Two Counters Will Be Investors' Focus This Week

 Bursa Malaysia traded lower today following the resumption of daily Covid-19 cases to over 17,000 and disrupted market sentiment.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index plunged 5.66 points to 1,494.6 from 1,500.26 at the close on Tuesday.

According to Bernama, the key index opened 2.98 points lower at 1,497.28.

Looking at the overall market, losers outnumbered gainers by 391 out of 63, while 201 counters were unchanged, 1,537 untraded and nine others suspended.

According to sources, Asian stocks declined due to concerns over the rapid contagion of the Delta variant has negated hopes for economic recovery.

Malacca Securities said with the phase transition in the states of Perlis, Sarawak and Labuan to phase three of the National Recovery Plan today as well as the earnings season to some extent will support market sentiment to improve.

Moreover, it expects that buying interest will emerge at the tech counter during this session.

"Expectations of recovery to the solar and plastic manufacturing sector are also expected to be sustained in the near future," he added.

Of the heavyweights, Maybank and TNB lost four sen each to RM8.01 and RM9.69, respectively, while Public Bank declined two sen to RM3.98 and IHH Healthcare fell five sen to RM5.72.

Subsequently, CIMB declined three sen to RM4.51 and Petronas Chemicals was flat at RM8.06.

For active stocks, Advance rose 1.5 sen to 18 sen, PUC declined one sen to 17.5 sen, while MAG rose half -a -sen to 19 sen and Alam Maritim was flat at 6.5 sen.

On the index board, the FBM Gold Index fell 48.28 points to 10,976.13, the FBMT 100 Index fell 46.85 points to 10,689.99 and the FBM ACE declined 78.64 points to 7,039.09.

The FBM Emas Shariah Index fell 48.86 points to 12,055.42 and the FBM 70 declined 88.48 points to 14,564.31.

By sector, the Financial Services Index fell 54.85 points to 14,736.81, the Industrial Products and Services Index fell 0.76 points to 187.8 and the Plantation Index fell 14.25 points to 6,073.84.

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