September 22, 2021

Getting worse! Bursa Malaysia Is Expected To Fall Again To Reach The 1,500 Level

 Bursa Malaysia continued to bleed by maintaining its downtrend when it opened lower in today's trading session in line with Wall Street's weak overnight performance.

As at 10.27am, the benchmark FTSE Bursa Malaysia KlCI (FBM KLCI) index continued to decline 3.52 points to 1,526.92 from 1,530.44 at Tuesday's close.

According to Bernama, the index opened 5.81 points lower at 1,524.63.

On the broader market, losers outnumbered gainers by 268 out of 168, while 266 counters were unchanged, 1,570 untraded and five others suspended.

Turnover stood at 302.50 million units worth RM168.91 million.

According to Malacca Securities, there was a slight surge yesterday in selected sectors as the government announced a proposal to open three more holiday destinations following the number of daily Covid-19 cases continuing to decline.

On Tuesday, Minister of Tourism, Arts and Culture, Datuk Seri Nancy Shukri announced that Genting Highlands, Melaka and Pulau Tioman will participate in the domestic tourism bubble which will begin on October 1.

The proposal gives a slight hint that the reopening of the economy will be more widespread and will have a positive impact on the recovery sectors such as aviation, tourism and consumers.

For heavyweights, Maybank and TNB rose five sen each to RM8.10 and RM9.87, respectively, while Public Bank remained at RM4.02.

Petronas Chemicals fell five sen to RM7.91 and IHH Healthcare declined three sen to RM6.57.

For active stocks, Tanco jumped one sen to 25 sen, Bintai Kinden added 4.5 sen to 61.5 sen and Asastera Engineering rose two sen to 39.5 sen.

On the index board, the FBM 100 declined 38.68 points to 10,893.10, the FBM 70 fell 16.19 points to 14,821.31 and the FBM ACE fell 18.43 points to 6,997.19.

The FBM Emas index fell 38.66 points to 11,183.74 and the FBM Emas Shariah index declined 30.13 points to 12,167.75.

By sector, the Financial Services index fell 121.08 points to 15,133.12, the Industrial Products and Services index rose 0.02 points to 196.50 and the Plantation index fell 23.83 points to 6,260.99.