Bursa slips into the red after early gains

Bursa slips into the red after early gains
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KUALA LUMPUR (Nov 27): Bursa Malaysia slipped into the red after a positive start, influenced by a weaker global stock performance, especially in the European region. 

At the lunch break, the benchmark FBM KLCI was 4.14 points lower at 1,607.97, compared with yesterday's close of 1,612.11.

The index opened 3.09 points higher at 1,615.20.

Across the broader market, losers had the upper hand against gainers with 542 against 499, while 449 counters were unchanged, 681 untraded and 88 others suspended.

Volume stood at 6.07 billion shares worth RM2.68 billion.

The decline was driven by a selldown of several key companies, profit taking in several sectors as well as tracking the global equity movement. 

According to Bloomberg, global risk assets lost steam as the spreading Covid-19 pandemic tempered gains in European stocks and US equity futures.

"Cyclical companies including banks and energy firms that had led the post-vaccine surge retreated while more defensive tech shares gained," it said. 

On the top 30 companies listed on the FBM KLCI, Sime Darby Plantation Bhd shed 14 sen to RM5.07, Maxis Bhd declined five sen to RM5.07, Hartalega Holdings Bhd slid 16 sen to RM14.60, while Genting Malaysia Bhd and Tenaga Nasional Bhd (TNB) were both down by eight sen at RM2.52 and RM10.92 respectively. 

Among the actives, Kanger International Bhd, AT Systematization Bhd and Metronic Global Bhd added half a sen each to 18.5 sen, 20.5 sen and 11.5 sen respectively.

On the index board, the FBM Emas Index was 22.97 points lower at 11,544.67, the FBMT 100 Index shed 25.93 points to 11,132.61, the FBM Emas Shariah Index inched down 9.45 points to 13,299.18, and the FBM 70 dipped 20.96 points to 14,738.10.

The FBM ACE, meanwhile, climbed 44.99 points to 10,647.29, the Industrial Products and Services Index perked up 2.27 points to 163.68, the Plantation Index shed 77.12 points to 7,273.25, and the Financial Services Index declined 39.39 points to 14,145.74.