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KUALA LUMPUR: The rally in Bursa Malaysia on Thursday, fueled by foreign purchases, was stopped early Friday ahead of Budget 2021 proposals to be unveiled at 4pm.
At 9.17 a.m. M., The FBM KLCI was down 2.71 points or 0.18% at 1,498.78. The turnover was 804.66 million shares valued at RM462.53 thousand. There were 247 winners, 334 losers, and 393 unchanged counters.
Bloomberg reported that a rally in global equities showed signs of stagnation after surges in technology and other defensive sectors seen following the US elections.
Japanese stocks opened lower on S&P 500 futures. The S&P 500 was previously up nearly 2% and is heading for its best week since April.
Markets are also on the lookout for the US presidential elections. Bloomberg reported that Democrat Joe Biden tightened his grip in the White House race on Thursday, steadily reducing Donald Trump’s initial lead in a couple of decisive states.
In an evening statement at the White House, the president said the election is being stolen from him, even though there is no evidence of widespread illegal voting.
Meanwhile, in Bursa on Thursday, foreign funds became RM140.9 thousand net buyers and RM3 thousand retail investors, while local institutions were RM143.9 thousand net sellers.
Nestlé fell 30 sen to RM139.70 with only 100 shares made, while MISC dropped 15 sen to RM6.73 with 200 shares made.
Shares in Semicon and Technology were mixed, with Greatec down 14 sen to RM8.53, GHL Systems and JF Tech 10 sen to RM2.80 and RM4.25 but MPI was up 78 sen to RM24.88 and Vitrox 18 sen to RM14. 78.
Bursa lost 13 sen to RM8.31, HL Bank 10 sen to RM14.60 and Petronas Chemicals 10 sen also to RM6.27.
Ipmuda dropped eight sen to 54.5 sen and Sern Kou dropped seven sen to RM2.
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