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July 30, 2021

Political Developments Hurt Trading On Bursa Malaysia

 Trading on Bursa Malaysia opened lower this morning due to uncertainty around the market and a lack of positive catalysts.


At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index declined 9.46 points to 1,503.47 from 1,512.93 at Thursday's close.


Bernama reported that the key index opened 0.95 points lower at 1,511.98.


On the broader market, losers outnumbered gainers by 214 to 112, while 237 counters were unchanged, 1,643 untraded and 64 others suspended.


Turnover stood at 200.26 million units worth RM108.97 million.


Malacca Securities said that the movement of the KLCI stagnated in line with uncertainty over domestic political developments and the increasingly worrying situation of the Covid-19 pandemic.


Indirectly it is likely to result in volatility against the market and investors need to be careful in choosing stocks to trade in the near future.



Buying interest is likely to be more focused on electric vehicle (EV) -related stocks following Genetec Technology Bhd's strong results and Nasdaq's positive performance is likely to continue to expand into the local technology sector.


For heavyweights, Maybank declined one sen to RM8.03, Petronas Chemicals declined nine sen to RM8.02 and TNB declined two sen to RM9.71.


Meanwhile, Public Bank and IHH Healthcare remained unchanged at RM3.99 and RM5.79 respectively.


For active stocks, Tanco Holdings and EcoFirst Consolidated warrants jumped 1.5 sen to 22.5 sen and 7.5 sen, respectively, while Scanwolf Corp added 7.5 sen to 49.5 sen, Serba Dinamik fell half-a-sen to 40.5 sen and Saudee Group was flat at 13.5 sen.


On the index board, the FBM Emas Index declined 43.44 points to 11,028.33, the FBMT 100 Index declined 56.05 points to 10,726.82 and the FBM 70 declined 31.01 points to 14,511.24.


The FBM Emas Shariah Index jumped 56.06 points to 12,113.56 and the FBM ACE fell 6.43 points to 7,134.16.


By sector, the Financial Services Index fell 44.27 points to 14,736.02, the Industrial Products and Services Index fell 1.31 points to 186.68 and the Plantation Index declined 31.44 points to 6,160.91.