KUALA LUMPUR: Bursa Malaysia opened lower on Monday after investors continued to take profits.
At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 1.20 points to 1,547.91 from Friday's closing value of 1,549.11.
The benchmark index started weaker, opening at 1,548.93, down 0.18 points from the previous close.
On the broader market, losersoutnumbered gainers 230 to 221, while 289 counters were unchanged.
Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI rebounded thanks to strong buying on YTL Corp Bhd following its impressive fourth quarter ended Dec 31, 2023 (4Q23) earnings.
He reckons the market undertone will remain steady in the near term, supported by encouraging corporate results and an inflow of foreign funds, although profit takings may set in.
"As such, we anticipate the benchmark index to trend within the range of 1,545-1,555 for today. "On the other hand, the Crude Palm Oil (CPO) futures are currently on uptrend, hovering just below the RM4,000 per tonne level. "Should the CPO futures break the RM4,000 per tonne, we reckon investors will take positions on the plantation sector," he told Business Times.
Meanwhile, Thong noted that Wall Street closed mixed, with the Dow Jones Industrial Average (DJIA) finishing at an all-time high. He added that profit takings were seen in Nasdaq as it ended 45 points (-0.28 per cent) lower.
"In Asia, major indices closed largely higher, thanks to a strong inflow of global funds. "Nonetheless, in Hong Kong, the Hang Seng Index (HSI) closed 0.1 per cent lower due to profit-taking activities after it gained more than 10 per cent since the benchmark hit a 14-month low in January," he said.