KUALA LUMPUR, Feb 4 — Shares on Bursa Malaysia were slightly lower at midday on profit-taking, following gains during the previous trading sessions.
Those affected were the technology and energy indices (which recorded more than three per cent gains at Wednesday’s close), industrial products and services, as well as plantation counters.
At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped four points or 0.25 per cent to 1,578.99 after moving between 1,577.07 and 1,586.55 throughout the morning trading session.
The index opened 0.89 of-a-point better at 1,582.10, compared with Wednesday’s close of 1,582.99.
On the broader market, losers surpassed gainers 515 to 486, while 437 counters were unchanged, 692 untraded and 11 others suspended.
Volume stood at 4.04 billion units worth RM2.17 billion.
Plantation heavyweights KLK fell 12 sen to RM23.64 and Sime Darby Plantation slipped two sen to RM4.95 as investors took profit in light of the higher crude palm oil (CPO) price, which is currently trading above the RM3,000 level.
Plantation analysts are expecting the price range to go higher, which would be a boon for the companies.
In a note today, CGS-CIMB projected CPO prices to trade between RM3,000 — RM3,500 per tonne this month in view of the projected low inventory in Malaysia, which would take some time to rebuild.
It said the country’s palm oil inventory probably grew 7.5 per cent month-on-month (but declined 22.5 per cent year-on-year) to 1.36 million tonnes at end-January 2021.
Meanwhile, among the heavyweights, Maybank lost six sen to RM7.88, Top Glove declined 18 sen to RM6.64, Public Bank was flat at RM4.10, while Petronas Chemicals was one sen higher at RM7.11.
Of the actives, Lambo shed half-a-sen to 2.5 sen, Luster Industries gained 1.5 sen to 23.5 sen and PA Resources added one sen to 24.5 sen.
Technology-linked counters, which emerged as top gainers yesterday, turned into top losers during the session.
Pentamaster and Frontken lost 17 sen each to RM6.50 and RM4.79, respectively, while MI Technovation erased 16 sen to RM5.04.
Conversely, Malaysian Pacific, which is also a tech-linked counter, maintained its stance as one of the top gainers by rising by RM1 to RM36.94, while transportation company See Hup Consolidation added 48 sen to RM2.10 and consumer products and services company Khind gained 42 sen to RM3.88.
On the index board, the FBM Emas Index fell 6.02 points to 11,483.29 and the FBMT 100 Index slipped 6.60 points to 11,218.19.
The FBM Emas Shariah Index declined 19.62 points to 13,030.28, the FBM ACE lost 17.79 points to 10,927.35, while FBM 70 increased by 75.65 points to 14,990.96.
Sector-wise, the Financial Services Index rose 12.26 points to 14,561.43, while the Industrial Products and Services Index inched down 0.14 of-a-point to 173.66 and the Plantation Index fell 4.06 points to 7,170.30. — Bernama
Source: Malay Mail
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