KUALA LUMPUR (Aug 3): Only three out of the 30 component stocks chalked up gains today, indicating the selling across the blue chips amid mounting concern over the likelihood of a fresh wave of Covid-19 infection after the relaxation of the movement control order despite the low daily new infection figure.
Stale bulls seem to be taking some profit off the table against the backdrop of neighbouring countries seeing rising new cases, raising concern that Malaysia might fall into a similar scenario sooner or later.
The FBM KLCI shed 1.94% or 31.14 points to 1,572.61 points today — the biggest one-day decline since June 15, when the benchmark index dived 3.05%.
However, there was strong buying interest in the lower liners, as reflected by the 7.52% surge in the FBMACE index to close at 9,176.82 points.
Banking stocks succumbed to selling pressure. In particular, Hong
Leong Bank Bhd shed 4.67% or 70 sen to RM14.30, CIMB Group Holdings Bhd
slid 3.62% or 13 sen to RM3.46, while Public Bank Bhd dropped 2.6% or 44
sen to RM16.56. Malayan Banking Bhd lost 2.22% or 17 sen to RM7.50, and
RHB Bank Bhd fell nearly 2% or 10 sen to RM4.92.
Top Glove Corp Bhd, Hartalega Holdings Bhd and KLCC Stapled Group Bhd
are the only three component stocks that are in the green. Top Glove
soared 3.86% or RM1 to a new peak of RM26.88, valuing it at some RM72.69
billion. Meanwhile, Hartalega gained 1.09% or 22 sen to RM20.50, giving
it a market value of RM70.27 billion. KLCC Stapled Group went up 1.28%
or 10 sen to RM7.90, valuing it at some RM14.26 billion.
“That said, penny stocks and small caps [stocks with small market capitalisation] were up, mainly driven by local retail investors and traders,” said Rakuten Trade Research vice president Vincent Lau.
There were 663 decliners across the board, outnumbering 426 gainers with 417 counters unchanged. Some 13.13 billion shares worth RM8.24 billion were traded across the local bourse today.
Lower liners such as MQ Technology Bhd, XOX Bhd, and Key Alliance Group Bhd dominated the list of most actively traded stocks.
On the regional front, Singapore Straits Time Index was also down over 1% while other regional bourses largely saw gains today.
Singapore's Straits Times Index fell 1.78% or 44.91 points to 2,484.91 points.
The Shanghai Composite Index finished 1.75% or 57.96 points higher at 3,367.97 points, while the Hong Kong Hang Seng was down by 0.56% or 137.22 points at 24,458.13 points.
The Nikkei 225 went up 2.24% or 485.38 points to 22,195.38 points, and Seoul’s Kospi rose 1.67 points to 2,251.04 points.
Reuters reported that Asian equities were mixed today, in response to US legislators struggling to devise a new stimulus plan for the economic giant amid a global surge of new Covid-19 cases.
“Investors were nervous at the lack of a new stimulus package in the US with White House Chief of Staff Mark Meadows not optimistic on reaching an agreement soon on a deal,” it reported.
“That said, penny stocks and small caps [stocks with small market capitalisation] were up, mainly driven by local retail investors and traders,” said Rakuten Trade Research vice president Vincent Lau.
There were 663 decliners across the board, outnumbering 426 gainers with 417 counters unchanged. Some 13.13 billion shares worth RM8.24 billion were traded across the local bourse today.
Lower liners such as MQ Technology Bhd, XOX Bhd, and Key Alliance Group Bhd dominated the list of most actively traded stocks.
On the regional front, Singapore Straits Time Index was also down over 1% while other regional bourses largely saw gains today.
Singapore's Straits Times Index fell 1.78% or 44.91 points to 2,484.91 points.
The Shanghai Composite Index finished 1.75% or 57.96 points higher at 3,367.97 points, while the Hong Kong Hang Seng was down by 0.56% or 137.22 points at 24,458.13 points.
The Nikkei 225 went up 2.24% or 485.38 points to 22,195.38 points, and Seoul’s Kospi rose 1.67 points to 2,251.04 points.
Reuters reported that Asian equities were mixed today, in response to US legislators struggling to devise a new stimulus plan for the economic giant amid a global surge of new Covid-19 cases.
“Investors were nervous at the lack of a new stimulus package in the US with White House Chief of Staff Mark Meadows not optimistic on reaching an agreement soon on a deal,” it reported.
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