Bursa Malaysia Index - Photo file of NSTP
The local equity market continued its downward trend today with the FTSE Bursa Malaysia KLCI (FBM KLCI) key index falling 1.32 per cent to close at daily lows.
Of the total index shares, 26 are in the red zone due to growing uncertainty over domestic and foreign economic recovery.
As it closed this afternoon, the FBM KLCI key index fell 19.91 points to 1,489.56 from 1,509.47 when it closed yesterday.
The index opened at 1,509.24 before moving between 1,489.56 and 1,510.35 during the day.
For the overall market price movement, it saw profit counters total 637, mainly ACE market counters while losers lost 373 while 416 counters were unchanged, 698 untraded and 20 others suspended.
Volume decreased to 5.25 billion shares worth RM3.60 billion from 6.02 billion shares worth RM3.80 billion yesterday.
An analyst said that while the global market remained in volatile mode due to growing concerns over the COVID-19 case and the decision of US President Donald Trump to stop stimulus assistance talks, the local market lacked traction due to the absence of any catalyst this.
"Malaysia is in a difficult situation as it faces the re-emergence of COVID-19 with the country continuing to record a high number of cases over the past few days.
"Although the Prime Minister has removed concerns about another movement control order, the economic situation is still under pressure," he said.
Meanwhile, in the current situation, the 1,500 level will reappear with the current support level at 1,480, followed by 1,450 while the current resistance level is 1,520, followed by 1,540.
Heavyweight counters today were under selling pressure, led by Petronas Chemicals and Tenaga Nasional which declined 30 sen to RM5.70 and RM10.24 respectively while Public Bank fell 26 sen to RM15.58, Petronas Gas fell 28 sen to RM16. 10 and IOI Corporation decreased 12 sen to RM4.27.
While key indicators showed lower performance, the market also saw the ACE market gain traction from retail investors as it rose 2.53 per cent to 10,502.00.
For the worst losers, Nestle was down RM1.80 at RM138.50, F&N was down 58 cents at RM32.00 and Hong Leong Financial was down by as much as 36 cents at RM13.86.
Most profitable stocks, Prolexus added 37 sen to RM1.62, Supermax jumped 35 sen to RM9.58 and Powernet Group was 23 sen higher at RM3.30.
On the index board, the FBM Emas Index declined 89.68 points to 10,788.31, the FBM Emas Shariah Index fell 88.38 points to 12,902.12, the FBM 70 rose 32.93 points to 14,272.80 while the FBMT 100 Index fell 98.96 points to 10,607.54.
By sector, the Financial Services Index fell 146.73 points to 12,303.14, while the Plantation Index declined 76.03 points to 6,887.55, and the Industrial Products and Services Index weakened 1.66 points to 137.89.
Turnover fell to 618.34 million units worth RM150.09 million from 696.22 million units worth RM182.44 million yesterday.
Turnover on the ACE Market declined to 1.31 billion shares worth RM498.90 million from 2.48 billion shares worth RM929.56 million on Tuesday.
Consumer products and services comprise 1.20 billion shares traded on the Main Market, industrial products and services (665.42 million), construction (408.58 million), technology (222.29 million), SPAC (zero), financial services (32.65 million), real estate (105.27 million), plantations (67.99 million), REITs (7.03 million), closed funds (7,300), energy (125.49 million), healthcare (101.36 million), telecommunications and media (294.49 million), transport and logistics (69.06 million) and utility (16.57 million).
SOURCE: BH