Profit-taking drags Bursa to close at intra-day low

An investor monitors the stock prices in the gallery of the RHB Investment Bank Bhd headquarters in Kuala Lumpur March 17, 2020. ― Picture by Hari Anggara
An investor monitors the stock prices in the gallery of the RHB Investment Bank Bhd headquarters in Kuala Lumpur March 17, 2020. ― Picture by Hari Anggara

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KUALA LUMPUR, Feb 22 — Bursa Malaysia ended the trading day on an intra-day low on profit-taking, as investors took in the Covid-19 vaccine news.

Malaysia received its first batch of the Pfizer-BioNTech Covid-19 vaccine on Sunday, and many believed that the news would lift the local market sentiment.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 14.47 points, or 0.91 per cent, to 1,570.46 from 1,584.93 at last Friday’s close.

The key index opened 2.58 points higher at 1,587.51, and moved between 1,570.46 and 1,587.51 throughout the day.

Market breadth was negative with losers overtaking gainers 754 to 476, while 459 counters were unchanged, 507 untraded and nine others suspended.

Total volume was easier at 13.30 billion units worth RM5.70 billion, compared with 14.36 billion units worth RM6.36 billion last Friday.

MIDF Amanah Investment Bank Bhd research head Imran Yassin Yusof said the key index had succumbed to profit-taking following the recent gains, as investors priced in the vaccine news.

“Based on the recent performance of the pharmaceutical counters, some investors could have decided to take profit,” he told Bernama.

Furthermore, Imran said the vaccine news also led to selling pressure on glove counters, possibly due to the perception that glove demand may normalise following the vaccine rollout.

“This has led to the downtrend in the FBM KLCI as well, given the gloves’ weightage in the index,” he said.

Among the rubber glove heavyweights, Top Glove and Supermax shrank 27 sen each to RM5.78 and RM5.53, respectively, while Hartalega erased 42 sen to RM11.64.

Meanwhile, Maybank declined eight sen to RM7.95, and CIMB was nine sen lower at RM4.16.

Of the actives, Key Alliance gained half-a-sen to six sen, Nexgram and AT Systematization bagged 1.5 sen each to 5.5 sen and 15.5 sen, respectively, Velesto was unchanged at 17 sen, while EA Holdings was half-a-sen easier at four sen.

Top loser MPI shed RM1.16 to RM37.24, while top gainer Heineken surged RM1.22 to RM24.72.

On the index board, the FBM Emas Index contracted 94.02 points to 11,547.59, the FBMT 100 Index slid 89.60 points to 11,230.73 and the FBM Emas Shariah Index was 136.88 points lower at 12,982.21.

The FBM 70 weakened 68.72 points to 15,290.62, while the FBM ACE firmed 61.50 points to 11,310.12.

Sector-wise, the Financial Services Index fell 107.97 points to 14,764.81, the Plantation Index dwindled 57.47 points to 7,131.58 and the Industrial Products and Services Index eased 1.55 points to 180.72.

The Main Market volume declined to 7.19 billion shares worth RM4.42 billion from 9.1 billion shares worth RM5.13 billion last Friday.

Warrants turnover was higher at 443.95 million units valued at RM62.71 million from 364.08 million units valued at RM57.6 million previously.

Volume on the ACE Market widened to 5.66 billion shares worth RM1.21 billion compared with 4.89 billion shares worth RM1.16 billion previously.

Consumer products and services accounted for 808.64 million shares traded on the Main Market, industrial products and services (1.71 billion), construction (409.74 million), technology (1.88 billion), SPAC (nil), financial services (83.93 million), property (432.22 million), plantations (47.65 million), REITs (13.16 million), closed/fund (46,600), energy (1.25 billion), healthcare (82.23 million), telecommunications and media (215.02 million), transportation and logistics (172.83 million), and utilities (82.12 million). — Bernama

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