Bursa Malaysia Continues to 'Grieve' - Kakiforex.com - Financial Market Media No. 1 in the World Bursa Malaysia Continues to 'Grieve' Bursa Malaysia Continues to 'Grieve'

June 18, 2021

Bursa Malaysia Continues to 'Grieve'

 Bursa Malaysia opened higher today but declined again, continuing the decline recorded yesterday, following continued profit -taking in selected technology counters, as well as consumer products and services.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 2.80 points to 1,568.06 from 1,570.86 when it closed on Thursday.

Bernama reported that the index opened 0.23 points higher at 1,571.09.

Market breadth was negative with losers outpacing gainers by 249 to 170, while 333 counters were unchanged, 1,445 counters untraded and 18 others suspended.

Turnover stood at 549.70 million units worth RM267.38 million.

According to Malacca Securities Sdn Bhd, the market may continue to record little change until the negative trend today, driven by buying activity during low prices as investors are still scrutinizing the four -phase National Recovery Plan.

“The FBM KLCI was at a much lower level in the bearish range yesterday, taking cues from most regional markets, after the US Federal Reserve's (Fed) stance is likely to raise interest rates.

"However, we are confident that the Nasdaq's positive performance may have a spillover effect on technology stocks in the local market.

"In terms of commodities, crude oil prices declined after the US dollar strengthened, while crude palm oil (CPO) prices continued to decline," it said in a research note.

The brokerage firm added that, for the last trading day of the week, investors may see trading interest in some recovery -oriented stocks such as consumers, real estate and construction, as well as shipping companies.

"Meanwhile, investors may focus on green energy -related stocks as the market expects more foreign investment in the sector in the future, as well as technology stocks that will take cues from the Nasdaq's overnight performance," he said.

Among heavyweights, Maybank rose 8.0 sen to RM8.18, TNB was flat at RM9.95, while Public Bank declined 2.0 sen to RM4.17, Petronas Chemicals declined 6.0 sen to RM8.02 and IHH Healthcare declined 3.0 sen to RM5.65.

Among active stocks, MMAG and Tanco were flat at 19 sen and 15 sen, respectively, Euro Holdings declined 27.5 sen to 93.5 sen, while YGL rose 2.0 sen to 30 sen.

On the index board, the FBM Gold Index was down 10.38 points to 11,475.50 and the FBMT 100 Index contracted 11.69 points to 11,162.04 while the FBM ACE was up 57.13 points to 7,633.22.

The FBM Emas Syariah Index increased 0.52 points to 12,614.58 and the FBM 70 rose 16.09 points to 14,999.05.

By sector, the Financial Services Index fell 25.03 points to 15,269.33; The Industrial Products and Services Index was down 0.72 points to 191.07 and the Plantation Index contracted 17.48 points to 6,522.41.