BURSA MALAYSIA OPENS EASIER
KUALA LUMPUR, Feb 20 (Bernama) -- Bursa Malaysia opened easier this morning as traders took profits after the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stayed above the 1,700-pointS threshold since last Monday.
At 9.05 am, the KLCI stood at 1,706.34, down 1.34 points, from Friday's close of 1,707.68.
The index opened 1.51 points lower at 1,706.17 at 9.00 am.
However, market breadth was positive as gainers led losers by 183 to 69 with 235 counters unchanged, 1,234 untraded and 23 others were suspended.
Turnover stood at 176.20 million shares worth RM56.48 million.
In a note today, Kenanga Research said the KLCI have had numerous attempts at the 1,700-points level since last Monday despite failing to close above the resistance level convincingly.
"The overhead resistances are marked at 1,710 and 1,720 while support levels are seen at 1,700 and 1,690 points level," it said.
Along with the lacklustre world market performances last Friday as major indices took a breather from their recent rallies, Kenanga anticipated that the KLCI was likely to take cue for a tepid week ahead.
"Thus, we opine that the local bourse will consolidate sideways this week to countervail its overbought condition," it said.
Heavyweights, Petronas Chemicals fell 17 sen to RM7.33, Genting lost three sen to RM5.22, KLK shed 12 sen to RM24.40 while Maybank added one sen to RM8.47.
Among actives, Dagang Nexchange rose two sen to RM35.5 and its warrant inched up half-a-sen to nine sen, Sterling Progress and Bumi Armada gained one sen each to 21 sen and 73.5 sen, respectively, while Asia Bioenergy slipped half-a-sen to 7.5 sen.
The FBM Emas Index decreased 3.41 points to 12,017.76, the FBM Emas Shariah Index declined 11.38 points to 12,513.48 and the FBMT100 Index eased 4.11 points to 11,695.23.
However, the FBM 70 perked 14.41 points to 13,876.71 and the FBM Ace advanced 15.42 points to 5,308.06,
On a sectoral basis, the Finance Index improved 14.79 points to 15,081.79, the Industrial Index added 0.62-of-point to 3,278.53 but the Plantation Index was 44.73 points lower at 8,101.69.
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