Bursa slips, tracks cautious key markets after Wall St slump


  • Markets
  • Wednesday, 20 May 2020

The vaccine-fuelled rally took a breather early Wednesday as investors gave excuses to take profit that optimism for US-based Moderna Inc.’s coronavirus vaccine was overdone.

KUALA LUMPUR: The vaccine-fuelled rally took a breather early Wednesday as investors gave excuses to take profit that optimism for US-based Moderna Inc.’s coronavirus vaccine was overdone.

At 9.26am, the FBM KLCI was down 1.16 points or 0.08% to 1,422.81. Turnover was 1.19 billion shares valued at RM514.76mil. There were 247 gainers, 302 losers and 294 counters unchanged.

Bloomberg reported stocks in Asia were mixed early Wednesday as reports on Moderna Inc.’s coronavirus vaccine added to concern that a successful way to beat the pandemic remains a long way off. Treasuries held an overnight advance.

Futures on the S&P 500 rose 0.2% as of 9:01 a.m. in Tokyo. The gauge fell 1.1% on Tuesday.

Japan’s Topix index was down 0.1%, South Korea’s Kospi retreated 0.2% and Australia’s S&P/ASX 200 Index declined 0.5%.

Reuters reported Brent crude futures for July delivery were trading down 11 cents, or 0.3%, at $34.54 per barrel at 0031 GMT.

U.S. West Texas Intermediate (WTI) crude futures for July were down 13 cents, or 0.4%, at $31.83 a barrel. The July contract became the front month after WTI futures for June expired on Tuesday, avoiding the chaos of last month's May expiry when prices slid into negative territory.

At Bursa on Tuesday, local institutions were net buyers at RM95mil while local retail investors took out net RM1.2mil and foreign funds continued to reduce their shareholdings with net selling at RM93.80mil.

Nestle fell RM1.30 to RM138.70 with 200 shares done, F&N 76 sen to RM31.36, Dutch Lady 40 sen to RM46, Heineken 40 sen also to RM23.30 and Carlsberg 24 sen to RM27.10.

PPB Group lost 40 sen to RM16.40, Genting Plantation 19 sen to RM9.35 but United Plantations rose 32 sen to RM26.98, Sarawak Oil Palms 14 sen to RM2.84, United Malacca and Batu Kawan 10 sen each to RM4.40 and RM13.70. TDM shed one sen to 26 sen,

Hartalega regained momentum, climbing 27 sen to RM9.28, Comfort Gloves 14 sen to RM2.19 and Supermax 12 sen to RM4.37.

Eduspec was the most active, unchanged at 2.5 sen with 98.19 million units done.

Green Packet-WB lost three sen to 23.5 sen.

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