MALAYSIA Tanah Tumpah Darahku


Monday, May 31, 2021

Stock market slumps ahead of lockdown but glove shares up


On the Bursa Malaysia stock exchange, losers thumped gainers 843 to 273.

KUALA LUMPUR: Bursa Malaysia bucked the trend in most major regional markets to close lower today on continued selling in selected heavyweights including banking counters, ahead of the total lockdown tomorrow, but losses were cushioned by buying in glove counters.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI index fell 10.89 points to close at 1,583.55 versus 1,594.44 at last Friday’s close. The index opened 23.4 points lower at 1,571.04 and moved between 1,568.47 and 1,585.97 throughout the day.

Market breadth was negative with losers thumping gainers 843 to 273, while 354 counters were unchanged, 712 untraded, and 58 others suspended.

On the broader market, buying momentum was mild with total volume decreasing to 6.42 billion units worth RM3.48 billion from 8.82 billion units worth RM4.19 billion last Friday.

Tech and shipping may rebound

However, MIDF Research said the local equity market may witness positive buying momentum in technology and shipping stocks linked to the global markets, as well as counters related to the production of personal protective equipment.

Likewise, consumer, logistics and telecommunications stocks may also benefit from the movement restrictions and heightened e-commerce activities.

“We are maintaining the FBM KLCI year-end 2021 target at 1,700 points with a buy-on-weakness stance,” it said in a note today.

Among the 30 blue-chip counters, Maybank slipped two sen to RM8.18, Public Bank dropped six sen to RM4.21, PChem lost nine sen to RM8.05, and Tenaga was four sen lower at RM9.95.

Top Glove, however, rose nine sen to RM5.18, Sime Darby Plantation added one sen to RM4.55, Genting Malaysia gained two sen to RM2.79, while Sime Darby was one sen higher at RM2.29.

Serba Dinamik, which hit limit down today, led the top losers, erasing 48 sen to RM1.13 with 28.33 million shares transacted.

Other counters related to its managing director and chief executive officer Mohd Abdul Karim Abdullah also posted losses.

Among them, KPower Bhd, in which Mohd Karim holds a 33.29% stake, slid 23 sen to RM1.08. The company was formerly known as Kumpulan Powernet Bhd.

Meanwhile, among the actives, Kumpulan Jetson and Kanger International eased half-a-sen each to 58 sen and eight sen respectively, while HB Global was two sen better at 31 sen.

Main Market volume narrowed to 3.78 billion shares worth RM2.7 billion from 4.14 billion shares worth RM3.01 billion recorded last Friday.

Consumer products and services accounted for 837.36 million shares traded on the Main Market, industrial products and services (1.31 billion), construction (155.21 million), technology (360.48 million), SPAC (nil), financial services (65.51 million), property (302.16 million), plantation (34.61 million), REITs (6.84 million), closed/fund (4,600), energy (424.77 million), healthcare (88.63 million), telecommunications and media (80.13 million), transportation and logistics (104.19 million), and utilities (18.95 million). - FMT

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