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September 8, 2021

Concerns Over Delta Variant Contagion In US Market, Slow Exchange Trading

 Bursa Malaysia traded lower today as the performance of the US stock market declined following concerns over economic growth due to the escalating Delta virus outbreak.


As at 9.55am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index fell 1.20 points to 1,582.28 from 1,583.48 during the market close on Tuesday.


According to Bernama, the index opened 1.76 points lower at 1,581.72.


On the broader market, losers outnumbered gainers by 228 to 196, while 323 counters were unchanged, 1,490 untraded and 25 others suspended.


Turnover stood at 345.85 million units worth RM132.66 million.


According to Malacca Securities, trading on the local bourse is expected to turn around amid profit -taking activity in the broader market.


However, following the reopening of most sectors in the state, which will move to Phase 2, it is likely to support the market's resurgence and attract foreign purchases.



As a result, recovery sectors such as banking, consumer, plantation and building materials are expected to continue to gain the attention of local investors.


Not forgetting the steel and aluminum related counters that may dominate at a time when aluminum prices are still rising.


For heavyweights, Maybank and IHH Healthcare added one sen each to RM8.28 and RM6.31 respectively while Petronas Chemical rose five sen to RM8.13.


Apart from that, TNB declined four sen to RM10.30 and Public Bank remained at RM4.10.


For active stocks, PUC Bhd gained three sen to 19.5 sen, JAKS Resources rose one sen to 52.5 sen and Kanger International was flat at RM5.5 sen.


On the index board, FBMT 100 rose 3.04 points to 11,283.24, FBM 70 rose 14.37 points to 15,209.31 and FBM ACE fell 21.56 points to 7,338.74.


The FBM Emas Index fell 2.54 points to 11,597.82 and the FBM Emas Shariah declined 16.0 points to 12,695.89.


By sector, the Financial Services index rose 22.19 points to 15,460.27, the Products and Services index jumped 0.53 points to 201.81 and the Plantation index rose 17.97 points to 6,639.23.