KUALA LUMPUR (Feb 8): The FBM KLCI ended down 5.3 points or 0.34% at 1,573.33 today on afternoon selling in an apparent response to Malaysia’s latest industrial output index (IPI) data, which saw the full-year 2020 reading declining 4.2% from a year earlier to register the first drop since 2009.
Bursa Malaysia’s Health Care index fell the most in percentage terms among exchange gauges while the Energy index was the top gainer as crude oil prices topped US$60 a barrel.
At 5pm today, the KLCI closed lower after rising to its intraday high at 1,586.06 in the morning. Apart from selling in shares of KLCI-linked rubber glove manufacturers Top Glove Corp Bhd, Hartalega Holdings Bhd and Supermax Corp Bhd, investors were also seen selling shares in other KLCI constituents including Tenaga Nasional Bhd (TNB) and Hong Leong Financial Group Bhd (HLFG).
Glove makers, whose share price tumbled at least 30% from their record highs, were seeing some bargain hunting today due to hope for sustainable high demand amid rising Covid-19 cases, according to a head of research and a fund manager The Edge contacted this morning.
ALTHOUGH the recovery theme has been the focus of investors in the weeks closing out 2020 and entering 2021, analysts caution that it is not a broad-based nor clear-cut theme because there are still many uncertainties ahead, even though vaccines for Covid-19 are now available.
Be selective and study the stocks, as not all in the recommended sectors will deliver, cautions Areca Capital CEO Danny Wong, following a 34-point slump in the KLCI in the new year on the back of profit-taking focused on glove makers and banking counters before losses were slightly pared and the benchmark closed at the 1,602 level.
“This first week of the year has been a guide for us. Those who want to participate in the market can tell that 1H2021 should be better than last year on account of positive vaccine news, better business sentiment and the notion that most businesses will see recovery in earnings over the next two quarters,” Wong tells The Edge, noting that longer-term investments with a two- to
Friday, 08 Jan 2021 09:52 AM MYT
At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 5.46 points to 1,597.49 after opening one point easier at 1,601.95, compared with yesterday’s close of 1,602.95. ― Picture by Hari Anggara
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KUALA LUMPUR, Jan 8 ― Bursa Malaysia opened lower this morning, reversing its gains yesterday as concerns over the possible lockdown in several states weighed on investors’ sentiment, dealers said.
At 9.06am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 5.46 points to 1,597.49 after opening one point easier at 1,601.95, compared with yesterday’s close of 1,602.95.
Bursa Malaysia bucks regional trend in early trade 07 Jan 2021 / 09:48 H.
KUALA LUMPUR: Bursa Malaysia opened lower this morning, bucking the regional trend as the market’s risk appetite was curbed by renewed concerns over possible lockdowns in certain states and the uncertainties in the local political scene.
At 9.06 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 9.52 points to 1,582.45 after opening 2.44 points weaker at 1,589.53, compared to Wednesday’s close of 1,591.97.
On the broader market, losers led gainers 363 to 149, while 1,305 counters were unchanged, 266 untraded and 13 others suspended.
Volume stood at 859.88 million units worth RM358.78 million.
Rakuten Trade Sdn Bhd head of research Kenny Yee Shen Pin said the FBM KLCI, which was sold down rather heavily yesterday, might see some bumpy roads ahead.