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June 29, 2021

Two Counters Expected To Attract Purchasing Activity

 Bursa Malaysia remained on a downward trend this morning in an environment of less favorable stock buying activity.

At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) market index declined 2.77 points to 1,541.94 from 1,544.71 at the close on Monday.

Bernama reported that the market index opened 2.32 points lower at 1,542.39.

In the market as a whole, losers outnumbered gainers by 183 to 180, while 309 counters were unchanged, 1,549 untraded and 67 others suspended.

Turnover stood at 465.73 million units worth RM159.77 million.

In a note today, Malacca Securities believes low -price share buying activity will take place after a widespread share sale yesterday following Prime Minister Tan Sri Muhyiddin Yassin's announcement of the RM150 billion People Protection and Economic Recovery Package (PEMULIH) to help households and businesses. affected by the pandemic.

“Buying activity will take place at consumer and utility counters, while an increase on the Nasdaq will give good prospects to the technology sector.

"In terms of commodities, the prices of crude palm oil (CPO) and oil recorded a decline," he said.

The U.S. stock market closed mixed as the Dow declined 0.4%, while the S&P 500 rose 0.2%and the Nasdaq rose 1.0%, driven by gains in tech stocks.

Domestically, heavyweights Axiata and IOI rose four sen each to RM3.84 and RM3.79, respectively.

Hartalega added eight sen to RM7.38, while TNB and Dialog increased three sen each to RM9.88 and RM2.91.

On the other hand, Petchem declined 17 sen to RM7.95 while CIMB declined five sen to RM4.56.

Of the active stocks, newly listed Nestcon rose 8.5 sen to 36.5, Serba Dinamik rose three sen to 35.5, MMAG added one sen to 14.5 and Tanco was flat at 15 sen.

On the index board, the FBM Emas Index declined 9.77 points to 11,207.57, the FBMT 100 Index declined 12.64 points to 10,925.33 and the FBM Emas Shariah Index increased 3.36 points to 12,250.84.

FBM ACE rose 57.54 points to 7,053.08 and FBM 70 added 10.80 points to 14,484.03.

By sector, the Financial Services Index declined 45.52 points to 15,111.45, the Industrial Products and Services Index declined 1.32 points to 185.63 while the Plantation Index rose 10.68 points to 6,441.71.