Bursa opens lower on pullback due to CMCO

by Theleaders-Online | October 13, 2020 4:21 am

KUALA LUMPUR: Bursa Malaysia extended yesterday’s losses as the key index continued its pullback due to the re-implementation of the conditional movement control order (CMCO) in Selangor, Kuala Lumpur, Putrajaya and Sabah.

At 9.05 am, benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 4.02 points, or 0.27 per cent to 1,514.41 from Monday’s close of 1,518.43.

The market barometer opened 4.25 points easier at 1,514.18.

Overall, market breadth was slightly negative with losers edging past gainers 192 to 152, while 270 counters were unchanged, 1,511 untraded and 19 others suspended.

Total volume stood at 229.05 million units worth RM113.90 million.

In a note today, Malacca Securities Sdn Bhd said apart from the CMCO enforcement, the pullback on the FBM KLCI was also triggered by the recent gains which saw the index rising by 40 points over the past week.

“Still, the vibrant trading activities will continue to provide rotational play among the lower liners, capitalising on the firmer momentum in recent times,” it said.

Meanwhile, in a separate note, Rakuten Trade Sdn Bhd said market sentiment was affected by the prevailing political and COVID-19 situation.

“As such, we expect the index to trend within the 1,525- 1,530 range today,” it said.

Yesterday, Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob announced that the government will be enforcing the CMCO in Selangor, Kuala Lumpur and Putrajaya effective from 12.01 am, Oct 14 to Oct 27.

As for Sabah, the minister said the whole state would undergo the CMCO effective from 12.01 am, Oct 13 until Oct 26.

Among the heavyweights, Maybank, Digital and IOI Corporation declined five sen each to RM7.30, RM4.08 and RM4.35 respectively, while both Petronas Chemicals and Maxis fell four sen to RM5.95 and RM4.99 respectively.

Top actives included Advance Synergy which added two sen to 22.5 sen, while Yong Tai bagged one sen to 15 sen, MESB advanced 17.5 sen to 52.5 sen, Dataprep was one sen better at 21 sen and Malayan United Industries ticked up half-a-sen to 12 sen.

Top losers were led by Dutch Lady which shed 38 sen to RM38.00, followed by Petronas Dagangan which erased 26 sen to RM19.24 and Allianz which decreased 14 sen to RM13.70.

On the index board, the FBM Emas Index contracted 16.21 points to 10,952.31, the FBMT 100 Index shrank 19.52 points to 10,767.36 and the FBM Emas Shariah Index slid 12.64 points to 13,093.65.

The FBM 70 strengthened 8.91 points to 14,421.21 and the FBM ACE edged up 1.59 points to 10,581.55.

Financial Services Index shed 23.41 points to 12,521.56, the Plantation Index weakened 28.42 points to 6,973.76 while the Industrial Products and Services Index slipped 0.15 of-a-point to 142.171.-Bernama

Source URL: https://theleaders-online.com/bursa-opens-lower-on-pullback-due-to-cmco/

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