KUALA LUMPUR: Bursa Malaysia opened decrease in early trade on Monday on continued profit-taking in heavyweights as sentiments remained weak.
At 9.13am, the FBM KLCI misplaced 4.33 factors to 1,551.0. The index opened 1.53 factors decrease at 1,553.8 this morning.
Sellers led consumers 282 to 154, whereas 296 counters had been unchanged. Turnover stood at 376.71 million models valued at RM178.12mil.
Hong Leong Investment Bank Research stated following final Friday’s selldown, KLCI is anticipated to waver close to the essential 200DMA of 1,551 and uptrend line help close to 1,545.
“A decisive breakout above Jan 13 high at 1,570 may spur its upward momentum towards 1,580-1,600 levels.
“On the flipside, a decisive fall below 1,545 may trigger renewed selling spree towards 1,500-1,520 levels,” it added.
Kenanga Research stated the FBM KLCI soared as excessive as 1,570 final Thursday solely to give up components of the sooner beneficial properties to finish at 1,555 final Friday.
“This translates to a weekly rise of 12.2 points or 0.8%. Technically speaking, the benchmark index may still be vulnerable to pullbacks ahead following last week’s climb.
“In the wake of the bearish signals triggered by the Bollinger Band, the RSI indicator and the stochastic indicator, the FBM KLCI could face a downward bias going forward,” it stated.
Among the KLCI part shares, Inari added three sen to RM3.41, Tenaga rose two sen to RM9.06, Public Bank gained one sen to RM4.21 and Hartalega rose three sen to RM5.71.
Hong Leong Bank fell 10 sen to RM19.84, Dialog declined eight sen to RM2.81, Sime Darby Plantation misplaced six sen to RM4.01 and Telekom Malaysia fell 5 sen to RM5.30.
On the broader market, KESM fell 60 sen to RM11.28, MPI misplaced 20 sen to RM40.76 and Sam Engineering shed 28 sen to RM20.50.
Aeon Credit rose 30 sen to RM15.40, Panasonic Manufacturing rose 20 sen to RM29.30 and F&N gave up 18 sen to RM24.96.