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May 6, 2021

Anxious Investors Await OPR Announcement By Bank Negara

 Bursa Malaysia continued its losses recorded yesterday to open weaker this morning with overall investor sentiment remaining cautious ahead of the overnight policy rate (OPR) announcement later today.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index declined 5.13 points to 1,570.54 from 1,575.67 at the close of trading yesterday afternoon.

Bernama reported that the key index opened 3.58 lower at 1,572.09.

On the market as a whole, losers outpaced gainers 321 to 165 while 297 counters were unchanged, 1,373 untraded and 15 others suspended.

Turnover was 470.74 million shares worth RM332.50 million.

Dataprep Holdings Bhd was the top counter so far as its shares jumped 14 sen to RM2.09 with 6.88 million shares traded.

Meanwhile, Transocean Holdings Bhd became the biggest loser so far after declining 35 sen to RM6.30 despite a total of 53,700 shares being traded.

The most active stock on the local bourse so far is Tanco Holdings Bhd which has risen 1 sen to RM1 with 37.15 million shares changing hands.

According to Malacca Securities Sdn Bhd, the broader market may remain stable following concerns over the expansion of movement control orders (PKP 3.0) to several districts in Johor, Perak and Terengganu which is expected to reduce buying interest today.

He said investors would also monitor the announcement of the OPR by Bank Negara Malaysia (BNM) after many analysts expected BNM to maintain interest rates at 1.75% at its third meeting later today.

“Besides that, the government has launched a RM3.5 billion Caring Network stimulus to help data plan subscriptions and mobile device purchases.

"As for commodities, oil prices have risen, driven by higher fuel demand amid the easing of movement restrictions in the United States (US) and parts of Europe over the summer," he added.

The research firm expects the launch of the Caring Network to shine a light on the telecommunications sector.

Among heavyweights, Maybank rose one sen to RM8.22, Public Bank declined one sen to RM4.10 and PetChem was flat at RM8.16.

As for active stocks, Tanco gained one sen to 10 sen, KTG rose half -a -sen to 22.5 sen, Dataprep rose 22 sen to RM2.17 and Saudee was three sen higher at 22.5 sen.

Of the gainers, Widetech rose 32 sen to RM1.30, F&N and KLK added 16 sen each to RM29.18 and RM21.76.

On the index board, the FBM Emas Index fell 41.20 points to 11,563.64, the FBM Emas Syariah Index declined 64.71 points to 12,941.18, the FBMT 100 Index declined 38.96 points to 11,217.44, the FBM 70 contracted 61.84 points to 15,219.77 and the FBM ACE lost 64.97 points to 8,404.97 points.

By sector, the Industrial Products and Services Index fell 0.30 points to 197.99, the Plantation Index rose 9.40 points to 6,926.25 while the Financial Services Index added 9.14 points to 14,765.30.