Rally on Bursa halts ahead of Budget announcement


At Bursa on Thursday, foreign funds turned around to be net buyers at RM140.9mil and retail investors at RM3mil while local institutions were net sellers at RM143.9mil.

KUALA LUMPUR: The rally on Bursa Malaysia on Thursday, driven by foreign buying, came to a halt in early Friday ahead of the Budget 2021 proposals to be unveiled at 4pm.

At 9.17am, the FBM KLCI was down 2.71 points or 0.18% to 1,498.78. Turnover was 804.66 million shares valued at RM462.53mil. There were 247 gainers, 334 losers and 393 counters unchanged.

Bloomberg reported a global equity rally showed signs of stalling after surges for technology and other defensive sectors seen in the wake of the US election.

Japanese shares opened lower with S&P 500 futures. The S&P 500 earlier rose almost 2% and is headed for its best week since April.

Markets are also watching the US presidential elections. Bloomberg reported Democrat Joe Biden strengthened his hold on the race for the White House on Thursday, steadily chipping away at Donald Trump’s early lead in a pair of crucial swing states.

In an evening statement at the White House, the president said the election is being stolen from him, despite no evidence of widespread illegal voting.

Meanwhile at Bursa on Thursday, foreign funds turned around to be net buyers at RM140.9mil and retail investors at RM3mil while local institutions were net sellers at RM143.9mil.

Nestle fell 30 sen to RM139.70 with just 100 shares done while MISC gave up 15 sen to RM6.73 with 200 shares done.

Semicon and tech stocks were mixed, with Greatec down 14 sen to RM8.53, GHL Systems and JF Tech 10 sen to RM2.80 and RM4.25 but MPI climbed 78 sen to RM24.88 and Vitrox 18 sen to RM14.78.

Bursa lost 13 sen to RM8.31, HL Bank 10 sen to RM14.60 and Petronas Chemicals 10 sen also to RM6.27.

Ipmuda was down eight sen to 54.5 sen and Sern Kou seven sen to RM2.

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