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June 17, 2021

Several Sectors Are Expected To Be The Focus

 Bursa Malaysia opened slightly higher but declined thereafter due to profit -taking activities at selected technology counters as well as consumer products and services counters.

At 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) market index fell 4.34 points to 1,573.98 from 1.578.23 at Wednesday's close.

According to Bernama, the index opened 0.43 points higher at 1,578.75.

Market breadth was negative with losers outpacing gainers by 293 to 173, while 321 counters were unchanged, 1,378 untraded and 13 others suspended.

Turnover stood at 428.69 million units worth RM191.08 million.

Malacca Securities Sdn Bhd in a research note said investors may refocus on sectors such as essential consumer stocks and packaging counters following yesterday's drop in commodity prices.

He added that selected commodity prices declined yesterday following China's announcement of a campaign to control raw material prices, among others by increasing surveillance on commodity trade.

"Meanwhile, traders may pay attention to the recovery -themed situation following the National Recovery Plan announced by Prime Minister Tan Sri Muhyiddin Yassin, especially the recovery -themed sectors including consumers, real estate and construction," he explained.

Malacca Securities said the FBM KLCI declined yesterday on investor concerns over the outcome of the US Federal Reserve's (FOMC) Open Market Committee meeting.

"Despite this bland sentiment, the downside risk on the local bourse may be limited by the decline in Covid-19 cases as well as the increase in vaccination rates following the implementation of the Covid-19 Public-Private Partnership (PIKAS) Industrial Immunization Program yesterday," he said.

Of the heavyweights, Maybank and IHH Healthcare rose 1.0 sen each to RM8.18 and RM5.58, respectively, while Public Bank and Petronas Chemicals declined 1.0 sen each to RM4.20 and RM8.10 and TNB declined 4.0 sen to RM9.98.

For active stocks, MMag, Advance SYnergy and Trive Property added 1.0 sen each to 20 sen, 16 sen and 9.0 sen respectively, while KNM was unchanged at 20 sen.

On the index board, the FBM Gold Index was down 21.18 points to 11,501.47 and the FBMT 100 Index was down 21.33 points to 11,189.04 and the FBM ACE was down 0.68 points to 7,634.61.

The FBM Emas Syariah Index declined 22.40 points to 12,645.90 but the FBM 70 rose 8.40 points to 14,976.89.

By sector, the Financial Services Index declined 19.87 points to 15,288.31, the Industrial Products and Services Index declined 0.19 points to 192.47 and the Plantation Index declined 11.01 points to 6,522.41.