KUALA LUMPUR, Oct 21 — Bursa Malaysia ended the morning session in negative territory amid cautious sentiment due to the current political uncertainty in the country.
Meanwhile, regarding the external market, investors are hoping for a more positive news on the US fiscal stimulus development, believing it could be a new catalyst for the market.
At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) erased 11.54 points, or 0.76 per cent, to 1,499.43 from 1,510.97 at Tuesday’s close.
The market barometer opened 1.07 points higher at 1,512.04 and moved between 1,496.00 and 1,513.20 throughout the morning trading session.
On the scoreboard, losers thumped gainers 705 to 297, while 392 counters were unchanged, 773 untraded and 22 others suspended.
Total volume stood at 5.70 billion units worth RM3.65 billion.
Among the index-linked counters, 12 stocks were in the red, led by the healthcare sector with Top Glove declining 48 sen to RM9 and Hartalega dropping 82 sen to RM18.22.
This, according to an analyst, was due to the profit taking activity after gains recorded by the sector.
Separately, MIDF Research via its note today said it had upgraded the rubber glove sector to “positive” from “neutral” previously, viewing the sector as bullish over the longer term amid the higher daily new Covid-19 cases worldwide.
“As mass testing is expected to continue in order to curb further pandemic spreading, the use of medical gloves will be on the rise. Gloves will also be used as a protective and preventive gear.
“Average selling prices (ASPs) are likely to remain high in financial year 2021 based on a base-case scenario of vaccine availability in mid-2021,” it said.
Meanwhile, five counters were flat — Genting, Petronas Gas, Tenaga, Hong Leong Bank and CIMB Group — while 13 counters were higher, led by the MISC, KLCC Prop&Reits and IOI Corp
On a different matter, the Statistics Department today announced that the country’s Consumer Price Index declined 1.4 per cent year-on-year to 120.1 in September 2020 against 121.8 in the same month last year. However, it was unchanged compared to August 2020.
Among the heavyweights, Maybank added one sen to RM7.19, Petronas Chemicals rose seven sen to RM5.96 and Public Bank shed six sen to RM15.74.
Of the actives, Luster and Mah Sing, which will be new players in the rubber glove industry soon, saw their shares drop. Luster fell by 3.5 sen to 19 sen while Mah Sing lost seven sen to RM1.11. Meanwhile, AT Systematization was flat at nine sen.
On the index board, the FBM Emas Index erased 93.87 points to 10,891.77, the FBM Emas Shariah Index contracted 158.56 points to 13,057.95, and the FBMT 100 Index went down 90.32 points to 10,686.16.
The FBM 70 eased 153.08 points to 14,411.10 and the FBM ACE slid 124.71 points to 10,868.02.
The Financial Services Index gained 5.04 points to 12,417.17 but the Industrial Products and Services Index inched down 0.68 point to 145.90 and the Plantation Index shrank 31.57 points to 6,863.09. — Bernama
Source: Malay Mail
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