November 24, 2021

This is why the stock market opened flat today

 At 9.17am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was up 0.43 points at 1,523.31 from Tuesday's close of 1,522.88.

It opened horizontally due to lack of new catalysts.

The index opened 1.33 points at 1,524.21.

On the broader market, investors saw losers outnumber gainers by 205 to 200, while 272 counters were unchanged, 1,664 untraded and 45 suspended.

Total turnover at 291.84 million units worth RM179.42 million.

A note issued by Malacca Securities Sdn Bhd said technology stocks may be limited as the overnight losses recorded by the Nasdaq and the Bursa Malaysia technology index remained at 100.40.

For commodities, crude oil prices were heavily charged and profits were extended above US $ 80 or RM336.60 while crude palm oil (CPO) registered a decline of more than 2% on Tuesday.

He added that they expect a high supply of crude oil and investors may take steps to withdraw from the energy counter.

Heavyweights saw Petronas Chemicals Group Bhd (PetChem) gain 5 sen at RM8.36, IHH Healthcare increased 2 sen at RM6.72 and Tenaga Nasional Bhd (TNB) rose 1 sen at RM9.51 while CIMB Group Holdings Bhd remained at RM5 .19 and Malayan Banking Bhd (Maybank) and Public Bank Bhd declined 1 sen at RM8.15 and RM4.06 respectively.

Active stocks saw Dagang NeXchange (DNeX) up 1.5 sen at 88 sen, Dataprep Holdings Bhd added 11 sen at RM1.01, WZ Satu Bhd added 2 sen at 25 sen and NWP Holdings Bhd rose 0.5 sen at 33.5 sen while Tanco Holdings Bhd remained flat. at 27 sen and Scope Industries Bhd declined 2 sen at 33.5 sen.

On the index board, the FBM Emas index rose 7.59 points to 11,221, the FBMT 100 index rose 4.33 points to 10,873.38, the FBM Emas Shariah index increased 11.62 points to 12,168.77 and the FBM ACE added 6.44 points to 6,722.75 while the FBM 70 jumped 10.75 points to 14,728.92.

The Industrial Products and Services index declined 0.07 points at 199.45, the Plantation index rose 15.74 points at 6,590.77 and the Financial Services index declined 4.66 points at 15,280.03.