Two Sectors Need Support

 Bursa Malaysia continued its depreciation overnight if it opened low today, in line with the performance of most Asian markets following profit-taking activities to generate high fair share.

Bernama reported that at 9.15 in the morning, the FTSE Bursa Malaysia KLCI level marker index (FBM KLCI) had shrunk by 13.09 eyes to 1,591.66 after opening it fell by 8.96 eyes to 1,595.79.

The loss counter compensates for the profit which is 427 to 182 when 337 counters do not change, 1,224 are not traded and 28 others are hung for their wares.

The total trade volume of 1.28 billion was worth RM427.37 million.

Meanwhile, Malacca Securities Sdn Bhd said the signs of enactment of profit-taking activities are now increasingly popular in FBM KLCI after the level marker index recorded a number exceeding the psychological level of 1,600, recently.

“We are now considering a market consolidation process in place when the investors are enjoying their benefits recently. A flat trading flow is also expected to allow for a possible increase in it in the nearest future.

"Meanwhile, low-priced stocks are also held firm if investors rely on announced corporate financial reporting decisions," he said in an investigation note today.

The brokerage firm also expects stocks related to vaccines to continue to receive attention when the market expects the Covid-19 vaccine to be offered in 2021.

"For us, the focus also needs to be shifted to the agricultural sector given the solid corporate income decision due to the increasing flow of crude palm oil prices (MSM) when the power sector will be affected by the increasingly stable crude oil price," he said.

High fair shares saw Maybank and TNB lose 8.0 cents to RM8.15 and RM11.18 respectively, Public Bank lose 32 cents to RM18.74, Top GLove fell 15 cents to RM6.86 and Petronas Chemicals shed 1.0 cents to RM6. 74.

For active stocks, Kanger gained 1.0 cents to 20.5 cents, Solution Group won 2.5 cents to 98 cents while AT Systematization and Metronic Global lost 1.0 cents to 18 cents and 10.5 cents, respectively.

On the index board witnessed the FBM Gold Index fell 88.96 points to 11,425.53, the Sharia FBM Gold Index lost 86.40 points to 13,081.94, the FBMT 100 Index dropped 88.61 points to 11,214.63, FBM 70 lost 101.23 points to 14,624.03 while the ACE FBM fell 84.30 points to 11,003.80.

In terms of sectors, the Industrial Products and Services Index shrank 0.55 points to 158.44, the Agriculture Index fell 4.02 points to 7,351.13 and the Financial Services Index fell 139.55 points to 14,225.06.