Bursa ends morning session marginally lower

KUALA LUMPUR (April 28): Bursa Malaysia retreated from its earlier gains to end the morning trading session marginally lower, with selling mostly seen among the heavyweights, led by the financial services and plantation counters.

At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 1.06 points to 1,416.99 from Thursday’s close of 1,418.05.

The barometer index opened 0.19 of-a-point better at 1,418.24, and moved between 1,414.71 and 1,420.50 throughout the session.

The market breadth was negative with decliners leading gainers 378 to 329, while 379 counters were unchanged, 1,193 untraded and 50 others suspended.

Turnover stood at 1.63 billion units worth RM702.69 million.

Malacca Securities Sdn Bhd said there could be a broad-based rebound with the return of buying interest in technology stocks following Wall Street’s rally overnight.

“Also, with investors brushing off recessionary fears, at least for the near term after mild growth was observed in the US gross domestic product, investors may take on some exposure within the banking sector,” the brokerage said in a note on Friday.

Among the heavyweight stocks, Malayan Banking Bhd erased four sen to RM8.66 and CelcomDigi Bhd was one sen lower at RM4.39.

Public Bank Bhd gained one sen to RM3.90, CIMB Group Holdings Bhd increased one sen to RM5.08, and Petronas Chemicals Group Bhd rose eight sen to RM7.12.

As for the actives, Jade Marvel Group Bhd was flat at 28 sen, Vinvest Capital Holdings Bhd gained one sen to 21 sen while Bintai Kinden Corp Bhd inched down half-a-sen to three sen.

On the index board, the FBM Emas Index erased 14.51 points to 10,397.31, the FBMT 100 Index deducted 14.43 points to 10,080.30 and the FBM Emas Shariah Index lost 15.88 points to 10,733.10.

The FBM ACE Index was 32.67 points weaker at 5,319.73 while the FBM 70 index dropped 47.70 points to 13,492.53.

Sector-wise, the Industrial Products and Services Index inched up 0.68 of a point to 171.54, the Energy Index went up 1.21 points to 848.55 and the Financial Services Index fell 19.07 points to 15,540.96.

The Plantation Index was 59.91 points weaker at 6,799.76.