KUALA LUMPUR: Share prices on Bursa Malaysia opened
lower this morning on profit taking activities ahead of the long Hari Raya
Aidilfitri weeakend, a dealer said.
At 9.41 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.73
points weaker at 1,869.1 points, after opening 1.83 points higher at 1,873.66.
Hong Leong Investment Bank said ahead of the long Hari Raya holidays next
week and lack of local catalyst, the KLCI was expected to trend sideways to
build its base before trending higher again from an oversold position amid
optimism that current tensions in Gaza and Ukraine will not escalate further to
dampen global economic recovery.
"We reiterate our view that last week’s knee-jerk selldown on MH17 tragedy
is abating and bargain hunting activities are likely to emerge near 1,850-1,860
points zones," it said in a research note today.
On the scoreboard, the Finance Index lost 50.95 points to 17,340.85, the
Plantation Index decreased 3.43 points to 9,023.57 and the Industrial Index
slipped 5.45 points to 3,225.62. - Bernama