Bursa Malaysia ends lower on profit-taking

Publish date: Thu, 12 Aug 2021, 07:43 PM
KUALA LUMPUR: Bursa Malaysia ended lower today on persistent profit-taking in selected utilities and plantation counters in line with most regional markets, dealers said.
 
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 2.47 points to end the day at 1,501.97, just a whisker above the key level of 1,500 points, 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 billion from 4.59 billion units valued at RM3.10 billion on Wednesday.
 
Among the biggest losers in the benchmark index were Petronas Gas and Kuala Lumpur Kepong, 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 Maybank and Petronas Chemicals declined 2.0 sen each to RM8.01 and RM7.99, respectively, Public Bank shed 1.0 sen to RM3.95, TNB fell 3.0 sen to RM9.70, while IHH Healthcare rose 1.0 sen to RM5.83.
 
Among the actives, KNM improved 1.0 sen to 20 sen, Serba Dinamik gained 2.0 sen to 42 sen, Focus Dynamics earned half-a-sen to 4.5 sen, while Dagang NeXchange was flat at 81.5 sen.
 
 - Bernama

 

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2021-08-28 10:59

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