KUALA LUMPUR (July 16): The FBM KLCI remained unchanged on Friday, as the number of daily new Covid-19 cases in Malaysia fell from an all-time high the day before. At 5 p.m., the benchmark index had reversed the day’s losses to conclude 1.66 points or 0.11 percent higher at 1,522.48, powered by advances at Genting Bhd and Digi.Com Bhd, while glovemakers’ stocks had fallen.
The KLCI did not change much this week compared to last week’s close of 1,520.58.
Malaysia reported 12,541 new Covid-19 cases today, down from 13,215 on Thursday, while daily immunization numbers hit 460,158 on July 15.
“Market volatility this week has decreased significantly from a week ago, indicating that sentiment is not as frantic as it was last week,” HLIB Research analyst Ng Jun Sheng said.
According to Ng, this week saw a technical bounce following several weeks of downturn because investors now have more certainty, such as clearer Covid-19 data and confirmation of Parliament session dates. “On huge declines,” he noted, investors should consider recovery stocks.
A total of 4.49 billion shares worth RM2.94 billion were traded on Bursa Malaysia. The construction index, as well as the telecoms and media index, led the sectors increases.
Nestle (M) Bhd (up 40 sen or 0.3 percent to RM133.40), Petronas Dagangan Bhd (up 36 sen or 1.93 percent to RM19.04), and B.I.G. Industries Bhd (up 30 sen or 40.54 percent to RM1.04) led gainers, while KESM Industries Bhd (down 38 sen to RM11.20), Genetec Technology Bhd (down 32 sen or 1.76 (down 26 sen to 1.96 percent to RM13.02).
The most active counter of the day was Dagang NeXchange Bhd (up 3.5 sen or 4.9 percent to 75 sen), followed by Pasukhas Group Bhd (down seven sen or 35.9% to 12.5 sen) and Serba Dinamik Holdings Bhd (down half a sen or 1.1 percent to 45 sen).
In other Asian markets, the Nikkei 225 index in Japan sank 0.98 percent, the Shanghai Composite Index fell 0.71 percent, and the Hong Kong HSI climbed 0.03 percent to finish modestly higher.
Reuters reported that Asian stocks fell on Friday as profit-taking in Taiwanese chipmaker TSMC dragged on other tech firms and broader risk sentiment, while a more dovish US rate outlook maintained bond yields near multi-month lows./n
