Bursa lacklustre after overnight decline on Wall Street

KUALA LUMPUR: Bursa Malaysia was lacklustre in early Wednesday trade with chip and tech stocks retreating after the overnight decline on Wall Street but glove stocks recovered as Covid-19 infections stayed high.

At 9.17am, the FBM KLCI was down 0.12 point or 0.01% to 1,514.48. Turnover was 391.84 million shares valued at RM182.85mil. There were 216 gainers, 238 losers and 321 counters unchanged.

Bloomberg reported Asian stocks followed Wall Street lower at the open Wednesday as a rout in China spurs caution and US megacap technology earnings receive a mixed response.

Equities slipped modestly in Japan, Australia and South Korea. Futures rose in Hong Kong, but investors remain wary after stocks there plunged on a regulatory crackdown that’s stirring questions about how far Beijing will go to curb big companies.

Chinese shares in the U.S. have succumbed to a record drop, the offshore yuan has weakened and China’s sovereign bonds have retreated.

Bloomberg reported also South Korea and Thailand both announced record daily infections as the coronavirus continues to spread in Asia. Sydney’s month-long lockdown will be extended by at least another four weeks.

At Bursa, Genetec fell 22 sen to RM20.18 after the previous day’s rally which saw it hitting a market capitalisation of over RM1bil. There has not been any recent fresh corporate news but retailers have been chasing up the stock and sent it to fresh record highs.

Widetec fell 10 sen to RM3.65, Unisem nine sen to RM7.94 and Vitrox eight sen to RM18.88.

Nestle fell the most, down 80 sen to RM133, PPB 22 sen to RM18.18, Heineken 10 sen to RM21.90, Cheetah nine sen to RM1.88 and MISC eight sen to RM6.75.

Artroniq was the most active, surging 7.5 sen to 48 sen, Johan-WB warrants three sen to 3.5 sen and Ecofirst-WD five sen to 6.5 sen.

Petronas Dagangan rose 24 sen to RM18.50, Carlsberg 16 sen to RM21.42 and BIG 12 sen to RM1.37.

Glove makers managed to attract buying interest as Covid-19 infections stayed at record levels. Kossan added 14 sen to RM3.43, Supermax 12 sen to RM3.46 and Hartalega 11 sen to RM7.41.

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