Bursa Malaysia turns lower at mid-morning

On the broader market, decliners trounced gainers 534 to 389, while 348 counters were unchanged, 597 untraded and 19 others suspended. — Bernama pic
On the broader market, decliners trounced gainers 534 to 389, while 348 counters were unchanged, 597 untraded and 19 others suspended. — Bernama pic

KUALA LUMPUR, June 3 — Bursa Malaysia turns lower at mid-morning as investors were on short sell mode in recently-made gains, prominent in lower liners, mid-sized Islamic and conventional capitalisation stocks, dealers said.

At 11am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.71 points lower to 1,505.98 from 1,507.69 at Tuesday’s close.

On the broader market, decliners trounced gainers 534 to 389, while 348 counters were unchanged, 597 untraded and 19 others suspended.

Turnover stood at 4.92 billion units worth RM2.98 billion.

Meanwhile, the movements in the FBM KLCI is contradictory compared to regional indices which continue to soar.

AxiCorp chief global markets strategist, Stephen Innes said the market is in full-blown ‘liquidity-on’ stance with the S&P 500 leading the charge.

“Risky assets have powered ahead lately, and equities have taken the lead.

“It seems that potential headwinds like a slower growth recovery, earnings disappointments, potential US tech regulations, and rising geopolitical tensions are being ignored. Instead, news flow around new stimulus packages and possible vaccine breakthroughs are greeted emphatically,” he said in a note today.

Back home, Maybank increased 31 sen to RM7.82, Tenaga and Maxis rose two sen each to RM12.02 and RM5.57 respectively, Public Bank added 80 sen to RM16.44, Petronas Chemicals gained 16 sen to RM6.38 and IHH Healthcare increased one sen to RM5.52.

On the index board, the FBM Emas Index trimmed 43.39 points to 10,606.22, the FBM Emas Shariah Index decreased 242.86 points to 11,961.92, the FBM ACE reduced 236.31 points to 5,636.76, the FBMT 100 Index fell 37.89 points to 10,462.99 and the FBM 70 was 153.51 points weaker to 13,065.03.

Sector-wise, the Industrial Products and Services Index added 0.87 of-a-point to 132.28, the Financial Services Index rose exponentially 502.18 points to 13,193.89, and the Plantation Index increased 16.51 points for 6,770.36. — Bernama

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