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Market Daily Report: Bursa Malaysia Ends Higher In Line With Most Regional Markets

KUALA LUMPUR, Sept 20 (Bernama) -- Bursa Malaysia ended higher on Friday in line with most Asian markets, mirroring gains from Wall Street, where investors welcomed the US Federal Reserve's substantial interest rate cut. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 3.17 points, or 0.19 per cent, to 1,668.82 at the close from Thursday's close of 1,665.65. It opened 5.03 points higher at 1,670.68, trading between 1,668.48 and 1,674.04 throughout the session. In the broader market, gainers outpaced decliners 732 to 468, while 465 counters were unchanged, 850 untraded and 32 suspended. Turnover swelled to 4.19 billion units worth RM5.97 billion, from Thursday's 3.99 billion units worth RM4.08 billion. UOB Kay Hian Wealth Advisors head of investment research, Mohd Sedek Jantan, noted the FBM KLCI's gains were led by utilities, logistics, and banking stocks, reflecting improved market sentiment. Additiona
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Market Daily Report: KLCI drops 0.98% as lockdown concerns dampen market sentiment


 

KUALA LUMPUR (Jan 11): The FBM KLCI finished 15.94 points or 0.98% lower at 1,617.25 on Monday, as concerns of another possible lockdown amid rising Covid-19 cases dampened investor sentiment.

The key index was in negative territory for most of the trading session. It fell to a low of 1,607.53 earlier.

MIDF Amanah Investment Bank Bhd research head Imran Yassin Yusof told theedgemarkets.com that weaknesses seen in some of the regional markets could influence the Malaysian market, adding that the uncertainty of another movement control order (MCO) might also drag the market today.

“We also saw some profit taking today because the market went up sharply in the last hour of [trading] last Friday,” he said.

If another MCO is announced today, he expects a knee jerk reaction on the stock market.

“However, the effect will not last long, and we will not see the same level of cautiousness as last year, because we are waiting for the vaccination program to be implemented,” he added.

Across Bursa Malaysia, the market breadth was negative, with losers leading gainers by 650 to 490, while 481 counters traded unchanged.

Meanwhile, 6.63 billion securities traded for RM5.56 billion, compared to 10.03 billion securities worth RM7.16 billion last Friday.

Investors took profit on glove counters after last Friday's rally. Top Glove Corp Bhd fell 7 sen or 1.08% to RM6.43; Supermax Corp Bhd declined by 27 sen or 3.7% to RM7.03; Hartalega Holdings Bhd tumbled 28 sen or 2.24% to RM12.22.

KLCI constituent stock losers were also led by Tenaga Nasional Bhd (down 28 sen or 2.66% to RM10.24), Petronas Chemicals Group Bhd (down 26 sen or 3.44% to RM7.30) and Malayan Banking Bhd (down 21 sen or 2.5% to RM8.19).

Plantation stocks continued to attract buying interest. Kuala Lumpur Kepong Bhd gained 70 sen or 2.92% to RM24.7, while Sime Darby Plantation Bhd advanced 4 sen or 0.77% to RM5.21.

Regional bourses were mostly down on Monday.

Reuters reported that South Korea shares retreat from record high on heavy foreign sell-off, while China stocks end lower on Sino-US tensions.

Korea’s Kospi ended 0.12% lower at 3,148.45; China’s Shanghai Composite index closed 1.08% lower at 3,531.50.

 

Source: The Edge

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