COVID-19 Case Surge Makes Investors Worried - Kakiforex.com - Financial Market Media No. 1 in the World COVID-19 Case Surge Makes Investors Worried COVID-19 Case Surge Makes Investors Worried
InstaForex

June 30, 2021

COVID-19 Case Surge Makes Investors Worried

 Bursa Malaysia opened lower today as risk-averse sentiment continued to be significant following investors' cautious stance on the development of COVID-19 in the country.


The decline was across all sectors except finance, construction and industrial products and services which recorded small increases.


At 9.09am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index fell 0.86 points to 1,547.45 from 1,548.31 at the close yesterday.


Bernama reported that the key indicator index opened with a decline of 1.01 points to 1,547.30.


On the broader market, losers outpaced gainers by 184 to 167 while 244 counters were unchanged, 1,621 untraded and 61 others suspended.


Turnover stood at 307.35 million units worth RM112.54 million.


Meanwhile, Malacca Securities in its research note said the local bourse was expected to find it difficult to maintain its upward momentum yesterday as the daily COVID-19 infection case figure was still in the range of 5,000 to 7,000 cases.


In fact, the case of the infection surpassed the 6,000 level yesterday.


"Currently, we believe that the rise of technology counters at the local level has not changed following the rise of the Nasdaq market.



“Besides that, the transport and logistics sector is also expected to record the same performance following the recent sales activities.


"As the Delta COVID-19 variant continues to be a major concern, more significant trading activity is expected to involve glove stocks," he explained.


As for commodities, the movement of crude palm oil and oil continued in the high range.


Meanwhile, heavyweights saw IHH, Digi and Sime Darby Plantation decline three sen each to RM5.60, RM4.25 and RM4.08.


Hong Leong Bank lost eight sen to RM18.76 while Petronas Dagangan lost 14 sen to RM18.84.


HLFG on the other hand rose 42 sen to RM18.22 while Public Bank, Maybank and TNB added two sen each to RM4.17, RM8.15 and RM9.86.


For active stocks, OCR Group rose three sen to 23.5 sen, Serba Dinamik declined half -a -sen to 31.5 sen and Tanco was flat at 15 sen.


On the index board, the FBM Emas Index declined 2.77 points to 11,246.89, the FBMT 100 Index increased 2.72 points to 10,966.52 and the FBM Emas Syariah Index added 8.95 points to 12,298.98.


FBM ACE declined 4.34 points to 7,073.10 while FBM 70 rose 9.48 points to 14,546.94.


By sector, the Financial Services Index rose 19.55 points to 15,171.01, the Industrial Products and Services Index increased 0.02 points to 187.35 while the Plantation Index fell 12.97 points to 6,456.8