Downside pressure continues on Bursa

KUALA LUMPUR: The rebound on the local stock exchange in the previous session was short-lived as Bursa Malaysia returned to the red on Wednesday amid deteriorating sentiment over a global recovery.

As global equities continued to slide on the rising pace of coronavirus infections, the uncertain political environment at home has added to the selling sentiment.

"We think that the local bourse will continue to be dictate by the political developments over the foreseeable future, while the renewed volatility on Wall Street overnight may pile pressure on Bursa Malaysia stocks," said Malacca Securities Research.

At 12.30pm, the FBM KLCI was down 5.67 points to 1,494.68.

There was a broad pullback in the heavyweight counters with glove and financial stocks falling in unison.

Public Bank was down four sen to RM15.68, while Maybank dropped one sen to RM7.06.

Hartalega lost 32 sen to RM17.96 and Top Glove fell 13 sen to RM8.78.

Meanwhile Tenaga Nasional slid six sen to RM9.83 and Petronas Chemicals edged one sen lower to RM5.94.

Among the gainers were Petronas Gas up 12 sne to RM16.14 and Axiata rising 12 sen to RM2.96.

Of actives, AT Systemization was up 0.5 sen to 9.5 sen, VC down 0.5 sen to five sen and Mah Sing sliding 2.5 sne to 97.5 sen.

Sentiment was mixed in key Asian markets. While sentiment was mostly negative, certain markets were attempting to rebound from recent losses.

Japan's Nikkei fell 0.5% and Hong Kong's Hang Seng dropped 0.2%

China's composite index rose 0.2% while Australia's ASX200 added 0.3% after rebounding from yesterday's steep loss.
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Bursa Malaysia , FBM KLCI , equities


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