Bursa turns lower at midday

KUALA LUMPUR (May 10): Bursa Malaysia turned lower at midday amid cautious market sentiment ahead of the first quarter of 2021 (1Q21) gross domestic product (GDP) results.

At the lunch break, the benchmark FBM KLCI index had eased 0.49 point to 1,586.96 from last Friday’s close at 1,587.45.

The key index, which opened 0.03 of a point higher at 1,587.48 this morning, moved between 1,585.74 and 1,591.52 throughout the session.

The overall market breadth was weak, with losers trumping gainers 667 to 347, while 390 counters were unchanged, 766 untraded and seven others suspended.

Total volume stood at 3.21 billion worth RM1.83 billion.

Malacca Securities Sdn Bhd said the cautious sentiment in the market might persist throughout the holiday-shortened trading week as investors focus on the 1Q21 GDP growth rate, which might still be weak on the back of the Covid-19-affected environment.

“Nevertheless, traders may focus on commodities that are on the rise, such as crude palm oil (CPO) which jumped more than 5% last week, as well as Brent crude oil prices that have a slight uptick for now,” it said in a note today.

The research firm expects the key index to move in a tight range with support pegged at between 1,555 and 1,565, while resistance is set along 1,600 to 1,620.

Among the heavyweights, Malayan Banking Bhd (Maybank) and Public Bank Bhd were flat at RM8.24 and RM4.10 respectively, while Petronas Chemicals Group Bhd (PetChem) shed five sen to RM8.25.

Tenaga Nasional Bhd (TNB) perked two sen to RM9.92 and IHH Healthcare Bhd earned three sen to RM5.69.

Of the actives, Focus Dynamics Group Bhd inched down half a sen to nine sen, KTG Bhd slipped 1.5 sen to 21 sen and Sedania Innovator Bhd rose 3.5 sen to 34.5 sen, while Tanco Holdings Bhd added one sen to 12 sen.

On the index board, the FBM Emas Index fell 17.42 points to 11,640.2, the FBMT 100 Index was 16.37 points easier at 11,298.01, the FBM Emas Shariah Index declined 18.56 points to 13,059.27, the FBM ACE decreased 33.67 points to 8,292.86 and the FBM 70 lost 71.99 points to 15,187.49.

Sector-wise, the Financial Services Index trimmed 7.26 points to 14,796.36 and the Industrial Products and Services Index shed 0.3 of a point to 200.24, while the Plantation Index increased 87.77 points to 7,185.26.

Source: TheEdgeMarkets