Bursa extends downtrend in early trade

Bursa extends downtrend in early trade

KUALA LUMPUR: Bursa Malaysia extended yesterday’s downtrend to open easier this morning as market sentiment continued to be clouded by a resurgence of Covid-19 cases, as well as lower oil prices, dealers said.

At 9.07am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 2.67 points to 1,629.25 after opening 0.63 of-a-point lower at 1,631.55 this morning.

On the broader market, gainers led losers 295 to 165, while 1,256 counters were unchanged, 432 untraded and 38 others suspended.

Volume stood at 1.13 billion units worth RM417.16 million.

Rakuten Trade Sdn Bhd head of research Kenny Yee Shen Pin said the regional markets would likely be mixed as minor corrections continue.

“On the local front, we reckon the FBM KLCI may test the 1,620 level today, after which the benchmark index may reverse its downtrend where it had lost around 50 points over the past week.

“We continue to advise investors to ‘buy’ on weakness as we expect the local bourse to rebound anytime soon,” he said in a note today.

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Yee added that news of a mandatory takeover of FGV at RM1.30 per share might see some trading activities.

On the heavyweight performance, Maybank eased four sen to RM8.36, Top Glove slipped one sen to RM6.68 and Hartalega shed two sen to RM12.58.

Meanwhile, Public Bank, Tenaga, Petronas Chemicals and IHH Healthcare were all flat at RM20.46, RM10.58, RM7.41, and RM5.65, respectively.

FGV topped the actives list following the unconditional mandatory takeover offer, rose nine sen to RM1.27.

Other actives, Konsortium and Sapura Energy were flat at 14.5 sen and 12.5 sen, respectively, while Fintec inched down half-a-sen to 9.5 sen.

On the index board, the FBM Emas Index was 21.96 points lower at 11,687.5, the FBMT 100 Index shed 14.74 points to 11,466.96, the FBM Emas Shariah Index declined 14.16 points to 13,167.18, the FBM 70 trimmed 3.4 points to 14,904.38, and the FBM ACE fell 35.14 points to 10,442.06.

Meanwhile, the Industrial Products and Services Index slipped 0.36 of-a-point to 172.13, the Financial Services Index lost 60.67 points to 15,088.77, but the Plantation Index perked 15.77 points to 7,297.22.-Bernama


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