Parliament Suspended? Relax, the stock market is still running as usual

thecekodok

 Investors' anxiety behind the situation of the Malaysian Parliament is still suspended after the result of the 15th General Election (GE15) which is still unclear caused local equities to shrink by more than 1%.


At the opening, the FBM KLCI index started up 14.77 points at 1,434.55 before falling 17.78 points at 1,431.54 compared to Thursday's close at 1,449.32.


In the broader market, losses at 470 outpaced gains at 74, while 163 counters were unchanged, 1,625 untraded and 48 suspended.


Total revenue at 521.08 million units worth RM277.3 million.


According to Malacca Securities Sdn Bhd, the sentiment remains cautious among investors who await the final decision on the establishment of the government with the name of the candidate to be given to Istana Negara at 2pm.



However, defensive sectors such as utilities to telecommunications including consumers are expected to be the focus.


In addition, Hong Leong Investment Bank predicts the results after the suspension of Parliament will trigger selling by lowering the range between 1,470-1,540 for the end of this year.


Heavyweight stocks saw Maybank and Public Bank down 3 sen at RM8.53 and RM4.28, Tenaga lost 11 sen at RM8.27 while Petronas Chemicals and IHH Healthcare lost 7 sen at RM8.55 and RM5.90.


Active shares showed Advance Synergy down 1 sen at 11.5 sen, Dagang Nexchange up 4 sen at 54.5 sen, Eden gained 5 sen at 22 sen and Genting lost 20 sen at RM2.51.


On the index board, the FBM Gold Shariah index fell 134.02 points at 10,264.75, the FBM Gold index contracted 120.52 points at 10,152.72, the FBM ACE fell 52.55 points at 4,862.37.47, the FBMT 100 index lost 114.02 points at 9,0896.78 and the FBM 70 lost 103.14 points at 12,056.36.


In terms of sectors, the Energy index fell 21.95 points at 701.38, the Financial Services index fell 58.49 points at 16,117.31, the Products and Services index fell 2.8 points at 175.8 and the Plantation index plunged 30.69 points at 6,849.54.

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