Bursa Malaysia snaps 4-day winning streak to open easier

Bursa Malaysia snaps 4-day winning streak to open easier

KUALA LUMPUR: Bursa Malaysia snapped its four-day winning streak last week to open easier today, tracking the US stock indices which ended sharply lower last Friday.

At the 9.05 am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) lost 19.55 points, or 1.46 per cent to 1,323.54 compared to last Friday’s close of 1,343.09.

At the opening bell, the key index opened 6.86 points weaker at 1,336.23.

On the broader market, losers outpaced gainers 318 to 65, while 160 counters were unchanged, 1,467 untraded and 108 others suspended.

Turnover, meanwhile, stood at 143.26 million worth RM65.40 million.

In a note today, Malacca Securities Sdn Bhd said attention has now shifted back to the impacts of COVID-19 that saw the number of cases across the global rose at an exponential rate, whilst the record-high number of unemployment claims in the United States gave markets a reality check.

“Although the Malaysian government has laid out a massive stimulus package (totalled RM250 billion ) last week, we think that stocks across Asia, including FBM KLCI, may take a turn from their recent winning streak, with the key index potentially drifting back towards the 1,300 psychological level,” it said.

The brokerage firm said any gains, may be difficult to come by which will see the 1,350 and 1,360 levels continue to serve as the immediate resistances.

Among heavyweights, Maybank and IHH fell six sen each to RM7.31 and RM5.20 respectively, Tenaga retreated 22 sen to RM11.48, Public Bank was 34 sen lower at RM15.56 and Maxis declined one sen to RM5.36.

Of the actives, Armada slid half-a -sen to 13 sen, Hibiscus slipped two sen to 30.5 sen, Careplus inched up 1.5 sen to 24 sen while Sapura Energy and Metronic Global were unchanged at 7.5 sen and two sen respectively.

Top gainer Hong Leong Financial bagged 38 sen to RM13.98 while top loser Carlsberg was 82 sen easier at RM24.80.

On the index board, the FBM Emas Index sank 134.35 points to 9,051.94, the FBM Emas Shariah Index erased 136.72 points to 9,871.66 while the FBMT 100 Index gave up 132.79 points to 8,989.44.

The FBM 70 tanked 153.38 points to 10,382.46 and the FBM Ace slid 35.0 points to 3,731.95.

Sector-wise, the Industrial Products and Services Index edged down 1.81 points to 102.48, the Financial Services Index dipped 168.55 points to 12,136.39 and the Plantation Index was 37.84 points lower at 6,095.79. -Bernama