KUALA LUMPUR (Nov 5): A cumulative RM5.81 billion in market capitalisation of the stocks on Bursa Malaysia was recovered over the last three trading days, following Monday (Nov 1)'s knee-jerk sell-off over the government's one-off "Cukai Makmur" proposal under Budget 2022, which wiped off RM33.8 billion in market cap from the market.

The total value of stocks on the local bourse after market close on Friday (Nov 5) stood at RM1.78 trillion, a slight recovery from Monday’s RM1.77 trillion, which had fallen from RM1.81 trillion last Friday (Oct 29).

The benchmark FBM KLCI, which fell 31.39 points or 2.01% to 1,530.92 on Monday from last week's close, saw a slight recovery of 0.4 points or 0.03% to settle at 1,531.73 on Friday.

Market breadth, however, remained negative, with 582 decliners outnumbering 441 gainers, while 446 counters were unchanged.

Overall trading volume fell to 3.15 billion shares worth RM2.32 billion, compared with Wednesday (Nov 3)'s 3.42 billion shares worth RM2.35 billion.

A check with Bloomberg data showed the one who recovered the most since Monday's sell-off was IHH Healthcare Bhd, whose market cap has climbed RM878.71 million after losing RM527.2 million on Monday, followed by Maxis Bhd (up RM782.65 million; lost RM547.90 million on Monday), Digi.Com Bhd (up RM699.75 million; down RM155.5 million previously), Sime Darby Plantation Bhd (up RM691.54 million; down RM69.1 million previously) and RHB Bank Bhd (up RM645.94 million; down RM1.02 billion previously).

The Financial Services Index regained 9.61 points or 0.06% following Monday's decline of 15.76 points or 2.77%, to settle at 15,166.88.

While Public Bank Bhd lost a further RM194.09 million in market cap following Monday's RM2.52 billion decline, its peers, apart from RHB Bank, saw some recoveries. CIMB Group Holdings Bhd regained RM306.68 million in market cap after losing RM1.84 billion on Monday, followed by Malayan Banking Bhd (up RM237.41 million after losing RM712.4 billion) and Hong Leong Bank Bhd (up RM130.08 million after losing RM1.86 billion).

There were also some recoveries in the market cap of telecommunication companies, led by Maxis with a market cap increase of RM782.65 million (lost RM547.90 million on Monday), followed by Digi.Com Bhd (up RM699.75 million after losing RM155.5 million on Monday), Axiata Group Bhd (up RM275.22 million; lost RM1 billion previously), Telekom Malaysia Bhd (up RM37.78 million; lost RM1.13 billion previously) and TIME dotCom Bhd (up RM18.28 million; lost RM383.4 billion previously).

As a result, the Telecommunications & Media Index, which dropped 15.76 points or 2.39% on Monday, saw a slight recovery of 2.53 points or 0.38% to close at 662.65.

As for the ones whose market cap continued to decline since Monday, Top Glove Corp Bhd led the pack with a further RM1.36 billion loss, after losing RM560.5 million on Monday, followed by Petronas Dagangan Bhd (down another RM874.23 million), Kuala Lumpur Kepong Bhd (RM646.69 million), Petronas Chemicals Group Bhd (RM400 million) and Bank Islam Malaysia Bhd (RM269.83 million).

The week's biggest net loser following the tabling of Budget 2022 last Friday is Petronas Chemicals, who saw RM3.12 billion wiped out this week, followed by Public Bank at RM2.72 billion, Top Glove at RM1.92 billion, Hong Leong Bank at RM1.73 billion and CIMB at RM1.53 billion.

The ongoing Parliamentary debate on Budget 2022 will resume next Monday (Nov 8).

Read also: RM33.8 bil wiped off market cap in knee-jerk reaction to 'Cukai Makmur' proposal
See more Budget 2022 highlights here.