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Bursa Malaysia retreats shortly after opening higher

bursa-malaysia-retreats-shortly-after-opening-higher

KUALA LUMPUR,. Bursa Malaysia opened higher but had subsequently turned lower amidst cautious sentiment in the broader market as the daily Covid-19 tally remained above 10,000 cases.

On Sunday, Malaysia recorded 10,710 new positive cases, with 153 deaths.

At 9.08am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 1.67 points to 1,520.81 from Friday’s close of 1,522.48.

The index opened 0.19 of-a-point higher at 1,522.67.

Market breadth was negative with losers leading gainers 207 to 169, while 301 counters were unchanged, 1,565 untraded and 10 others suspended.

Turnover stood at 327.79 million units worth RM258.10 million.

Malacca Securities Sdn Bhd said the government’s target to vaccinate 100 per cent of the adult population by October 2021 is expected to boost investors’ confidence with regards to the country’s economic recovery.

“On a side note, the Organisation of the Petroleum Exporting Countries and its allies (Opec+) have agreed to increase oil production starting from August amidst improving demand, which may ease the pressure on supplies as well as oil prices,” it said in a research note today.

With the encouraging progress in the Covid-19 vaccination rates, investors may shift their focus to recent bashed-down stocks from the recovery theme sectors such as consumer, property, construction and building materials, said Malacca Securities.

“Buying interest in the technology stocks could also be sustained this week,” the brokerage said.

Of the heavyweights, Maybank gained two sen to RM8.07 and Top Glove added one sen to RM3.98, while Public Bank, Petronas Chemicals, IHH Healthcare and Hong Leong Bank were flat at RM4.06, RM8.05, RM5.69 and RM18.30, respectively.

Meanwhile, TNB slipped one sen to RM9.69 and CIMB declined three sen to RM4.50.

Among the actives, CTOS Dgital jumped 57 sen to RM1.67, Privasia and Permaju edged up half-a-sen each to 24 sen and 11.5 sen, respectively, while Velesto inched down half-a-sen to 14 sen, B.I.G Industries eased four sen to 99.5 sen and Pasukhas went down 1.5 sen to 11 sen.

On the index board, the FBM Emas Index decreased 8.79 points to 11,107.78, the FBMT 100 Index fell 10.52 points to 10,813.81, and the FBM ACE reduced 10.81 points to 7,229.76.

The FBM Emas Shariah Index was 11.90 points lower at 12,173.01, and the FBM 70 fell 8.75 points to 14,485.78.

Sector-wise, the Financial Services Index increased 5.14 points to 14,901.01, the Plantation Index added 5.21 points to 6,197.97, and the Industrial Products and Services Index slipped 0.05 of-a-point to 188.55. — Bernama

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