The decline was led by heavyweight stocks in the $Bursa Finance Services (0010I.MY)$, $Bursa Utilities (0065I.MY)$, and $Bursa Consumer Products & Services (0001I.MY)$. Specific stocks that contributed to the negative sentiment included:
• $MAYBANK (1155.MY)$: Dropped 2.0 sen to RM10.58.
• $PBBANK (1295.MY)$: Decreased 6.0 sen to RM4.61.
• $TENAGA (5347.MY)$: Fell by 14.0 sen to RM13.86.
• $MRDIY (5296.MY)$: Eased 7.0 sen to RM2.08.
These key movers collectively dragged the index down by 4.49 points. However, there were some notable gainers among heavyweights:
• $CIMB (1023.MY)$: Rose 7.0 sen to RM7.92.
• $IHH (5225.MY)$: Added 2.0 sen to RM6.34.
Active Counters
Among the active counters:
• $CEB (5311.MY)$ and $MYEG (0138.MY)$ both gained 3.0 sen each to 43.0 sen and 93.5 sen, respectively.
• $TANCO (2429.MY)$: Climbed 3.5 sen to RM1.01.
• $OVERSEA (0153.MY)$: Remained flat at 5.5 sen.
Index Performance
On the index board, the following movements were recorded:
• $FTSE Bursa Malaysia EMAS Index (.FBMEMAS.MY)$: Edged up 6.04 points to 12,435.81.
• $FTSE Bursa Malaysia Top 100 Index (.FBM100.MY)$: Increased by 4.33 points to 12,092.94.
• $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.MY)$: Gained 11.75 points to 12,370.93.
• $FTSE Bursa Malaysia Mid 70 Index (.FBM70.MY)$: Added 110.23 points to 18,022.87.
• $FTSE Bursa Malaysia ACE Index (.FBMMES.MY)$: Rose by 8.41 points to 5,338.00.
Sectoral Indices
The sectoral indices were mixed, reflecting the varied performance across sectors:
• $Bursa Finance Services (0010I.MY)$: Increased by 2.58 points to 19,199.73.
• $Bursa Industrial Products & Services (0002I.MY)$: Gained 1.11 points to 182.71.
• $Bursa Energy (0061I.MY)$: Dropped 0.91 points to 933.64.
• $Bursa Plantation (0025I.MY)$: Decreased by 25.71 points to 7,120.44.
Outlook and Opportunities
A note from Malacca Securities Sdn Bhd highlighted that the slight pullback on Wall Street could extend profit-taking into local technology stocks. Additionally, the strengthening of the ringgit may reduce interest in local tech companies. However, sectors such as consumer, building materials, construction, property, renewable energy, and shipping are expected to perform better as corporate results season approaches, offering steadier earnings prospects. The ongoing monkeypox (Mpox) outbreak is also being closely monitored for potential trading opportunities within healthcare stocks.
• $FTSE Bursa Malaysia Top 100 Index (.FBM100.MY)$: Increased by 4.33 points to 12,092.94.
• $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.MY)$: Gained 11.75 points to 12,370.93.
• $FTSE Bursa Malaysia Mid 70 Index (.FBM70.MY)$: Added 110.23 points to 18,022.87.
• $FTSE Bursa Malaysia ACE Index (.FBMMES.MY)$: Rose by 8.41 points to 5,338.00.
Sectoral Indices
The sectoral indices were mixed, reflecting the varied performance across sectors:
• $Bursa Finance Services (0010I.MY)$: Increased by 2.58 points to 19,199.73.
• $Bursa Industrial Products & Services (0002I.MY)$: Gained 1.11 points to 182.71.
• $Bursa Energy (0061I.MY)$: Dropped 0.91 points to 933.64.
• $Bursa Plantation (0025I.MY)$: Decreased by 25.71 points to 7,120.44.
Outlook and Opportunities
A note from Malacca Securities Sdn Bhd highlighted that the slight pullback on Wall Street could extend profit-taking into local technology stocks. Additionally, the strengthening of the ringgit may reduce interest in local tech companies. However, sectors such as consumer, building materials, construction, property, renewable energy, and shipping are expected to perform better as corporate results season approaches, offering steadier earnings prospects. The ongoing monkeypox (Mpox) outbreak is also being closely monitored for potential trading opportunities within healthcare stocks.
Conclusion
Bursa Malaysia’s midday performance reflected a broader trend of profit-taking across several sectors, leading to a slight dip in the index. Heavyweights in $Bursa Finance Services (0010I.MY)$ and $Bursa Utilities (0065I.MY)$ saw declines, while selective buying in other sectors provided some support. The market’s outlook remains cautious but optimistic, with potential opportunities emerging in various sectors ahead of corporate earnings results.
Bursa Malaysia’s midday performance reflected a broader trend of profit-taking across several sectors, leading to a slight dip in the index. Heavyweights in $Bursa Finance Services (0010I.MY)$ and $Bursa Utilities (0065I.MY)$ saw declines, while selective buying in other sectors provided some support. The market’s outlook remains cautious but optimistic, with potential opportunities emerging in various sectors ahead of corporate earnings results.
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