KUALA LUMPUR – Bursa Malaysia opened flat today, tracking the retreated US stock markets prior to the presidential debate, whilst the prospects for any additional stimulus appear to be dimming.
At 9.09am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,504.78, up by 0.88 of-a-point from yesterday's close of 1,503.90.
The index opened 1.87 points higher at 1,505.77.
On the broader market however, losers slightly overpowered gainers 200 to 169, while 1,097 counters were unchanged, 644 untraded and 43 others suspended.
Total volume stood at 985.39 million units worth RM429.54 million.
Malacca Securities Sdn Bhd said the FBM KLCI succumbed to another round of selling pressure yesterday as investors were quick to lock in their gains on the dour economic outlook presented by the World Bank.
The World Bank yesterday revised down its 2020 gross domestic product (GDP) forecast for Malaysia to a contraction of 4.9 per cent from the previous estimated 3.1 per cent decline and this dragged down the index by 0.5 per cent at close on choppy trading.
“We continue to think that significant upsides will be difficult to come by as the tepid economy recovery remains beset by the unabated new cases of Covid-19.
“In the meantime, the lower liners are also in a choppy mode as valuations have turned less unappealing at current juncture,” the brokerage said in a note today.
Malacca Securities said on the sector focus, the technology counters remain and buying support (for the counter) remains prevalent amid the solid demand over time.
Meanwhile, the REIT sector may return to favour on the back of the unabated volatility.
Among the heavyweights, Maybank gained four sen to RM7.20, Public Bank rose six sen to RM15.64, Top Glove declined seven sen to RM8.40 and Hartalega depreciated 28 sen to RM16.72.
Of the actives, INIX Technologies shed half-a-sen to 33 sen, Kanger International edged up half-a-sen to 21.5 sen, while Pegasus Heights and its warrants were flat at 2.5 sen and 1.5 sen, respectively.
On the index board, the FBM Emas Index improved 7.2 points to 10,846.17 and the FBMT 100 Index went up 4.43 points to 10,668.69.
The FBM Emas Shariah Index slipped 7.14 points to 12,930.88, the FBM 70 inched down 1.06 points to 14,171.83 and the FBM ACE was 8.97 points weaker at 9,886.37.
Sector-wise, the Financial Services Index gained 46.52 points to 12,453.69, the Plantation Index added 3.69 points to 7,066.21 and the Industrial Products and Services Index edged up 0.11 of-a-point to 135.34. – Bernama, September 30, 2020
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