Bursa closes weaker as trading value shrinks

  • Markets
  • Thursday, 25 Jun 2020

KUALA LUMPUR: Bursa Malaysia ended Thursday on a weaker note with trading value seen shrinking considerably amid greater caution among retail investors on fresh Covid-19 infections globally.

At 5pm, the KLCI was down 13.43 points or 0.89% to 1,489.20. Turnover declined to 4.49 billion shares while value shrunk to RM2.48bil.

Decliners beat advancers nearly three to one or 728 losers to 253 gainers while 388 counters were unchanged.

Reuters reported stocks in the developing world fell, as coronavirus cases accelerated globally and dimmed hopes of recovery after a dismal economic forecast from the International Monetary Fund.

The MSCI index for emerging-market equities fell 0.6%, after rising nearly 8% this month on hopes that stimulus from central banks and governments globally could help economies swiftly recover from a pandemic-led slump.

At Bursa, among the consumer stocks, F&N fell 52 sen to RM31.96, Heineken 36 sen to RM22.52 and Nestle 30 sen to RM139 but Carlsberg was the top gainer, up 90 sen to RM25.

Petronas Dagangan fell 44 sen to RM21.20, Petronas Gas 12 sen to RM16.98 while heavyweight Petronas Chemicals was down 10 sen to RM6.33 and erased 1.22 points.

Reuters reported Brent crude fell 19 cents, or 0.5%, to $40.12 while US West Texas Intermediate (WTI) crude fell 49 cents, or 1.3%, to $37.52 due to a record-high US crude inventories and a resurgence in coronavirus cases cast doubt on a recovery in fuel demand.

Glove makers which are part of the KLCI closed unchanged. Hartalega and Top Glove were flat at RM12.10 and 15.50.

As for plantations, BLD Plantations fell 40 sen to RM5.60 but with just 200 shares done while Genting Plantation down 32 sen to RM9.78 and KL Kepong 26 sen lower at RM22.08. IOI Corp seven sen to RM4.33 and Sime Plantation five sen to RM4.90.

Among banks and financial groups, HLFG ended the day down 26 sen to RM13.52 while insurer Allianz lost 32 sen to RM14.18. Public Bank lost 10 sen to RM16.38, CIMB fell five sen to RM3.57 and Maybank three sen to RM7.61.

Tenaga Nasional lost 16 sen to RM11.58 and erased 1.39 points from the KLCI.

As for telcos, Axiata lost nine sen to RM3.39, Maxis and Digi shed three sen to RM5.29 and RM4.18 while Telekom was unchanged at RM4.

However, it was not an entirely gloomy day for two Sarawak stocks. Zecon’s firmer results saw it surging 23 sen to 61 sen with 17.45 million shares done. Sarawak Cable jumped eight sen to 29.5 sen.

Rapid gained 14 sen to RM5.84, REV Asia surged 12.5 sen to 21.5 sen and Milux 13 sen higher at RM1.83.

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