Friday 29 Mar 2024
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KUALA LUMPUR (May 31): The FBM KLCI finished the trading day 0.68% or 10.89 points lower today at 1,583.55, with glove makers leading the decline among the index’s component companies today.

The biggest losers among the headline index’s components were Supermax Corp Bhd, Hartalega Holdings Bhd and Hap Seng Consolidated Bhd.

The KLCI was not the only index to see a decline today as only four indices present on Bursa Malaysia posted gains.

Market breadth was broadly negative today, with 841 counters posting declines vis-a-vis 353 that were unchanged and 264 that posted gains today.

The top active counters on the local bourse today were Kumpulan Jetson Bhd, HB Global Ltd and ManagePay Systems Bhd.

Making podium finishes on the top value gainer list were Malaysian Pacific Industries Bhd (MPI), Pharmaniaga Bhd and Panasonic Manufacturing Malaysia Bhd. Conversely, the three biggest value losers were Serba Dinamik Holdings Bhd, Hengyuan Refining Company Bhd and Petronas Dagangan Bhd (PetDag).

Rakuten Trade head of equity sales Vincent Lau noted that the declines today were due to a knee-jerk reaction amid the implementation of the full-scale lockdown from tomorrow.

Lau noted that what is important is that the critical sectors are still open. He also noted that the vaccine roll-out is picking up in Malaysia, as well as in other regional markets.

Asian bourses were mixed today. While the Nikkei 225 closed 0.99% or 289.33 points lower at 28,860.08, Hong Kong's Hang Seng Index and the Shanghai Composite closed higher.

Hang Seng finished 0.09% or 27.39 points higher at 29,151.80, whereas the Shanghai Composite was 14.69 points or 0.41% higher at 3,615.48.

Reuters reported that Malaysian stocks declined as a resurgence in Covid-19 infections and tomorrow's full lockdown dampened investors’ risk appetite.

“Equities in Kuala Lumpur slid as much as 1.6%, marking their worst day in two months, as a new nationwide lockdown from June threatened to disrupt the Southeast Asian nation's economic recovery.

The ringgit weakened as much as 0.3%, and was on track to lose more than a per cent in May — the worst-performing Southeast Asian currency in the month,” it reported.

Edited ByLam Jian Wyn
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