Market pullback drags Bursa Malaysia to end lower

As at 5pm, the FBM KLCI erased 8.10 points to 1,588.23 compared with last Friday’s close of 1,596.33. — Bernama pic
As at 5pm, the FBM KLCI erased 8.10 points to 1,588.23 compared with last Friday’s close of 1,596.33. — Bernama pic

KUALA LUMPUR, July 20 — Bursa Malaysia’s trading volume hit another record high today, with 12.49 billion shares worth RM6.64 billion transacted, due to a market pullback on heavyweight counters following last week’s bullish momentum.

The 30-counter FTSE Bursa Malaysia KLCI (FBM KLCI) witnessed almost two-thirds of its constituents being in the red, with mainly financial stocks recording the steepest declines.

As at 5pm, the FBM KLCI erased 8.10 points to 1,588.23 compared with last Friday’s close of 1,596.33.

The market opened 11.02 points higher at 1,607.02, surpassing the immediate resistance of 1,600 before slipping back at mid-morning due to volatile trading.

On the overall market, losers surpassed gainers 592 to 506, while 399 counters were unchanged, 475 untraded and 19 others suspended.

The previous highest volume traded was on July 8 when 11.8 billion shares changed hands.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the local equity market was now facing a pullback due to a lack of domestic catalysts.

“While Hartalega and Top Glove remain the biggest gainers among the equities, other stocks are facing pressure, especially involving finance stocks,” he said.

Banking counters Public Bank, Maybank, CIMB, RHB and Hong Leong Financial all recorded losses for the day. Public Bank tumbled 64 sen to RM17.64, Maybank fell 12 sen to RM7.82, CIMB declined eight sen to RM3.53, RHB gave up seven sen to RM5.00 and Hong Leong Financial slipped 12 sen to RM13.82.

On the regional front, Adam said that equity markets remained cautious on Covid-19 developments. Equities took a hit to end lower while investors awaited the outcome of the ongoing European Union leader summit to discuss the evolving global pandemic.

Prime Minister Tan Sri Muhyiddin Yassin today cautioned Malaysians of another possible wave of Covid-19 infections as new clusters emerged recently.

Despite the downtrend on the local bourse, glove counters showed strong resilience as they dominated the top gainers list with Top Glove rising RM1.84 to RM24.82, Kossan climbing 80 sen to RM14.30, Supermax gaining 70 sen to RM18.40 and Hartalega adding 36 sen to RM17.46.

Of the most active, technology stocks continued their dominance with Lambo and NETX both adding half a sen to 4.5 sen and 1.5 sen, respectively.

On the index board, the FBM Emas Index slipped 17.77 points to 11,254.68 and the FBMT 100 Index declined 17.51 points to 11,112.70 while the FBM Emas Shariah Index was 65.93 points stronger at 13,065.22.

The FBM 70 rose 98.96 points to 14,151.70 and the FBM ACE dipped 45.35 points to 7,445.55.

Sector-wise, the Financial Services Index slipped 192.95 points to 13,384.49, the Plantation Index inched up 63.16 points to 7,031.98 and the Industrial Products and Services Index was 0.43 of-a-point lower at 138.25.

Main Market volume rose to 4.53 billion units worth RM5.29 billion compared with last Friday’s 3.87 billion units worth RM4.89 billion.

Warrants turnover increased to 946.17 million shares worth RM501.74 million from last week’s 693.55 million shares valued at RM328.29 million.

Volume on the ACE Market shot up to 7.01 billion shares worth RM848.90 billion compared to 4.93 billion units worth RM634.19 million previously.

Consumer products and services accounted for 663.43 million shares traded on the Main Market, industrial products and services (1.22 billion), construction (293.39 million), technology (366.59 million), SPAC (nil), financial services (63.19 million), property (627.56 million), plantations (256.09 million), REITs (58.07 million), closed/fund (97,100), energy (524.95 million), healthcare (174.07 million), telecommunications and media (59.78 million), transportation and logistics (221.59 million) and utilities (58.44 million). — Bernama

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