Bursa Malaysia opened lower on Thursday due to mild profit-taking in selected heavyweights following recent gains. At 9.03am, the FTSE Bursa Malaysia KLCI (FBM KLCI) decreased 0.16 of-a-point to 1,600.22 from 1,600.38 at Wednesday’s close.
Bursa Malaysia ended the morning session lower with its key index declining 0.55%, weighed down by losses in selected heavyweights led by Sime Darby Plantation Bhd and CIMB Group Holdings Bhd.
Persistent buying momentum for plantation and oil and gas stocks amid growing optimism about a global economic recovery pushed Bursa Malaysia to close on a firm note on Wednesday, with the benchmark index ending at almost a one-month high. The benchmark FBM KLCI rose 29.0 points or 1.9% to end the day at the day’s high of 1,559.42, compared with 1,530.42 at Tuesday’s close.
Shares in Indonesia and the Philippines hit multi-month peaks on Wednesday, leading other Asian emerging markets higher as a rebound in global sentiment helped offset broader worries about elevated inflation and the Federal Reserve's tapering timeline.
Sarawak is likely to overtake Sabah to become the largest crude palm oil (CPO)-producing state in the country in three years' time as Sarawak’s CPO production is still at a growth stage due to its younger age profile.