Bursa Malaysia lower in early trade

Publish date: Fri, 02 Jul 2021, 10:35 AM
KUALA LUMPUR: Bursa Malaysia was lower in early trade as investors were spooked by the Enhanced Movement Control Order (EMCO) announced yesterday in a large part of Selangor and 15 localities in Kuala Lumpur.
 
At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased by 0.06 of-a-point to 1,534.17 from Thursday's close of 1,534.23.
 
The market bellwether opened 0.53 of-a-point lower at 1,533.70.
 
On the broader market, losers outpaced gainers 210 to 145, while 262 counters were unchanged, 1,548 untraded, and 11 others suspended. 
 
Turnover stood at 483.15 million units valued at RM186.83 billion.
 
Malacca Securities said the imposition of EMCO from tomorrow until July 16 due to continued high infection rates may further weigh on investors' sentiment.
 
Malaysia recorded 6,988 new COVID-19 cases, with Selangor still posting the highest number.
 
Crude palm oil (CPO) prices surged after India reduced the import duty on CPO to 10 per cent, it said in a note.
 
Meanwhile, Brent crude price climbed mildly after the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) postponed their decision on the oil production plan amid recovering demand for oil, while market participants are expecting an increase in oil output going forward.
 
"Hence, the oil and gas sector may trade actively given the firm Brent oil price at the US$75 zone.
 
"Besides, bargain-hunting activities may emerge in some bashed-down counters in sectors such as essential consumer and transportation & logistics as well as technology stocks amid positive sentiment from Wall Street," it added.
 
The US stock markets crept higher overnight as the Dow added 0.4 per cent, anchored by the solid IHS Markit Manufacturing Purchasing Managers' Index (PMI) data for the United States in June 2021 at 62.1, the highest since May 2007.
 
IHS Markit said the most marked deterioration in conditions among ASEAN countries was seen in Malaysia, where the headline index dropped sharply to a near series low of 39.9 in June 2021 from 51.3 in May 2021, reflecting the stricter COVID-19 containment measures.
 
Heavyweights Top Glove and TM dropped six sen to RM4.01 and RM6.08 respectively, while Hartalega declined nine sen to RM7.05, IOI Corp was two sen lower at RM3.77 and RHB Bank lost three sen to RM5.38.
 
Conversely, IHH gained seven sen to RM5.63 and Maybank rose two sen to RM8.13.
 
Of the actives, Serba Dinamik improved one sen to 39 sen, Sarawak Consolidated rose seven sen to 82 sen, and KPower added four sen to 94.5 sen.
 
On the index board, the FBM Emas Index gave up 9.51 points to 11,163.84, the FBMT 100 Index fell 8.92 points to 10,877.56, and the FBM Emas Shariah Index decreased 16.69 points to 12,170.11.
 
The FBM ACE retreated 26.85 points to 7,079.65 and the FBM 70 was 45.30 points weaker at 14,449.09.
 
Sector-wise, the Financial Services Index edged up 5.28 points to 15,135.41, the Industrial Products and Services Index was 0.16 of-a-point lower at 186.44, and the Plantation Index rose 1.05 points to 6,446.14. 
 - Bernama
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