Thursday 28 Mar 2024
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KUALA LUMPUR (May 19): The FBM KLCI closed 10.8 points or 0.68% lower at 1,580.52, snapping three consecutive days of gains, as most component stocks succumbed to selling pressure amid rising Covid-19 cases.

The overall market was again broadly lower, with losers beating gainers by 906 to 227.

Remisier Jeffry Azizi Jaafar said investor sentiment was hit as the country is facing a double whammy of stricter Covid-19 measures following the rise in infections and low vaccination rates. Malaysia saw an all-time high of 6,075 new Covid-19 cases today.

Heavyweight counters that declined included Axiata Group Bhd (down 14 sen or 3.76% to RM3.58), Malayan Banking Bhd (down 11 sen or 1.31% to RM8.28) and Petronas Chemicals Group Bhd (down 14 sen or 1.72% to RM7.98).

However, three index-linked rubber glove makers — Supermax Corp Bhd, Hartalega Holdings Bhd and Top Glove Corp Bhd — together with Nestle (Malaysia) Bhd and Petronas Gas Bhd bucked the downtrend and closed higher.

The rises in glove counters' share prices also contributed to a 2.03% rise to Bursa Malaysia's Health Care index, the only one among the exchange's indices that closed in positive territory.

Notable losers today included consumer stocks such as Fraser & Neave Holdings Bhd, Carlsberg Brewery Malaysia Bhd, Heineken Malaysia Bhd and Dutch Lady Milk Industries Bhd.

Malaysian Pacific Industries Bhd, Transocean Holdings Bhd, Hengyuan Refining Co Bhd, AEON Credit Service (M) Bhd, Petronas Dagangan Bhd and D&O Green Technologies Bhd were also among the day's top losers by value.

The most actively traded stocks were Focus Dynamics Group Bhd, LKL International Bhd, Dagang NeXchange Bhd, Tuju Setia Bhd, Green Ocean Corp Bhd, Censof Holdings Bhd and Ucrest Bhd.

Total volume was 5.74 billion shares worth RM4.06 billion.

Reuters reported that Asian stocks dipped and cryptocurrencies extended losses today as uncertainties over inflation prompted investors to reduce exposure to riskier assets for now.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.5% while Japan's Nikkei lost 1.3%. Singapore's STI closed down 1.15% and the Jakarta Composite Index lost 1.27%.

Edited ByS Kanagaraju
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