Bursa Malaysia extends losses after opening higher

Bursa Malaysia extends losses after opening higher

KUALA LUMPUR: Bursa Malaysia extended yesterday’s losses, reversing its opening gains within minutes today in tandem with the mixed performance of regional peers.

Asian stock markets turned cautious as sentiments swung between optimism due to the Covid-19 vaccine roll out and the ensuing global economic recovery, and concerns about rising infection rates, dealers said.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.17 points lower at 1,671.18, compared to Thursday’s close of 1,674.35.

The market had opened 2.49 points better at 1,676.84.

The overall market breadth was slightly negative as losers edged past gainers 269 to 252, while 383 counters were unchanged, 1,263 untraded and 47 others suspended.

Volume stood at 553.42 million units worth RM189.27 million.

In a note today, Malacca Securities Sdn Bhd opined that with the Wall Street trending higher overnight, buying support might spillover towards the local front after yesterday’s pull back.

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“Traders will continue to build their interest on the back of the Kuala Lumpur-Singapore High-Speed Rail (HSR) news,” it said, adding that the upcoming call for tenders for phase one of the RM4 billion Rasau water treatment plant would spur trading interest among water-related counters

“Meanwhile, several commodities such as crude oil, crude palm oil and gold were seen to be quite resilient over the past few sessions, and trading interest should also be noted within those sectors,” it added.

Among the heavyweights, Maybank shed four sen to RM8.66, Public Bank and Top Glove reduced two sen each to RM21.48 and RM6.68, respectively, Petronas Chemicals added two sen to RM7.58, while Tenaga was flat at RM10.80.

Of the actives, Seacera’s warrant gained 1.5 sen to 2.5 sen, Bintai Kinden eased 2.5 sen to 79 sen, Inix and Hiap Teck Venture shed three sen each to 35 sen and 41 sen respectively, while Techna-X was flat at 18.5 sen.

On the index board, the FBM Emas Index was 7.68 points easier at 12,024.03, the FBMT 100 Index slipped 13.39 points to 11,780.81 and the FBM Emas Shariah Index lost 9.27 points to 13,409.01.

The FBM 70 added 17.61 points to 15,385.45, while the FBM ACE gained 29.85 points to 10,633.11.

Meanwhile, the Industrial Products and Services Index inched up 0.37 of-a-point to 176.11, the Plantation Index declined 45.21 points to 7,384.17, while the Financial Services Index improved 7.85 points to 15,734.06.-Bernama