KUALA LUMPUR, Malaysia (June 29): Despite lackluster bargain-hunting activity, the Bursa Malaysia remained on a downward trend this morning. The benchmark FBM KLCI had dropped 2.77 points to 1,541.94 at 9:10 a.m., from a close of 1,544.71 the day before.
The market’s leading indicator opened 2.32 points lower at 1,542.39.
Losers outnumbered gainers 183 to 180 on the broader market, with 309 counters unchanged, 1,549 untraded, and 67 others suspended.
The company sold 465.73 million units at RM159.77 million.
Malacca Securities said in a note today that after yesterday’s heavy selloff in response to Prime Minister Tan Sri Muhyiddin Yassin’s announcement of the RM150 billion PEMULIH stimulus package to assist households and businesses affected by the Covid-19 pandemic, bargain-hunting activities should emerge.
“Buying activity might emerge in key consumer and utility stocks, while the Nasdaq’s surge may speak well for the technology sector.”
In a note, it stated that “both crude palm oil (CPO) and oil prices had witnessed a reversal.”
The Dow Jones Industrial Average dipped 0.4 percent, while the S&P 500 climbed 0.2 percent and the Nasdaq gained 1 percent, supported by increases in technology stocks.
Axiata Group Bhd and IOI Corp Bhd, both heavyweights in Malaysia, rose four sen to RM3.84 and RM3.79, respectively.
Tenaga Nasional Bhd (TNB) and Dialog Group Bhd both rose three sen to RM9.88 and RM2.91 respectively, while Hartalega Holdings Bhd rose eight sen to RM7.38.
Petronas Chemicals Group Bhd (PetChem) has down 17 sen to RM7.95, while CIMB Group Holdings Bhd has dropped five sen to RM4.56.
Nestcon Bhd, which was recently listed, rose 8.5 sen to 36.5 sen, Serba Dinamik Holdings Bhd recovered three sen to 35.5 sen, MMAG Holdings Bhd rose one sen to 14.5 sen, and Tanco Holdings Bhd remained unchanged at 15 sen.
The FBM Emas Index fell 9.77 points to 11,207.57, the FBMT 100 Index down 12.64 points to 10,925.33, and the FBM Emas Shariah Index increased 3.36 points to 12,250.84 on the index board.
The FBM ACE improved by 57.54 points to 7,053.08, while the FBM 70 improved by 10.80 points to 14,484.03.
The Financial Services Index fell 45.52 points to 15,111.45, while the Industrial Products and Services Index down 1.32 points to 185.63, and the Plantation Index rose 10.68 points to 6,441.71. Continue reading
