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KUALA LUMPUR (Dec 21): Pressure on Bursa Malaysia’s voters continued to mount as the morning session concluded with an eye on government spending and Covid-19 issues.
Similar to the lunch break, the main FBM KLCI index had fallen 6.11 points to 1,646.38, compared to last Friday’s close at 1,652.49.
In the opening bell, the index was down 3.64 points to 1,648.85.
The overall breadth of the market took a negative turn as the losers outnumbered the winners 656-456, while 439 counters remained unchanged, 589 untraded and another 19 suspended.
The volume stood at 4.44 billion units worth 1.9 billion ringgit.
Concerns rose over the rise in global Covid-19 cases that continued to affect the economy, as the government struggled to balance health and the economy.
“Lower oil and tax revenues, as well as the downgrading of sovereign ratings, will put a nail in the economic recovery plan, as spending would be affected. If the economy does not recover as strongly as the government expects, it would lead to a deficit in revenues, which is a big gamble, ”he said.
Among heavyweights, Hartalega Holdings Bhd and Top Glove Corp Bhd rose 16 sen and four sen to RM12.52 and RM6.68 respectively, while Tenaga Nasional Bhd (TNB) lost 14 sen to RM10.64 and Petronas Dagangan Bhd (PetDag ) rejected 24 sen to RM21.
Of the assets, JAG Bhd added 2.5 sen to 27 sen, while Vsolar Group Bhd and Nexgram Holdings Bhd were unchanged at 4.5 sen and five sen respectively.
On the index board, the FBM Emas index was 31.90 points lower to 11,858.58, the FBMT 100 index fell 33.47 points to 11,653.4, the FBM Emas Shariah index decreased 41.31 points to 13,293.16, the FBM 70 fell 20.75 points to 15,197.85, while the FBM ACE added 13.32 points to 10,460.97.
Meanwhile, the Industrial Products and Services Index dropped 0.55 points to 175.14, the Plantations Index dropped 19.25 points to 7,330.55 and the Financial Services Index dropped 22.62 points to 15,402.37.
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