KUALA LUMPUR: Bursa Malaysia failed to hold on to this week’s gains and closed lower, on profit taking in selected heavyweights and consumer counters.
At closing, the bellwether FBM KLCI shed 5.51%, or 0.35% to close at 1,556.33. The index opened 0.67 of- a-point lower at 1,561.17 this morning.
Market breadth turned negative as decliners overcame advancers on a ratio of 427-to-615 counters, while 415 counters closed unchanged. Traded volumes rose to 8.67 billion valued at RM6.19bil.
In today’s session, five of the KLCI-component stocks were traded higher, 20 counters fell while the remaining five closed unchanged.
Dealers said the investors awaited for the Prime Minister’s announcement on further government measures to prop up the country’s economy.
Tan Sri Muhyiddin Yassin announces a RM35bil short-term economic recovery plan, with RM10bil direct cash injection from the government, bolstering state support for the economy hit hard by the global Covid-19 pandemic.
Banking stocks, which have the heaviest weightage on the index closed lower today. Maybank fell 11 sen to RM8.08, Public Bank declined 18 sen to RM17.32, Ambank shed two sen to RM3.24, RHB Bank lost nine sen to RM5.41 and Hong Leong Bank fell 16 sen to RM15.12.
Telcos were also in the red led by Maxis down eight sen to RM5.29, Digi slipping six sen to RM4.39 and Telekom Malaysia losing five sen to RM4.28.
Actively traded counters included Hibiscus up two sen to 68 sen, Aco Group up eight sen to 34.5 sen and Sanichi down 1.5 sen to 10 sen.
Meanwhile, the ringgit was up 0.25% against the US dollar to 4.2677. The local currency was down 0.83% against the pound sterling to 5.3948 and 0.46% against the Singapore dollar to 3.0632.