August 27, 2021

Unshakable Stock Trading Continues to Show Aggressive Rhythm!

 Bursa Malaysia trading today opened lower following profit taking activity after recording an aggressive increase for 5 consecutive days.

The market is also seen to be taking a cautious stance ahead of the announcement of the country's Cabinet line -up today.

At the market opening this morning, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 8.43 points to 1,577.31 from 1,585.74 at the close yesterday.

However, at 10.08am, the FBM KLCI index jumped 5.49 points to 1,591.23 to continue the uptrend.

According to Bernama, the key index opened 2.84 points lower at 1,582.90.

On the broader market, losers outnumbered gainers by 237 to 152, while 277 counters were unchanged, 1,593 untraded and 65 others suspended.

Turnover stood at 197.8 million units worth RM98.89 million.

Malacca Securities said the key index outperformed most of the region yesterday as foreign investors had acquired equity worth RM310.8 million.

Globally, investors are looking forward to the outcome of the US Federal Reserve’s annual Jackson Hole symposium today at which it will determine monetary policy.

According to him, the growing geopolitical tensions in Afghanistan are also expected to be a concern for the market at this time.

The brokerage firm says that the 1,600 level will be the next resistance level to test before exhibiting the next movement signal.

For heavyweights, Maybank fell five sen to RM8.40, Public Bank declined two sen to RM4.14 and TNB fell four sen to RM10.26. IHH rose one sen to RM5.85 and Petronas Chemicals rose nine sen to RM8.29.

For active stocks, TFP Solutins rose half-a-sen to five sen, while Kanger and Avillion were flat at five sen and 12.5 sen, respectively.

On the index board, the FBM Emas Index declined 44.31 points to 11,495.13, the FBM Emas Shariah Index fell 40.23 points to 12,594.85 and the FBMT 100 Index fell 47.68 points to 11,201.40.

The FBM 70 plunged 15.96 points to 14,949.83 and the FBM ACE fell 15.51 points to 7,246.83.

By sector, the Financial Services Index fell 94.21 points to 15,434.40, the Industrial Products and Services Index fell 0.20 points to 196.87 and the Plantation Index rose 7.00 points to 6,775.37.