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KUALA LUMPUR (Oct 26): Bursa Malaysia’s main index trimmed some of its loss as sentiment remained somewhat subdued despite averting the proclamation of an emergency, which was announced last Friday.
At 12.30 pm, the FBM KLCI fell 7.70 points to 1,486.94. The index had previously fallen to a low of 1,482.80.
Market breadth was negative with 466 losers and 201 winners, while 683 counters were traded unchanged. The trading volume was 3.48 billion shares valued at RM2.53 billion.
The main losers were Supermax Corp Bhd, Mi Technovation Bhd, Hartalega Holdings Bhd, Petronas Dagangan Bhd, Bursa Malaysia Bhd, Carlsberg Brewery Malaysia Bhd, Top Glove Corp Bhd, Nestle (M) Bhd, Comfort Gloves Bhd and Aeon Credit Services (M) Bhd.
Actively traded stocks include Mr DIY Group (M) Bhd, Vsolar Group Bhd, Advance Synergy Bhd, Luster Industries Bhd, Mah Sing Group Bhd, XOX Bhd, Kanger International Bhd, and Sapura Energy Bhd.
Winners included Malaysia Pacific Industries Bhd, Kuala Lumpur Kepong Bhd, ViTrox Corp Bhd, Unisem (M) Bhd, Time dotCom Bhd, Lii Hen Industries Bhd, UWC Bhd, Mr DIY, and Lotte Chemical Titan Holding Bhd.
Reuters He said Asian stocks got off to a moderate start on Monday as rising coronavirus cases in Europe and the United States threatened the global landscape as China’s leaders met to reflect on the future of the economic giant.
The United States has seen its highest number of new Covid-19 cases in the past two days, while France has also established unwanted case registries and Spain announced a state of emergency, he said.
CGS-CIMB Research said that while Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah’s decision to reject the government’s request for emergency powers to combat the Covid-19 pandemic is a great relief for the market and could lead to a reduction in political noise in the short term, it is unlikely to alleviate the concerns of foreign investors.
In a strategy note today, CGS-CIMB analyst Ivy Ng Lee Fang said that foreign investors were net sellers of Malaysian stocks for most of this year due to concerns about political uncertainties and weak earnings. corporate.
She said this was offset by net purchases by local institutions and local retailers.
“Overall, this is a more favorable outcome for the Malaysian stock market than an emergency decree, but it may not be sufficient to reverse net sales by foreign investors due to prevailing political uncertainties,” he said.
Ng maintained his KLCI FBM target of 1,520 points by the end of 2020.
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