.JPG "An investor monitors the stock prices in the gallery of the RHB Investment Bank Bhd headquarters in Kuala Lumpur March 17, 2020. u00e2u20acu2022 Picture by Hari Anggara")
KUALA LUMPUR, Sept 8 — Bursa Malaysia opened slightly lower today, tracking the downbeat overnight performance of the United States (US) stock market amidst ongoing concerns about the Covid-19 Delta variant’s impact on economic recovery.
The government bond prices also fell in the US and Europe, while the US dollar strengthened ahead of central bank meetings that could mark the beginning of the end of crisis-era monetary stimulus, dealers said.
At 9.07am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.06 of-a-point to 1,583.42 from Tuesday’s close of 1,583.48.
It opened 1.76 points easier at 1,581.72.
Market breadth was negative with losers leading gainers 228 to 196, while 323 counters were unchanged, 1,490 untraded and 25 others suspended.
Turnover stood at 345.85 million units worth RM132.66 million.
In a note today, Malacca Securities Sdn Bhd said trading on the local bourse may turn sideways amid profit-taking activities on the broader market.
However, it said that economic recovery optimism — as more sectors are allowed to resume operations in anticipation of the move into Phase Two of the National Recovery Plan — should be able to cushion the downside risk in the market as it might attract support from foreign buying.
The research house also noted that crude palm oil (CPO) price is on the rise while the crude oil price saw a pullback.
Meanwhile, it said that investors may remain bullish on recovery theme sectors, favouring banking, consumer, construction, property, plantation and building material stocks, while the steel and aluminium-related counters may dominate as aluminium price remain elevated.
Among the heavyweights, Maybank and IHH Healthcare added one sen each to RM8.28 and RM6.31, respectively, Petronas Chemicals gained five sen to RM8.13, Tenaga Nasional shed four sen to RM10.30, while Public Bank was flat at RM4.10.
Of the actives, PUC perked three sen to 19.5 sen, JAKS Resources improved one sen to 52.5 sen, KNM and GIIB warrant edged up half-a-sen each to 32 sen and 7.5 sen, respectively, while Kanger International was flat at 5.5 sen.
On the index board, the FBM Emas Index shed 2.54 points to 11,597.82, the FBMT 100 Index was 3.04 points easier at 11,283.24, and the FBM Emas Shariah Index slipped 16.0 points to 12,695.89.
The FBM 70 shaved 14.37 points to 15,209.31 and the FBM ACE fell 21.56 points to 7,338.74.
Sector-wise, the Plantation Index bagged 17.97 points to 6,639.23, the Industrial Products and Services Index inched up 0.53 of-a-point to 201.81 and the Financial Services Index gained 22.19 points to 15,460.27. — Bernama
