Bursa Malaysia extends losses to open lower

Bursa Malaysia extends losses to open lower

KUALA LUMPUR: Bursa Malaysia extended yesterday’s losses to open lower, taking the cue from the overnight US stocks which slipped for the fourth consecutive day on Monday as investors weighed stimulus progress and vaccine distribution.

Investors awaited word on whether policymakers in Washington would come to agreement on a US$908 billion stimulus package, dealers said.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.38 of-a-point easier at 1,662.36 compared to Monday’s close of 1,662.74.

It opened 1.2 points lower at 1,661.54.

The overall market breadth was negative with losers leading gainers 364 to 168, while 345 counters were unchanged, 1,269 untraded and 19 others suspended.

Volume stood at 431.45 million units worth RM171.65 million.

In a note today, Rakuten Trade Sdn Bhd said the FBM KLCI started the week on a negative note amid broad based profit-taking on the KLCI constituents, coupled with selling on rubber glove-related companies yesterday.

It said concerns over a possible lockdown spooked traders as Wall Street succumbed to selling pressures with the Dow Jones Index Average down by 184 points to close below the 30,000 mark, therefore, reckoned regional markets to see some weaknesses today.

“As for the local bourse, we expected profit-taking activities to persist amid some developments on the political front, coupled with renewed selling on rubber glove counters.

“As such, we expect the FBM KLCI to experience some consolidation today with the 1,650 as the immediate support level. Nonetheless, we believe market undertone to remain strong, hence, would advise investors to buy on further weakness,“ it added.

Among the heavyweights, Maybank shed four sen to RM8.86, Tenaga slid two sen to RM10.58, Public Bank rose 30 sen to RM21.60, Top Glove gained 14 sen to RM6.44, while Petronas Chemicals was flat at RM7.85.

Of the actives, AirAsia X reduced one sen to 9.5 sen, XOX eased half-a-sen to 10 sen, TA Win improved 1.5 sen to 24 sen while Alam Maritim and Key Alliance were flat at nine sen and 5.5 sen, respectively.

On the index board, the FBM Emas Index was 11.32 points lower at 11,920.64, the FBMT 100 Index slipped 9.77 points to 11,690.46, the FBM 70 decreased 40.51 points to 15,157.12, and the FBM ACE fell 55.48 points to 10,412.64.

The FBM Emas Shariah Index gained 2.07 points to 13,210.66.

Meanwhile, the Industrial Products and Services Index edged up 0.20 of-a-point to 176.65, the Plantation Index improved 9.02 points to 7,351.61, while the Financial Services Index dropped 103.09 points to 15,811.25.-Bernama


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