Technology and manufacturing counters were among the top gainers on Bursa Malaysia today, as investors anticipate higher demand for computer-related products and technology amid global lockdown policies.
The index had slipped to a low of 1,608.64 points earlier.
Hong Leong Investment Bank’s head of retail research Ng Jun Seng told theedgemarkets.com he expects range-bound trade ahead of BNM s OPR meeting and elevated Covid-19 infections.
“I think everybody is watching whether there will be a rate cut in the upcoming OPR meeting. Banking stocks are taking a hit because the market expects BNM to cut rates,” he said.
According to him, investors were also cautious as they were still assessing the impacts of the recent movement control order (MCO 2.0) and conditional movement control order (CMCO) on the market, economy and corporate earnings.
KUALA LUMPUR (Jan 15): The main index at Bursa Malaysia slipped at midday break today as index-linked heavyweights, including Malayan Banking Bhd (Maybank) and Public Bank Bhd, dragged.
At 12.30pm, the FBM KLCI was down 3.88 points at 1,631.83. The index had earlier risen to a high of 1,637.88.
Losers led gainers by 368 to 314, while 733 counters traded unchanged. Trading volume was 3.09 billion shares valued at RM2.17 billion.
The decliners included KESM Industries Bhd, IHH Healthcare Bhd, Petron Malaysia Refining & Marketing Bhd, Tasco Bhd, Hong Leong Financial Group Bhd, MISC Bhd, Maybank, Hengyuan Refining Company Bhd, Petronas Gas Bhd, Public Bank and Hartalega Holdings Bhd.
The FBM KLCI finished 8.70 points or 0.53% lower at 1,627.01, dragged mainly by profit taking on banking counters. The index earlier rose to a high of 1,637.88.
At 9.05am, the FBM KLCI rose 5.42 points to 1,642.11.
The early gainers included Malaysian Pacific Industries Bhd, Public Bank, Kuala Lumpur Kepong Bhd, UWC Bhd, Asia File Corp Bhd, Hong Leong Bank Bhd, ViTrox Corp Bhd, Toyo Ventures Holdings Bhd and Carlsberg Brewery Malaysia Bhd.
Bloomberg said Treasury yields retained their recent declines amid optimism the American economy will continue to benefit from government support.
Asian shares opened with small losses, it said.
Rakuten Trade said Wall Street were mixed amid recent record run as traders remain sidelined.
It said the Dow Jones Industrial Average closed flat at 30,060 with the tech heavy Nasdaq closed 56 points higher at almost the 13,130 mark.