MARKET DEVELOPMENT
Bursa lower in early trade
Bursa lower in early trade
06.12.2021 (www.theedgemarkets.com) - KUALA LUMPUR (Dec 6): The FBM KLCI turned lower after a positive start in line with negative sentiment on Wall Street, given the ongoing worries over the Omicron Covid-19 variant.
At 9.25am, the benchmark FBM KLCI had declined 4.78 points to 1,496.96, compared with 1,501.74 at last Thursday’s close.
The market bellwether opened 1.92 points higher at 1,503.66.
On the broader market, losers trounced gainers 373 to 195, while 322 counters were unchanged, 1,386 untraded and 20 others suspended.
Turnover stood at 543.26 million units valued at RM318.09 million.
Malacca Securities Sdn Bhd said investors might be anticipating a shift in the US Federal Reserve’s (Fed) tone towards a more hawkish stance in monetary policies going forward.
"Given the view that the Fed might be more dovish in their stance going forward, investors might avoid technology stocks and shift towards value play for the near term, focusing on heavyweights.
"Meanwhile, as the Baltic Exchange Dry Index climbed in the past week, it might support the transportation sector for now," it said in a note.
As for commodity markets, crude palm oil prices hovered around RM4,650, while crude oil prices were at the US$73 (about RM308.96) per barrel mark.
At home, Top Glove Corp Bhd and MISC Bhd lost 11 sen each to RM2.70 and RM6.41 respectively, Petronas Gas Bhd down 12 sen to RM16.46, Hartalega Holdings Bhd slipped 17 sen to RM6.01 and Sime Darby Plantation Bhd eased six sen to RM3.73.
IHH Healthcare Bhd as six sen higher at RM6.64 and Malayan Banking Bhd (Maybank) rose three sen to RM7.98.
Of the actives, EA Holdings Bhd was flat at two sen, Impiana Hotels Bhd was half a sen higher at nine sen, ATA IMS Bhd gained one sen to 45.5 sen and VS Industry Bhd expanded seven sen to RM1.22.
TH Heavy Engineering Bhd fell half a sen to one sen and KNM Group Bhd was unchanged at 15.5 sen.
On the index board, the FBM Emas Index gave up 28.07 points to 10,910.84, the FBMT 100 Index slid 28.84 points to 10,616.91 and the FBM Emas Shariah Index was 51.66 points weaker at 11,863.24.
The FBM 70 dipped 18.39 points to 14,111.64 and the FBM ACE dropped 71.11 points to 6,342.47.
Sector-wise, the Industrial Products and Services Index shed 0.33 of a point to 192.84, the Financial Services Index improved 23.39 points to 14,999.50 and the Plantation Index reduced 43.26 points to 6,432.15.
https://www.theedgemarkets.com/article/bursa-lower-early-trade-1