Market breadth was negative with losers overwhelming gainers 539 to 330, while 396 counters were unchanged, 868 untraded and nine others suspended. — Bernama pic
Market breadth was negative with losers overwhelming gainers 539 to 330, while 396 counters were unchanged, 868 untraded and nine others suspended. — Bernama pic

Follow us on Instagram and subscribe to our Telegram channel for the latest updates on news you need to know.


KUALA LUMPUR, June 1 — Bursa Malaysia turned lower at mid-morning on profit-taking after recording slight gains in early trade as investors digest the impact of the RM40 billion PEMERKASA+ aid package announced yesterday.

Nevertheless, losses were capped by mild buying in index-linked counters, including banking stocks, thanks to their positive earnings.

CIMB Group, for example, which posted RM2.46 billion in net profit in the first quarter on improved operating income, saw its shares jump 18 sen to RM4.46 today.

Among the indices, the financial services index recovered 83.06 points to 15,09286.

At 11am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.80 of-a-point, or 0.51 per cent, to 1,582.75 from 1,583.55 at Monday’s close.

The index opened 2.19 points higher at 1,585.74, moved to a high of 1,588.30 and subsequently fell to a low of 1,580.10 in the morning trade.

Market breadth was negative with losers overwhelming gainers 539 to 330, while 396 counters were unchanged, 868 untraded and nine others suspended.

Total volume stood at 4.24 billion units worth RM2.36 billion.

A dealer said that despite the government’s announcement to extend the targeted moratorium to the B40 group, banking sector is expected to do well.

“The moratorium is for targeted segment therefore the banks will be okay, but if it is for blanket moratorium it might be difficult for them to sustain their balance sheets,” he said.

Meanwhile, Kenanga Research via its note today said even though Bank Negara Malaysia still has some room to manoeuvre, with a higher probability now of another rate cut due to the implementation of a full-scale movement control order, it expects the central bank to maintain status quo on the monetary policy front due to the global economic recovery narrative.

READ  MOEA responds to Taiwanese shoppers’ ‘panic buying’

“Various measures introduced by the government and the expectation of faster domestic vaccination rates are expected to boost the economic growth in the second half of 2021,” it said.

Following the announcement of a total nationwide lockdown last Friday, Prime Minister Tan Sri Muhyiddin Yassin announced a new stimulus package worth RM40 billion (2.6 per cent of Gross Domestic Product) on Monday to bolster the country’s economy and assist the people amid a total national movement control order.

Among other heavyweights, Maybank fell three sen to RM8.15, PChem lost four sen to RM8.01, Tenaga slipped three sen to RM9.92, while Public Bank was flat at RM4.21.

Of the actives, Serba Dinamik fell 20 sen to 93 sen and its warrants was up five sen to 13 sen, while Ucrest added half-a-sen to 44 sen.

The top losers list was led by BAT which dipped 82 sen to RM14.94, Pharmaniaga declined 32 sen to RM6.25, and Sedania Innovator was 16 sen weaker at RM1.22.

On the index board, the FBM Emas Index slid 15.43 points to 11,480.37 and the FBMT 100 Index slipped 13.74 points to 11,184.85.

The FBM Emas Shariah Index decreased 61.82 points to 12,711.09, the FBM 70 weakened 49.56 points to 14,713.34, and the FBM ACE fell 25.78 points to 7,655.48.

Sector-wise, the Financial Services Index rose 83.06 points to 15,092.86, the Plantation Index declined 26.19 points to 6,856.21, and the Industrial Products and Services Index edged down 1.01 points to 189.85. — Bernama





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here