Bursa Malaysia bucks regional trend to end lower on Monday

BURSA Malaysia bucked the regional market trend to end lower today, succumbing to selling pressure on heavyweight stocks, dealers said.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was down 7.60 points or 0.48% to 1,581.59 from last Friday’s close of 1,589.19.

It opened 1.48 points better at 1,590.67 and moved between 1,577.79 and 1,592.16 throughout the day.

Market breadth was positive with gainers outpacing decliners by 605 to 476, while 403 counters were unchanged, 754 untraded and 17 others suspended.

Turnover was higher at 4.42 billion units worth RM2.89 bil compared with 4.25 billion units worth RM2.88 bil last Friday.

A dealer said Bursa Malaysia opened higher but fell into the red at mid-morning amid selling pressure on heavyweights and continued the downtrend for the rest of the trading session.

Asian shares were mostly up today, led by a rally in the Japanese stock market amid the imminent resignation of Prime Minister Yoshihide Suga, which spurred hopes that the COVID-19 pandemic in the country would be better managed by his successor.

“A disappointing US jobs data in August also fueled expectation that the Federal Reserve could push back the timeline for tapering stimulus measures and this also helped to boost Asian shares,” he told Bernama.

Singapore’s Straits Times Index gained 0.51% to 3,097.72, Hong Kong’s Hang Seng Index increased 1.01% to 26,163.63, Japan’s Nikkei 225 rose 1.83% to 29,659.89 and South Korea’s Kospi added 0.07% to 3,203.33.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim commented that the FBM KLCI’s plantation counters dominated losers with Kuala Lumpur Kepong losing 3.26%.

It dragged the Bursa Malaysia Plantation Index lower by 1.1 per cent, making it the biggest loser among Bursa’s sectoral indices today.

Of the heavyweights, Maybank eased three sen to RM8.33, Public Bank shed four sen to RM4.09, Petronas Chemicals fell 14 sen to RM8.10, Tenaga Nasional slid two sen to RM10.34, and IHH Healthcare was up two sen at RM6.35.

Of the actives, Emico gained seven sen to 44 sen, KNM edged up half-a-sen to 29 sen and Scope Industries improved 2.5 sen to 34 sen, while both Bina Puri and Vortex eased half-a-sen to 5.5 sen and 7.5 sen, respectively. – Sept 6, 2021

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