Bursa pares losses as anxiety over emergency eases

KUALA LUMPUR: Bursa Malaysia pared its losses on Tuesday on easing investors' anxiety over the state of emergency, the government's assurance there would not be a curfew and the economic sectors would remain open.

At 5pm, the FBM KLCI was down 5.21 points or 0.32% to 1,612.04. Turnover was 8.40 billion shares valued at RM5.76bil. The broader market was firmer with 732 gainers, 502 losers and 421 counters unchanged.

Earlier, the KLCI fell about 27 points to an intra-day low of 1,590.71 on news about the declaration of a state of emergency nationwide until Aug 1 to stem the Covid-19 pandemic.

However, Prime Minister Tan Sri Muhyiddin Yassin, in his televised address at 11am, announced the Cabinet and state governments will continue to function according to the Federal Constitution and all laws. He said there would be no curfew.

Tengku Datuk Seri Zafrul Abdul Aziz, in a statement later, said Malaysia’s sound economic fundamentals will continue to enable the Government to respond effectively to the challenging environment, whilst maintaining economic growth and resilience.

“Going forward, the government will continue to roll out the measures in Budget 2021 to firmly place Malaysia on its recovery path in 2021. More importantly, there is sufficient domestic liquidity to support any additional fiscal stimulus to support lives, livelihoods and businesses, if necessary, ” he said.

After market close, the Health Ministry announced there were 3,309 fresh infections.

Hong Leong Bank fell the most, down 58 sen to RM17.50, Public Bank 20 sen to RM20.08, Maybank 19 sen to RM8, CIMB lost 12 sen to RM3.92 and RHB Bank eight sen to RM5.33.

Crude palm oil for third month fell RM57 to RM3,740 per tonne. PPB Group lost 34 sen to RM18.96, KL Kepong 12 sen to RM24.58, Sime Plantation one sen to RM5.20 and IOI Corp was flat at RM4.50.

US light crude oil rose 62 cents to US$52.87 and Brent 59 cents to US$56.25. Petronas Dagangan rose 18 sen to RM21.30 but Petronas Gas fell 22 sen to RM16.60 and Petronas Chemicals 10 sen lower at RM7.20. Dialog shed four sen to RM3.27.

Glove makers climbed, with Hartalega jumping 92 sen to RM13.14, Supermax 27 sen to RM7.30 and Top Glove 25 sen to RM6.68.

Genting rose eight sen to RM4.13, GentingM two sen to RM2.43, Sime Darby shed three sen to RM2.25 and Tenaga 12 sen to RM10.12. IHH Healthcare shed five sen to RM5.55.

The ringgit weakened by 0.25% against the US dollar to 4.0633.

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