BURSA Malaysia ended lower today due to the persistent profit-taking in selected utilities and plantation counters, despite the uptrend in the regional markets, dealers said.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 2.47 points to end the day at 1,501.97 compared with Wednesday’s close of 1,504.44.
The market bellwether, which opened 0.85 of-a-point better at 1,505.29, fluctuated between 1,497.18 and 1,505.29 throughout the day.
Market breadth was negative with losers leading gainers 576 to 387, while 449 counters were unchanged, 805 untraded, and 21 others suspended.
Turnover decreased to 3.45 billion units worth RM2.27 bil from 4.59 billion units valued at RM3.10 bil on Wednesday.
Among the biggest losers in the benchmark index were Petronas Gas Bhd and Kuala Lumpur Kepong Bhd, after their shares declined 32 sen and 42 sen to RM15.74 and RM19.14, respectively.
A dealer said the most Asian markets were bullish on Thursday as positive US inflation data has temporarily eased fears that the US Federal Reserve would begin policy normalisation.
However, reports that the Chinese government has unveiled a five-year plan outlining tighter regulation of its economy, covering areas such as national security, technology, and monopolies, have put a damper on the region’s equities markets.
Meanwhile, on the COVID-19 front, ActicTrades’ trader Anderson Alves said the growing restrictions still remain a concern among investors.
In a research note, he said that growth expectations in the region will likely take a hit in the coming weeks, wherein the recent resurgence of the virus will probably slow the economic recovery, and could affect appetite for value and cyclical sector exposure.
“South Korea reported 1,987 new cases in the past 24 hours, prompting its Finance Minister to say that the likely economic effect of the pandemic’s fourth wave will be ‘inevitable’ starting in August. Meanwhile in Australia, three extra local government areas in Sydney will face increased restrictions,” he said.
Back home, heavyweights Malayan Banking Bhd (Maybank) and Petronas Chemicals Group Bhd declined 2.0 sen each to RM8.01 and RM7.99, respectively, Public Bank Bhd shed 1.0 sen to RM3.95, Tenaga Nasional Bhd (TNB) fell 3.0 sen to RM9.70, while IHH Healthcare Bhd rose 1.0 sen to RM5.83.
Among the actives, KNM Group Bhd improved 1.0 sen to 20 sen, Serba Dinamik Holdings Bhd gained 2.0 sen to 42 sen, Focus Dynamics Group Bhd earned half-a-sen to 4.5 sen, while Dagang NeXchange Bhd was flat at 81.5 sen. – Aug 12, 2021
