Bursa Malaysia remains in the red at mid-morning

KUALA LUMPUR, March 24 ― Bursa Malaysia remains in the red at mid-morning on mild selling activities, tracking its regional peers while investors anticipate the bourse will continue trading sideways.

At 11.09am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.03 points to 1,596.85 from 1,597.88 at yesterday’s close.

The key index opened 2.03 points easier at 1,595.85.

On the broader market, losers led gainers 416 to 325, while 366 counters were unchanged, 1,195 untraded and 12 others suspended.

Total turnover stood at 1.33 billion worth RM714.71 million.

Japan’s Nikkei was down 1.18 per cent to 27,708.27, Hong Kong’s Hang Seng dropped 0.51 per cent to 22,041.62, Korea’s Kospi fell 0.82 per cent to 2,712.71, while Singapore’s Straits Times rose 0.49 per cent to 3,380.58.

In a note, Public Investment Bank Bhd said the FBM KLCI is anticipated to trend sideways around the 1,600 horizon in the near term, with a slight bullish bias.

“Support levels for the index are at 1,580, 1,551 and 1,515, while the resistance levels are at 1,600, 1,622 and 1,652,” it said.

Malacca Securities Sdn Bhd said traders may look at aviation stocks amid the reopening of travel borders on April 1.

“We also expect traders to focus on construction stocks following the release of Gamuda Bhd’s second quarter results yesterday,” it said.

Meanwhile, Bursa Malaysia heavyweights Maybank and IHH Healthcare were flat at RM8.94 and RM6.54 respectively, Public Bank and Petronas Chemicals rose one sen each to RM4.66 and RM9.60, and CIMB increased 3 sen to RM5.40.

Of the actives, CSH Alliance fell two sen to 14.5 sen, Widad lost half-a-sen to 36 sen, Focus Dynamics rose half-a-sen to 3.5 sen, while Pasukhas was flat at 2 sen.

On the index board, FBM 70 gained 8.16 points to 13,660.41, FBM Emas Index was 4.09 points easier at 11,388.92, FBM Emas Shariah Index reduced 17.51 points to 11,988.57, FBMT 100 Index declined 3.92 points to 11,080.37, while FBM ACE dropped 31.44 points to 5,551.24.

Sector-wise, the Industrial Products and Services Index edged up 0.04 of-a-point to 203.98, the Financial Services Index rose 1.07 points to 16,749.88, while the Plantation Index weakened 22.12 points to 8,026.28. ― Bernama