US Stimulus Plan Affects Bursa Malaysia Market

thecekodok

 Bursa Malaysia opened lower today, tracking the US market overnight, which closed lower due to uncertainty over the stimulus plan following the approaching US presidential election date.


At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) market indicator fell 0.45 points to 1,517.66 from 1,518.11 when it closed on Monday.


The market barometer opened 0.39 points high at 1,518.50.


Bernama reported that, in the overall market, losers outnumbered gainers by 226 to 177, while 320 counters were unchanged, 1,428 untraded and 22 others suspended.


Turnover stood at 722.39 million units worth RM302.99 million.


US stock markets closed lower on Monday with the Dow Jones declining 1.44 percent to 28,195.42, S&P declining 1.63 percent to 3,426.92 and the Nasdaq declining 1.65 percent to 11,478.88.


However, an analyst said with strong Chinese economic data released yesterday, Asian stock markets, including Bursa Malaysia will be able to track strong momentum.


"This is especially when the local bourse returns with the participation of retail investors as they work from home during the Conditional Movement Control Order (PKPB)," he said.


China's Gross Domestic Product (GDP) in the third quarter saw a growth of 4.9 percent, driven by exports to countries still struggling with Covid-19.


Meanwhile, Rakuten Trade expects continued buying interest in the broader market today as trading volume continues to increase.


"Shares related to gloves, face masks and health care are still in focus due to the growing Covid-19 infection and more people working from home. Therefore, we support investors to enter the market and identify trends, "he said in a note today.


Of the heavyweights, Maybank rose seven sen to RM7.27, Sime Darby added five sen to RM2.45, and Axiata and IHH rose two sen to RM2.74 and RM4.98, respectively.


The most active counters are led by Luster and Mah Sing, who have expressed their interest in participating in rubber glove activities.


Luster rose 3.5 sen to 26 sen and Mah Sing rose 12 sen to RM1.36.


AT Systematization added half a sen to 10.5 sen and Various Networks declined 1.5 sen to 31.5 sen.


The most lucrative counters included Scientex, up 16 sen to RM12.56, while Salcon and Yinson, added nine sen to 44 sen and RM4.91, respectively.


On the index board, the FBM Emas Index declined 6.21 points to 11,031.77, the FBMT 100 Index declined 8.93 points to 10,820.00 and the FBM Emas Shariah Index decreased 25.39 points to 13,264.20.


FBM 70 fell 34.29 points to 14,606.51 and FBM ACE fell 34.02 points to 11,137.74.


The Financial Services Index, however, rose 32.93 points to 12,478.17, the Industrial Products and Services Index rose 0.12 points to 146.63, however the Plantation Index declined 20.47 points to 6,897.05.