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July 16, 2021

Economic Crisis Causes Chaos On Bursa Malaysia

 Bursa Malaysia traded higher but there was profit taking in almost all indices and that factor has led to a slight decline in today's trading session.

At 9.07am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 7.58 points to 1,513.24 from 1,520.82 at the close on Thursday.

According to Bernama, the index opened 3.08 points higher at 1,523.9.

In the broader market, losers outnumbered counters by 218 to 148, while 265 counters were unchanged, 1,608 untraded and 18 others suspended.

Turnover stood at 283.15 million units worth RM186.92 million.

Amid concerns about the increase in daily Covid-19 cases in the country, analysts expect that investors appear to be looking for more catalysts for economic recovery.

Malacca Securities said that crude palm oil (CPO) prices rose in line with soybean futures, while crude oil continued to decline.

According to brokerage firms, the plantation sector is likely to exhibit a rebound due to stronger indicators on CPO prices.

With the increase in daily cases of Covid-19 which has now surpassed the 10,000 mark, the brokerage firm also thinks it will likely spur some buying interest in the gloves sector.

Of the active stocks, Maybank declined two sen to RM8.03, Public Bank declined one sen to RM4.04 while Petronas Chemicals declined 14 sen to RM7.90 and IHH Healthcare declined five sen to RM5.65.

TNB and CIMB dropped four sen each to RM9.68 and RM4.50.

Apart from that, LKL International was flat at 31.5 sen, Pasukhas fell three sen to 16.5 sen and Berjaya Land rose two sen to 31 sen.

On the index board, the FBM Emas Index declined 41.8 points to 11,051.48, the FBMT 100 Index fell 41.97 points to 10,761.86 and the FBM Emas Index fell 26.81 points to 12,109.35.

FBM ACE declined 60.41 points to 7,176.04 and FBM 70 fell 9.78 points to 14,423.45.

By sector, the Financial Services Index declined 36.75 points to 14,856.43 and the Industrial Products and Services Index fell 1.39 points to 186.64, while the Plantation Index added 3.05 points to 6,155.37.