Bursa presses pause button after sharp rebound

The KLCI had seen volatile trading as it tumbled 44 points on Monday and recouped nearly all of the losses on Tuesday before easing slightly on Wednesday.

KUALA LUMPUR: Bursa Malaysia closed lower on Wednesday as investors decided to lock in their gains from the previous day’s rebound, mirroring the key Asian markets.

At 5pm, the KLCI was down 3.54 points or 0.22% to 1,598.72. The KLCI had seen volatile trading as it tumbled 44 points on Monday and recouped nearly all of the losses on Tuesday.

Turnover was 9.22 billion shares valued at RM5.43bil. There were 640 gainers, 557 losers and 503 counters unchanged.

Among the key Asian markets, Japan’s Nikkei 225 eked out a 0.05% gain but the Shanghai Composite shed 0.07%, Hong Kong’s Hang Seng Index lost 0.13% and Singapore’s Straits Times Index 0.23% lower.

Among the top losers were PPB Group, which fell 20 sen to RM18.40, KLK six sen to RM23.50, Sime Plantation five sen to RM5.03, FGV was flat at RM1.25 but IOI Corp gained four sen to RM4.49.

As for glove makers, Supermax gave up 15 sen to RM8.65, Top Glove 11 sen to RM6.68, Hartalega six sen to RM14.40 but Kossan rose two sen to RM6.22.

Among the banks, Maybank rose eight sen to RM8.27, RHB Bank and CIMB four sen each to RM5.34 and RM3.79 while Public Bank gained two sen to RM17.94 but AmBank shed four sen to RM3.22.

As for semicon and tech stocks, UWC jumped 55 sen to RM7.94 after the strong earnings, KESM added 34 sen to RM11.96, MPI 30 sen to RM25.50 and Unisem 25 sen to RM5.88 but Vitrox fell 20 sen.

Among the top losers were Time dotCom, down 18 sen to RM13.70, QL Resources 16 sen to RM6.20, Westports 13 sen to RM4.37 and Hap Seng 12 sen to RM8.27.

Reuters reported oil prices were also lifted by the vaccine optimism, reversing earlier losses made after OPEC and its allies left markets in limbo by postponing a formal meeting to decide whether to lift output in January.

Brent crude futures rose 0.15% to $47.49 per barrel, while U.S. crude was down 0.09% at $44.51 per barrel. Oil has raced up nearly 30% over the last month.

As for energy stocks, Petronas Dagangan jumped 52 sen to RM21.20, Petronas Chemicals edged up one sen to RM7.03 while Petronas Gas was flat at RM17.80. Dialog shed nine sen to RM3.61.

The rebound in Petron and Hengyuan fizzled out as Petron lost 12 sen to RM4.11 and Hengyuan 11 sen to RM4.28.

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