Friday 29 Mar 2024
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KUALA LUMPUR (Jan 29): The FBM KLCI fell 14.22 points or 0.9% to close at 1,566.40 today as Bursa Malaysia tracked losses in regional markets.

Malacca Securities head of research Loui Low said the negative regional trend and the possibility of the current lockdown being extended contributed to the index’s decline.

“The KLCI’s movement next week should remain negative as investors are waiting to hear whether the movement control order (MCO) will be extended,” Low told theedgemarkets.com.

He said the market will show further weakness if the MCO is expanded.

Across Bursa, 6.53 billion securities were traded for RM6.37 billion, compared with 5.64 billion securities worth RM4.98 billion yesterday.

Losers led gainers by 869 to 367, while 384 counters closed unchanged.

Among the 30 index-linked stocks, the top losers were Nestle (Malaysia) Bhd (down RM1.50 or 1.08% to RM137), Hong Leong Financial Group Bhd (down 50 sen or 2.97% to RM16.36), and MISC Bhd (down 33 sen or 5.25% to RM5.96).

Glove counters bucked the trend amid the move by some retail investors to drive up prices in a bid to squeeze out short sellers. Top Glove Corp Bhd rose 53 sen or 8.53% to RM6.74, Hartalega Holdings Bhd climbed 66 sen or 5.41% to RM12.86, and Supermax Corp Bhd added 24 sen or 3.66% to RM6.80.

Most regional markets were in the red today. Reuters said Asian equities headed for their steepest weekly loss in months as the Wall Street retail-trading frenzy and a liquidity squeeze in China unnerved investors and weighed on frothy markets.

Japan’s Nikkei 225 closed 1.89% lower at 27,663.39, South Korea’s KOSPI ended 3.03% lower at 2,976.21, and Hong Kong’s Hang Seng Index finished 0.94% lower at 28,283.71.

Edited ByS Kanagaraju
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