Bursa extends losses after overnight fall on Wall Street

KUALA LUMPUR: Bursa Malaysia extended losses early Wednesday after the heavy selling the previous day as investor sentiment was hit by worries in the US markets and slide in crude oil prices.

At 9.22am, the KLCI was down 4.05 points or 0.25% to 1,591.24. Turnover was 918.23 million shares valued at RM379.49mil. Decliners beat advancers more than two to one or 424 losers to 206 gainers and 358 stocks unchanged.

US stocks tumbled on Tuesday as concerns about the cost of infrastructure spending and potential tax hikes to pay for President Joe Biden's US$1.9 trillion relief bill weighed on investors who also fear further downside in the market, Reuters reported.

Bloomberg reported Asian stocks opened mostly weaker after setbacks to the recovery from the pandemic weighed on US equities and oil, and drove haven trades into Treasuries and the dollar.

Oil was stable below US$60 a barrel as renewed lockdowns in Europe clouded the prospects for a speedy recovery in consumption.

On Bursa on Tuesday, foreign selling was at net RM214mil but the selling was well absorbed by local funds which turned net buyers at RM115.6mil and local retail investors at RM98.4mil.

In early Wednesday, consumer stocks were among the top losers. Heineken fell 56 sen to RM25.02, Carlsberg 40 sen to RM23.60 and F&N 24 sen to RM30.26 while BAT was down 12 sen to RM13.40.

MPI fell 48 sen to RM37.14 but Vitrox rose 18 sen to RM14.96 and Kobay 11 sen to RM4.89.

Other decliners were Hengyuan, down 13 sen to RM5.26, HL Industries 10 sen to RM9.40 and Ann Joo nine sen to RM2.

Dataprep, which was hammered down in recent days, edged up eight sen to RM1.93 in active trade.

SMI jumped six sen or 33% to 24 sen and Supermax edged up five sen to RM4.20.

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