Bursa ends weaker on fears over COVID-19 Delta variant

BURSA Malaysia ended lower today on weak sentiment amid lingering concerns over the fast-spreading Delta coronavirus variant’s effect on the global economy, and in tandem with the performance of most regional peers, said an analyst.

At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.45 points to 1,516.52, from  Monday’s close of 1,519.97.

The index opened 1.40 points higher at 1,521.37 and moved between 1,515.34 and 1,521.57 throughout the trading session.

On the broader market, losers outpaced gainers 580 to 400, while 450 counters were unchanged, 813 untraded, and 18 others suspended.

Turnover rose to 5.47 billion units valued at RM3.44 bil from Monday’s 4.82 billion units valued at RM3.43 bil.

A dealer said the market opened higher today after a break for Hari Raya Aidiladha holiday yesterday, taking cue from the better overnight performance on Wall Street but ended lower in range-bound trading as COVID-19 infections continued to weigh on market sentiment, prompting  investors to dump risk assets.

“Asian stock markets were mixed on Wednesday on Wall Street rebound and surge in Japanese exports, but gave up earlier gains as investors were figuring out the effects of the new variant on the global economy,” she told Bernama.

Regionally, the Singapore’s Straits Times Index rose 0.29 per cent to 3,120.28, Japan’s Nikkei 225 rose 0.58 per cent to 27,548.0,  Hong Kong’s Hang Seng Index declined 0.13 per cent to 27,224.58, and South Korea’s Kospi slipped 0.52 per cent to 3,215.91.

Meanwhile, Bank Islam Malaysia Bhd economist Adam Mohamed Rahim shared that the FBM KLCI slid 0.23% on Wednesday, dragged by Mr DIY which declined by four per cent during the day, resulting in the Bursa Malaysia Consumer Products and Services Index to end 0.6% lower today.

“Apart from that, the surge in infections has also boosted the Bursa Malaysia Healthcare Index by 2%, fuelled by gains in rubber glove counters,” he added.

Of the heavyweights, Maybank shed 1 sen to RM8.01, Public Bank reduced 3 sen to RM4.01, TNB fell 5 sen to RM9.71, and IHH Healthcare eased 1 sen to RM5.74.

Petronas Chemicals gained five sen to RM8.05.

Among the actives, Pasukhas warrant expanded 1.5 sen to 2 sen, Pasukhas edged up half-a-sen to 11 sen, Systech added 1 sen to 31.5 sen, and ACE Market debutant Haily Group ended 6 sen better at 74 sen.

Borneo Oil eased half-a-sen to three sen while Kanger International was flat at 7.5 sen. – July 21, 2021

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