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Bursa Malaysia on downtrend as selling pressure continues

KUALA LUMPUR: Bursa Malaysia opened higher on Monday but retreated afterwards as selling pressure persisted amid a stronger ringgit environment.

The benchmark index opened 1.80 points higher at 1,661.89 from last Friday's close of 1,660.09 and fell 4.14 points to 1,655.95 at 9.05 am.

Across the broader market, losers slightly outnumbered gainers, with 258 stocks declining compared to 219 advancing.

There were 304 counters unchanged, 1,701 untraded and 79 suspended.

Turnover totalled 263.49 million units, valued at RM149.81 million.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI continued to consolidate despite several attempts to break out. However, Thong anticipates an upward shift, driven by buying interest due to attractive valuations, improving economic conditions, and robust corporate earnings. "Hence, we anticipate the benchmark index to range between 1,660 and 1,670 today," he said.

Among the heavyweights, Malayan Banking Bhd rose by 6.0 sen to RM10.56, while Public Bank Bhd, Tenaga Nasional Bhd, and IHH Healthcare Bhd slipped 2.0 sen each to RM4.57, RM14.64, and RM7.18, respectively.Among the actives, Pegasus Height Bhd was flat at half sen, Capital A Bhd rose five sen to 99 sen, 99 Speed Mart Retail Holdings Bhd rose three sen to RM2.19, while Sapura Energy Bhd eased half a sen to 3.5 sen.

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