Bursa ends lower on profit-taking, concerns over high Covid-19 cases

A general view inside the RHB Centre stock market in Kuala Lumpur March 2, 2020. — Picture by Firdaus Latif
A general view inside the RHB Centre stock market in Kuala Lumpur March 2, 2020. — Picture by Firdaus Latif

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KUALA LUMPUR, April 19 — Bursa Malaysia closed lower today as the daily new Covid-19 cases in the country remained high, amid profit-taking after the bourse recorded three days of gains last week.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) decreased 8.09 points to 1,600.29 compared to Friday’s close of 1,608.38.

The barometer index opened 0.27 of-a-point weaker at 1,608.11 and fluctuated between 1,596.05 and 1,608.62 throughout the session.

The overall market breadth was negative with losers outpacing gainers 739 to 397, while 380 counters were unchanged, 643 untraded and seven others suspended.

Total volume increased to 7.47 billion shares worth RM4.10 billion from last Friday’s 6.56 billion shares valued at RM4.39 billion.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said counters such as Genting Bhd and Genting Malaysia led the decliners as the worrying number of increasing Covid-19 infections in Malaysia and globally clouded the prospects of the tourism industry.

Health Ministry director-general Tan Sri Dr Noor Hisham Abdullah today said 2,078 new cases were reported Monday, bringing the number of cumulative cases to 377,132.

“Aside from that, the capital region of Delhi had ordered a six-day lockdown on Monday as daily Covid-19 cases nationwide hit a new record,” Adam told Bernama.

However, he said Supermax gained 2.5 per cent on expectations that a bumpy path to reach a post-pandemic era would continue pushing the demand for rubber gloves.

Adam said market losses were also pared due to expectations that the monetary policy would remain accommodative globally as the economic impact from the pandemic still lingers.

The expectations that monetary policy worldwide will remain accommodative sent Asian shares to a one-month high.

On the home front, heavyweights, Press Metal dropped two sen to RM5.38 on the ex-date of the company’s one-for-one bonus share issue, Top Glove trimmed 11 sen to RM5.46 and MISC declined 14 sen to RM6.68.

CIMB went down five sen to RM4.24 and Genting Malaysia inched down eight sen to RM2.84.

In contrast, Supermax was 13 sen higher at RM5.44 and TM rose six sen to RM5.96.

Among the active counters, Minda Global gained 1.5 sen to 17 sen, Focus Dynamics was 2.5 sen lower at 12.5 sen, Ucrest went up 8.5 sen to 43.5 sen, and Sedania Innovator surged 158 per cent or 24.5 sen to 40 sen.

On the index board, the FBM Emas Index was 63.58 points weaker at 11,787.20, the FBM Emas Shariah erased 64.51 points to 13,210.93 and the FBMT 100 decreased 58.49 points to 11,445.08.

The FBM 70 slid 82.08 points to 15,587.09 and the FBM ACE dropped 27.17 points to 8,570.18.

Sector-wise, the Plantation Index fell 13.82 points to 6,866.23, the Financial Services Index slipped 47.66 points to 15,027.50, and the Industrial Products and Services Index was lower by 0.63 of-a-point to 196.20.

Main Market volume was higher at 4.20 billion shares worth RM3.12 billion against 3.69 billion shares worth RM3.35 billion on Friday.

Warrants turnover decreased to 362.24 million units valued at RM50.34 million from 466.88 million units valued at RM65.35 million previously.

Volume on the ACE Market improved to 2.90 billion shares worth RM929.69 million from 2.40 billion shares worth RM973.84 million.

Consumer products and services accounted for 1.05 billion shares traded on the Main Market, industrial products and services (866.56 million), construction (271.55 million), technology (869.27 million), SPAC (nil), financial services (52.84 million), property (300.35 million), plantations (23.48 million), REITs (6.0 million), closed/fund (7,000), energy (181.60 million), healthcare (114.16 million), telecommunications and media (293.90 million), transportation and logistics (149.93 million), and utilities (26.76 million). — Bernama

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