Bursa Malaysia closes lower, mixed performance seen in broader market

KUALA LUMPUR: Bursa Malaysia kicked off the year’s final quarter on a lower note, with the FTSE Bursa Malaysia KLCI (FBM KLCI) down by 0.53 per cent at the close amid a mixed broader market.

The market was dragged by the plantation counters as the US Customs and Border Protection’s decision to ban palm oil and palm oil products from FGV Holdings Bhd weighed on sentiment towards these counters.

The plantation index contracted 134.74 points to 6,915.49.

The FBM KLCI erased 8.05 points to finish the day at 1,496.77 from Wednesday’s close of 1,504.82.

It extended its losses a er opening 3.24 points lower at 1,501.58. The index hovered between 1,491.13 and 1,503.58 throughout the day.

On the broader market, however, last-minute trading on the lower liners helped curb the fall, with gainers beating losers 501 to 499 while 404 counters were unchanged, 685 untraded and 21 others suspended.

Total volume eased to 4.91 billion shares worth RM2.60 billion from 5.66 billion shares worth RM2.64 billion recorded at Wednesday’s close.

Among the index-linked stocks, Sime Darby Plantation erased 26 sen to RM4.79, IHH Healthcare slipped 12 sen to RM5.08, MISC dropped 21 sen to RM7.29 and Tenaga was 12 sen lower at RM10.38.

Besides the Sime Darby Plantation, the other counters that were in the red included IOI Corp, which slipped seven sen to RM4.39, and KLK, which lost 10 sen to RM22.70.

Earlier yesterday, Human Resources Minister Datuk Seri M. Saravanan revealed that another major player in the plantation sector, which he did not name, was expected to face a fate similar to FGV soon.

As for the healthcare-linked counters, some are lower due to profit taking activities, but shares of Top Glove and Hartalega were on the rise by 13 sen and 10 sen each to RM8.43 and RM16.26 respectively.

“As the Covid-19 new cases continue escalate, it will be good for the rubber glove counters especially the ones who are KLCI constituents such as Top Glove and Hartalega.

“Therefore, if the boost in the healthcare sector in the FBM KLCI can outweigh the overall weak sentiment, then the index will be range bound,” an analyst told Bernama.

As of Wednesday, nearly all of the states in the country recorded new Covid-19 cases because of individuals returning from Sabah.

The number of new Covid19 cases reported in Malaysia returned to triple-digit figure yesterday (260), a er dropping to 89 previously.