KUALA LUMPUR – Bursa Malaysia closed lower today despite the uptrend among regional peers, with the World Bank’s move to revise downward the nation’s growth projection curbing investors’ risk appetite for the local bourse.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 9.05 points to end the day at 1,555.71 from yesterday’s close of 1,564.76.
The market bellwether, which opened 1.2 points better at 1,565.96, fluctuated between 1,554.15 and 1,567.59 throughout the day.
On the broader market, losers hammered gainers 917 to 188, while 373 counters were unchanged, 735 untraded and 10 suspended.
Turnover decreased marginally to 5.21 billion units worth RM3.03 billion today from 5.22 billion units valued at RM2.78 billion yesterday.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim told Bernama that the FBM KLCI closed 0.6% lower amid concerns about the revised economic outlook and sell-off in rubber glove counters.
He said Hartalega and Top Glove topped the losers’ list among the 30-index constituents, declining 4.1% and 2.3%, respectively, as daily Covid-19 vaccinations administered in the country rose to 252,773 doses yesterday from 250,529 the previous day.
“The overall sentiment remains suppressed as there seems to be no sign of a slowdown in new Covid-19 cases, which hit 5,841 today, higher than the 5,244 recorded yesterday.
“Nevertheless, perhaps, the selling due to the gross domestic product revision will give rise to some bargain hunting tomorrow.”
He added that concerns about heightened inflationary pressures resurfaced in the market as United States Federal Reserve officials said the country’s high inflation could last longer than anticipated, just a day after Fed chairman Jerome Powell reassured that price pressures are manageable. – Bernama, June 24, 2021
