Bursa Malaysia lower in early trade

Bursa Malaysia lower in early trade
-A +A

KUALA LUMPUR (July 7): Bursa Malaysia opened lower today in line with the weaker Wall Street performance overnight, amidst concerns over the impending United States Federal Reserve tapering. 

At 9.08am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 2.73 points to 1,528.9 from Tuesday’s close of 1,531.63.  

The market bellwether opened 0.67 of-a-point lower at 1,530.96.   

On the broader market, losers led gainers 209 to 142, while 272 counters were unchanged, 1,556 untraded and 10 others suspended.

Turnover stood at 293.19 million units valued at RM138.59 billion.

Malacca Securities said the local bourse is likely to stay wary as the Covid-19 daily tally spiked above the 7,000-mark on Tuesday, despite the improvement in the vaccination rate.

The brokerage said investors were also on a cautious mode ahead of Bank Negara Malaysia’s interest rate decision tomorrow. 

Meanwhile, oil prices dropped after the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) failed to agree on its production policy, it said in a research note today.

Malacca Securities opined that the spike in Covid-19 daily cases may shift investors’ focus to the glove sector in the short run.

“However, the plans to set up more than 30 large-scale vaccination centres by July 19 may speed up the vaccination rate, thus benefiting the recovery theme sector such as essential consumer stocks.

“Meanwhile, technology stocks are still favourable to trend higher amid positive Nasdaq moves,” it added. 

Among the heavyweights, Tenaga Nasional Bhd gained one sen to RM9.72, IHH Healthcare Bhd rose four sen to RM5.60 and Hong Leong Bank Bhd advanced eight sen to RM18.80.

Meanwhile, Malayan Banking Bhd and Petronas Chemicals Group Bhd were flat at RM8.10 and RM8.09, respectively, Public Bank Bhd eased two sen to RM4.08 and Press Metal Aluminium Holdings Bhd depreciated eight sen to RM5.01. 

Of the actives, AE Multi Holdings Bhd gained one sen to 5.5 sen, Kumpulan Jetson Bhd improved 3.5 sen to 50.5 sen, Serba Dinamik Holdings Bhd and Metronic Global Bhd were flat at 51 sen and 5.5 sen, respectively, while Privasia Technology Bhd inched down half-a-sen to 25.5 sen.  

On the index board, the FBM Emas Index was 19.99 points easier at 11,150.22, the FBMT 100 Index discounted 18.76 points to 10,850.79, and the FBM Emas Shariah Index went down 24.28 points to 12,184.85.  

The FBM ACE reduced 17.05 points to 7,402.2, and the FBM 70 narrowed 22.35 points to 14,455.25. 

Sector-wise, the Financial Services Index fell 3.66 points to 15,062, the Industrial Products and Services Index edged down 0.54 of-a-point to 189.77, and the Plantation Index was 11.03 points easier at 6,377.33.