Kuala Lumpur (22 August): Bargains are expected to be concentrated in banking, telecom and healthcare counters after the recent sharp sell-off, with the latter lending a boost to benchmark indices, which were lower on Monday (22 August). opened, said a trader.
As of 9:23 am, the benchmark FBM KLCI was down 8.14 points to 1496.30 from 1504.44 at last Friday’s close.
The leading index opened with a minus of 2.83 points at 1,501.61.
In the broader market, losers outperformed gainers from 323 to 137 while 249 points were flat, 1,619 were untraded and another 17 were suspended.
Sales totaled 248.13 million units valued at RM143.43 million.
Thong Pak Leng, vice president of equity research at Rakuten Trade, said he expects the market to correct later on Monday and move into the 1,500-1,515 range.
In a note on Monday, he said: “Insofar as corporate earnings have been released, we have observed that banks, planters, real estate funds and select manufacturing companies (for technology and food and beverage) have contributed to the earnings losses. A solid set is recorded.”
Meanwhile, Bursa Heavyweight Malayan Banking Bhd (Maybank) shed four sen to RM8.88 and Petronas Chemicals Group Bhd also fell four sen to RM8.70, while Public Bank Bhd fell two sen to RM4.59 and IHH Healthcare fell. Bhd also declined. 6.39 RM for two Sen.
Outside of assets, Conergenz Bhd was up 5.5 sens to 94 sens and Agmo Holdings Bhd was up half a sen to 81.5 sens while CSH Alliance Bhd was up half a sen to four sens and LGMS Bhd was down two sens to RM1.08 .
On the indexboard, the FBM Emas Index fell 54.27 points to 10,625.61, the FBMT 100 Index fell 54.25 points to 10,369.01, the FBM Emas Sharia Index fell 49.47 points to 10,766.12, the FBM 70 fell 57.90 points to 12,729.54 and the FBM ACE fell 50.53. 4,936.15 points.
At the sector level, the Financial Services Index fell 94.87 points to 16,658.11, the Plantation Index fell 9.40 points to 7,237.84, the Energy Index fell 0.02 points to 671.33 and the Industrial Products and Services Index fell a point to 182.74.