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July 28, 2021

Wall Street's Weak Performance Impacts Bursa Malaysia

 Trading on Bursa Malaysia opened lower this morning in line with the weak overnight performance on Wall Street.


The decline was also driven by high -tech benchmarks that fell to a two -month low following concerns over regulation cuts by Beijing and continued impact on the U.S. market.


At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index declined 2.91 points to 1,511.69 from 1,514.60 at the close yesterday.


According to Bernama, the key index opened 3.14 points lower at 1,511.46.


On the broader market, losers outnumbered gainers by 218 to 146, while 252 counters were unchanged, 1,627 untraded and 48 others suspended.


Turnover stood at 201.85 million units worth RM73.04 million.


According to Malacca Securities, the KLCI rebounded and posted modest gains yesterday following hunting activities for low -value stocks as well as expectations that the economy would reopen in October.



"Although investors are more focused on domestic vaccination rates than daily Covid-19 infections, local sentiment is seen to remain cautious following negative performances in China and Hong Kong after Beijing announced additional measures for the technology, education and real estate sectors," he added.


The electric vehicle (EV) related sector is gaining more attention and momentum as there is an expectation that EV demand is likely to increase in the near future.


In addition, buying interest in Kossan is also expected to increase following the strong increase in revenue despite the weakening selling price of gloves (ASP).


Among heavyweights, TNB rose one sen to RM9.72, Public Bank, Petronas Chemicals and IHH Healthcare declined one sen each to RM4, RM7.94 and RM5.82, respectively, while Maybank was flat at RM8.


For active stocks, Johan Holdings warrants rose three sen to 3.5 sen, Atroniq Bhd rose 10 sen to 50.5 sen, EcoFirst Consolidated warrants rose 6.5 sen to eight sen and PUC Bhd rose half -a -sen to 18.5 sen, while PDZ Holdings declined half -a -sen to 3.5 sen. sen.


On the index board, the FBM Gold Index declined 10.88 points to 11,088.46, the FBM ACE declined 19.98 points to 7,231.26 and the FBMT 100 Index declined 13.55 points to 10,790.08.


The FBM Emas Shariah Index fell 11.29 points at 12,200.03, while the FBM 70 jumped 9.59 points to 14,614.58.


By sector, the Financial Services Index declined 27.75 points to 14,737.10, the Industrial Products and Services Index declined 0.27 points to 188.17 and the Plantation Index declined 0.35 points to 6,199.10.