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InstaForex

June 28, 2021

‘Upset’ Investors Await Government & OPEC Announcement

 Bursa Malaysia started this morning's trading week in a negative zone with sentiment affected by the extension of the first phase of movement control under the National Recovery Plan (VAT) possibly until mid -July.


At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index declined 7.88 points to 1,551.80 from 1,559.68 at Friday's close last week.


Bernama reported that the key index opened 2.22 points lower at 1,557.46.


Price movements in the broader market saw losers outpacing gainers by 328 to 99 while 241 counters were unchanged, 1,569 untraded and 42 others suspended.


Turnover was 302.25 million units worth RM126.49 million.


According to Malacca Securities, the local bourse is likely to see another round following the extension of the implementation of nationwide movement controls as COVID-19 cases are still above the 4,000 mark.


Meanwhile, investors will continue to monitor any announcements of aid schemes by the government and the Organization of the Petroleum Exporting Countries (OPEC) meeting scheduled for July 1, 2021.



“With the extension of this movement control, traders may focus on sectors that will benefit from the current situation such as packaging as well as transportation and logistics.


“Meanwhile, retracing the Nasdaq movement last week, buying interest can be seen in selected technology stocks in the local market.


"Energy stocks have the potential to attract trading interest amid the strengthening of Brent oil prices beyond US $ 75 a barrel," he explained.


Among heavyweights, PetChem declined 10 sen to RM7.90, Public Bank declined three sen to RM4.16, CIMB declined six sen to RM4.63 and MR DIY was seven sen lower at RM3.63.


For active stocks, Serba Dinamik fell 5.5 sen to 35.5 sen, AirAsia was flat at eight sen and Boustead lost 3.5 sen to 72.5 sen.


On the index board, the FBM Emas Index was down 54.49 points at 11,279.91, the FBMT 100 Index was down 53.87 points to 10,991.23, and the FBM Emas Syariah Index was down 55.35 points at 12,330.41.


FBM ACE declined 43.37 points to 7,178.43 and FBM 70 declined 63.70 points to 14,555.83.


By sector, the Financial Services Index fell 57.72 points to 15,221.99, while the Industrial Products and Services Index was 1.38 points lower at 186.60 and the Plantation Index fell 23.62 points to 6,498.78.