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Bursa Malaysia Opens Easier On Profit Taking

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KUALA LUMPUR: Bursa Malaysia opened easier on the first day of the second half of the year on profit-taking in selected heavyweight counters led by PPB Group and Genting.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.54 point lower at 1,653.54 from Thursday’s close of 1,654.08.

The index opened 0.92 point weaker at 1,14653.16.

On the broader market, gainers led losers 78 to 67, while 117 counters were unchanged, 1,445 untraded and 20 others suspended.

Turnover stood at 69.41 million shares worth RM17.29 million.

A dealer said the local share prices succumbed to profit-taking as investors looked to square off their positions ahead of the weekend as well as the Hari Raya holidays beginning next week despite the uptrend on regional peers and Wall
Street.

Kenanga Investment Bank Bhd said with the strong overnight rally from Wall Street and European markets, the local bourse could possibly be inspired to retest its two-month high level of 1,660-1,665 today.

“However, we do discount the possibilities of further profit-taking activities to kick in today underpinned that the recent gains were mostly driven by window dressing activities before the first half of 2016 ends.

“Besides, trading activities are expected to be subdued as we enter into a shortened trading week due to the Hari Raya holiday,” it said in a note.

It said the resistances levels are now capped at 1,660 and 1,670, while supports are tied at 1,650 and 1,640.

Regionally, the benchmark Japan Nikkei rose 0.74 per cent to 15,691.53, Hong Kong’s Hang Seng added 1.75 per cent to 20,794.37 and South Korea’s Kospi soared 0.81 per cent to 1,986.13.

Of the heavyweights, Maybank increased three sen to RM8.17, TNB and Public Bank added two sen each to RM14.12 and RM19.42 respectively while IHH Healthcare and Petronas Chemicals were flat at RM6.60 and RM6.61 respectively.

Of the top losers, PPB Group fell 22 sen to RM16.28 while Poh Huat Resources went down nine sen to RM1.45, Globetronics declined seven sen to RM3.26 and Power Root erased five sen to RM2.70.

Among actives, Borneo Oil added one sen to 16 sen while Sumatec and Inix Technologies were flat at 10 sen and 3.5 sen respectively.

The FBM Emas Index increased 1.55 points to 11,531.76, the FBMT 100 Index shrank 1.62 points for 11,236.43 and the FBM Emas Shariah Index rose 2.23 points to 12,105.17.

The FBM 70 went down 5.53 points to 12,971.50 and the FBM Ace was 15.74 points higher at 5,160.81.

Sector-wise, the Finance Index advanced 23.25 points to 14,228.46, the Plantation Index was flat at 7,563.67 and the Industrial Index contracted 1.95 points to 3,105.69.– BERNAMA

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