Fallout in Chinese market weighs on FBM KLCI thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
At 12.30pm, the index was down 3.52 points to 1,524.1.
However, Malacca Securities Research noted that the market undertone was improving as the focus shifted back towards the economic recovery progress.
It also advised continued caution as there are few domestic leads over the near-term outlook, which could further curtail any extended potential upsides.
This came as Malaysia s daily new Covid-19 infections rose to its second highest on record yesterday at 13,034 cases, further disappointing hopes that the pandemic situation was easing.
Financial counters led the decline with CIMB dropping six sen to RM4.49, Hong Leong Bank sliding 10 sen to RM18.36 and Maybank dipping one sen to RM8.03.
At 12.30pm, the key index was up 0.13 points to 1,520.1.
Despite the positive performance on Wall Street overnight as stocks rebounded from Monday s rout, Bursa Malaysia is expected to continue to see selling pressure from the high number of local Covid-19 infections. We expect some initial selling activities on the local bourse before recovering for the session, but upside is likely to be capped amid the high number of daily Covid-19 cases, which may be a concern that could dampen the pace of the economic recovery, said Malacca Securities Research in a note.
It added, however, that the recovery in the Nasdaq could lead technology stocks higher over the week as well as follow-through buying interest emerging in sectors such as consumer, construction and property as the EMCO was lifted in several localities.
Bargain-hunting emerges after previous selldown thestar.com.my - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestar.com.my Daily Mail and Mail on Sunday newspapers.
Ramssol group managing director and CEO Cllement Tan Chee Seng (pic) told StarBizWeek that expanding into the Philippines was a natural choice as the group, headquartered in Malaysia, already operates across Singapore, Thailand, Vietnam and Indonesia.
RAMSSOL Group Bhd is optimistic about its growth prospects in light of the rapid pace of workplace digital transformation, which has been accelerated by the Covid-19 pandemic.
The human capital management (HCM) solutions and technology provider, en route to be listed on the ACE Market on July 13, will use part of its RM25.1mil initial public offering (IPO) proceeds to fund its business expansion into the Philippines (RM2.5mil) within the next 24 months, as well as growing its relatively new HCM technology applications (RM6.3mil) unit in South-East Asia.