KUALA LUMPUR: Public Bank, Maybank, IHH Healthcare and Sime Plantations dragged the FBM KLCI into the red at the close on Friday on rising Covid-19 cases and weaker commodity prices.
At 5pm, the KLCI was down 8.7 points or 0.53% to 1,627.01. Turnover was 5.85 billion shares valued at RM4.06bil. The broader market was mixed with 512 gainers, 571 losers and 480 counters unchanged.
The ringgit dipped 0.01% against the US dollar to 4.0370.
The recent surge in Covid-19 infections saw the government imposing a second round of Movement Control Order to curb the spread of the pandemic.
CGS-CIMB Equities Research estimates the daily economic losses due to the second round of Malaysia’s Movement Control Order (MCO), which takes effect from Jan 13 to 26, at RM750mil.
In its strategy report issued on Tuesday, it said the losses would be higher than the RM200mil incurred under the existing Conditional MCO (CMCO) but significantly less painful than the RM2.4bil lost during the first MCO from March tMay last year.
“As such, we expect each fortnight of MCO implementation to reduce our full-year GDP growth forecast of 7.5% for 2021F by RM10bil, or 0.7 percentage point, ” it said.
Public Bank fell 50 sen to RM21.20 and erased 2.97 points from the KLCI after the recent rebound on news its four-for-one bonus issue will go ex on Jan 26.
Maybank lost 10 sen to RM8.25 and wiped out 1.72 points. CIMB and RHB Bank lost four sen each to RM4.10 and RM5.42 but Hong Leong Bank added 20 sen to RM17.80.
Crude palm oil for third month delivery fell RM117 to RM3,410 per tonne. Sime Plantation lost 14 sen to RM5.06 and KL Kepong 14 sen to RM24.16, IOI Corp five sen to RM4.45 but PPB Group edged up four sen to RM19.24.
US light crude oil fell 67 cents to US$52.90 and Brent 86 cents to US$55.56.
Refiners Hengyuan lost 17 sen to RM5.40 and Petron 15 sen to RM4.78. Petronas Dagnagan lost six sen to RM21.24 but Petronas Chemicals added one sen to RM7.51 and Petronas Gas added six sen to RM16.70. Dialog edged up one sen to RM3.29.
IHH Healthcare lost 13 sen to RM5.42. However, Tenaga added six sen to RM10.18, GentingM and Genting three sen each to RM2.50 and RM4.30 and Sime Darby gained one sen to RM2.31.
As for glove makers, Hartalega lost 10 sen to RM12.20 but Supermax rose six sen to RM6.70 and Top Glove five sen to RM6.42.
MPI was the top gainer, rising on the semicon wave, climbing to RM28.72. Jeftech 50 sen to RM6.02, KESM 36 sen to RM17.30 and Unisem 31 sen to RM7.39. Kobay climbed 70 sen to RM4.35.
Hard-disk drive manufacturer JCY fell seven sen to 51.5 sen after a major customer decided to reduce its orders and eventually to stop purchases.
Euro Holdings added 62 sen to RM5.62, Eita 34 sen to RM2.52 and Eng Kah 32 sen to RM1.80.
Among the key Asian markets, South Korea's Kospi fell 2.03%, Taiwan's TAIEX 0.58%, Japan's Nikkei 225 0.62% but Hong Kong's Hang Seng Index added 0.27% and Shanghai Composite 0.01% while Singapore's Straits Times Index edged up 0.07%.