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KUALA LUMPUR — Bursa Malaysia sees an easier opening on Friday amid a quiet market tone ahead of the weekend, with the recent increase in Covid-19 cases across Peninsular Malaysia likely to pose a stumbling block for the nation’s economic recovery.
At 9.02am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 3.58 points to 1,493.19 from 1,496.77 at Thursday close.
The index opened 1.93 points lower at 1,494.84.
On the broader market, however, gainers powered slightly above losers 145 to 137, while 226 counters were unchanged, 1,589 untraded and 22 others suspended.
Total volume stood at 177.51 million units worth RM69.91 million.
Malacca Securities Sdn Bhd said amid the lack of follow-through buying interest, it reckoned that the downward bias consolidation on the key index would remain in place.
It also said that the escalating number of new COVID-19 cases would slow down the country's economic recovery.
“Nevertheless, the lower liners are attempting to find their footing, with rotational play across sectors will keep trading interests at a decent level.
“For sector focus, we think buying interests are rising within the healthcare sector on the back of the rising number of COVID-19 cases, both local and overseas,” the brokerage said, adding that the technology sector continues to garner firm trading interests amid the improved outlook.
Globally, the US stock markets extended their gains overnight with the Dow rising 0.1 per cent as investors continue to monitor the developments surrounding the new stimulus bill.
European stock markets finished mostly higher, while Asia stock markets advanced as stock markets in Japan, Hong Kong and China were closed for a festive break.
Among the heavyweights, Maybank fell two sen to RM7.16, Public Bank lost 10 sen to RM15.68, Top Glove was flat at RM8.43 but Hartalega was 10 sen higher at RM16.36.
Of the actives, Perak Transit was flat at 29 sen, Bintai Kinden added half-a-sen to 67 sen, SDS inched up 1.5 sen to 21, while K-Star shed 1.5 sen to 23 sen.
Among the top gainers at early trading include Malaysian Pacific which rose 20 sen to RM19, Apex Healthcare which gained 15 sen to RM3.48 and Vitrox which was 10 sen better at RM12.74.
As for the losing counters, Nestle topped the list, erasing 40 sen to RM140.10, Aeon Credit losing 20 sen to RM10.10 and Ajinomoto giving up 20 sen to RM15.60.
On the index board, the FBM Emas Index declined 21.51 points to 10,777.11 and the FBMT 100 Index slipped 22.88 points to 10,599.59.
The FBM Emas Shariah Index shed 19.57 points to 12,833.00, the FBM 70 slipped 20.73 points to 14,130.92 but the FBM ACE inched up 0.13 point to 9,858.94.
Sector-wise, the Financial Services Index lost 32.91 points to 12,403.78, the Plantation Index shed 29.30 points to 6,886.19, while the Industrial Products and Services Index edged up 0.22 of-a-point to 137.75. — Bernama, October 2, 2020
