Bursa sees nearly 900 counters in the red amid political concerns

  • Markets
  • Wednesday, 23 Sep 2020

KUALA LUMPUR: Bursa Malaysia closed broadly lower on Wednesday as investor sentiment took a hit from the on-going political concerns with nearly 900 counters in the red and the FBM KLCI below the key 1,500 level.

At 5pm, the KLCI was down 9.3 points or 0.62% to 1,496.48. Turnover was 8.45 billion shares valued at RM4.32bil. The broader market was weaker as decliners beat advancers nearly four to one or 896 losers to 246 gainers and 345 counters unchanged.

Investors turned more cautious at midday after opposition leader Datuk Seri Anwar Ibrahim claimed to have a strong majority to form the next government.

The PKR president claimed that he has the support to form the next government but did not reveal the numbers.

However, Tan Sri Muhyiddin rebutted Anwar’s claim, maintaining that he is still the legitimate Prime Minister of Malaysia.

Muhyiddin said Anwar’s claim that he had the majority backing of MPs must be substantiated in accordance with the processes and methods determined by the Federal Constitution.

The government also announced several initiatives and additional assistance under the Kerangka Inisiatif Tambahan Prihatin (Kita Prihatin) framework with an allocation of RM10bil along with efforts to revive the economy in order to safeguard the people’s well-being

HLFG fell the most, down 34 sen to RM14.12, Public Bank 22 sen to RM15.64, HL Bank four sen to RM14.90 and Maybank three sen to RM7.17 and CIMB two sen to RM3.10.

Petronas Dagangan fell 32 sen to RM20.16, Petronas Chemicals 12 sen to RM5.50 and Petronas Gas six sen to RM16.44.

Pharmaniaga lost 30 sen to RM4.17 and Duopharma 16 sen to RM3.02.

Hartalega gained 44 sen to RM14.50, Supermax 13 sen to RM7.83 but Top Glove shed one sen to RM8.02 and Kossan lost eight sen to RM11.90.

Semicon-related stocks closed higher with MPI gaining 38 sen to RM18 and Greatec 10 sen to RM6.02.

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