Bursa slips after opening higher on profit-taking

Bursa Malaysia experienced a slight decline following its opening higher on Thursday, as investors practiced profit-taking after Wednesday's gains, despite Wall Street closing mostly higher overnight. The FTSE Bursa Malaysia KLCI index fell by 4.32 points to 1,737.29 at 9:08am, from Wednesday's closing at 1,741.61. The index had initially opened at 1,742.79, just 1.18 points above its previous level.

In the broader market, the number of gainers (172) was slightly more than the number of losers (158), with 340 counters remaining unchanged, 2,128 shares untraded, and 15 indices suspended. Turnover reached 160.62 million shares, valued at RM99.07 million. Rakuten Trade Sdn Bhd noted that traders were concerned about elevated crude oil prices, which remained around US$89 per barrel, and the absence of any rate adjustments from the US Federal Reserve for now.

They anticipated the index to fluctuate between 1,735 and 1,750 today, expecting stock accumulation to continue. Among the key players, Maybank and Public Bank both dropped two sen each to RM10.58 and RM5.17, respectively, while CIMB Group maintained its position at RM7.92. Tenaga Nasional and IHH Healthcare saw slight declines, while Aemulus Holdings, Oppstar, and HHRG all increased their prices.

Vitrox Corporation and Malaysian Pacific Industries made the most significant gains, while Nestle, Malaysia Smelting Corporation, Press Metal Aluminium, United Plantation, and IOI Corporation were among the notable losers. The FBM ACE Index rose by 18.81 points to 5,222.24, the FBM Emas Index dropped by 25.03 points to 12,893.67, and the FBMT 100 Index fell by 26.80 points to 12,702.03.

In terms of sectors, the Energy Index increased by 1.95 points to 787.69, the Financial Services Index decreased by 24.93 points to 20,375.10, and the Plantation Index declined by 28.04 points to 9,440.30, while the Industrial Products and Services Index fell by 1.11 points to 189.24.