BURSA Malaysia’s key index was slightly easier this morning as profit-taking started to emerge following strong gains yesterday, with mild selling in blue chips led by Axiata and Maxis, while the broader market remained positive.

At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 0.26 of-a-point to 1,501.62 from 1,501.88 yesterday.

The market bellwether opened 0.18 of-a-point lower at 1,501.7.

There were 219 gainers and 202 losers on the broader market, while 308 counters were unchanged, 1,534 untraded and 15 others suspended.

Turnover stood at 740.72 million units worth RM220.09 million.

FBM KLCI rallied with a 4.04% hike yesterday, partly driven by Anwar Ibrahim’s appointment as Malaysia’s 10th prime minister.

Rakuten Trade Sdn Bhd vice-president of Equity Research, Thong Pak Leng, said buying activities are expected to continue as foreign funds would likely emerge as well, sending the index to trend in the 1,510-1,530 range today.

“Though we anticipate buying to be widespread, we reckon the focus would be on the banks and telcos, plus technology stocks that will excel amid the less aggressive interest rate hike in the United States,” he told Bernama.

Rakuten has maintained its year-end FBM KLCI target at 1,580 for now as it expects valuations for the local bourse to experience some upside readjustments.

Meanwhile, Malacca Securities Sdn Bhd said following the conclusive outcome of the general election, foreign investors have turned into net buyers, snapping a six-day outflow streak and boosting the ringgit.

“We believe the local bourse will continue its uptrend amid rising investor confidence.

“After the events of the general election, we expect to see broad-based buying interest into government-linked companies, while traders could focus on the construction and building material segments ahead of the re-tabling of Budget 2023,” it said in a note.

Among the heavyweights, Maybank gained 6 sen to RM8.82, Public Bank rose 8 sen to RM4.60, Petronas Chemicals increased 7 sen to RM9.13 and CIMB added 2 sen to RM5.89, while IHH Healthcare slipped 1 sen to RM5.99 and Tenaga lost 8 sen to RM8.83.

Among the actives, MMAG and Malayan United were flat at 3 sen and 12 sen, respectively, Advance Synergy eased 1.5 sen to 24.5 sen, Infomina bagged 1.5 sen to 55 sen, while Icon Offshore added 1 sen to 15.5 sen. 

On the index board, the FBM Emas Index increased 7.97 points to 10,676.55, the FBMT 100 Index gained 2.3 points to 10,395.12, the FBM ACE rose 12.1 points to 5,22.32, and the FBM 70 went up 19.44 points to 12,719.27.

The FBM Emas Shariah Index, however, fell by 35.09 points to 10,769.74.

Sector-wise, the Financial Services Index climbed 117.95 points to 16,884.84 and the Industrial Products and Services Index inched up 1.07 points to 186.08, while the Plantation Index lost 19.92 points to 6,825.14, and the Energy Index trimmed 2.66 points to 761.43. – Bernama, November 25, 2022.