Bursa set to end July on weak note as KLCI extends losses

KUALA LUMPUR: Bura Malaysia was set to end the last trading of July on a weak note as the broader market weakened and the FBM KLCI almost neared the critical 1,500 level in early Friday trade.

At 9.19am, the KLCI was down 7.26 points or 0.48% to 1,505.67. Turnover was 444.81 million shares valued at RM244.16mil. Decliners beat advancers two to one or 307 losers to 157 gainers while 308 counters were unchanged.

Bloomberg reported US equity futures retreated and Asian stocks were steady early Friday as traders weighed megacap technology earnings and risks from China’s crackdown on private industries.

Japan and South Korea edged down but Australian shares rose. Nasdaq 100 contracts shed about 1% as Amazon.com Inc. tumbled in extended trading on signs its rapid growth through the pandemic is waning.

On the local front, latest developments on the political scene saw the FBM end in negative territory yesterday, Rakuten Trade said.

"We reckon sentiments would continue to be negatively affected today as political uncertainties heighten.

"Hence, we expect the index to experience more weaknesses today however bargain hunting activities may emerge if the selling is overdone.

"Therefore, we would expect the index the trend around the 1,500-1,515 range today," Rakuten Trade said.

On a positive note, Lim Seong Hai Capital made a stellar debut on the LEAP Market on Friday, opening at 26 sen or 13 sen above its offer price of 13 sen amid a weak broader market.

At 9.19am, LSH was holdings steady at 26 sen.

Unisem fell the most, down 11 sen to RM8.12 while UWC was down seven sen to RM5.68.

Asia Brands lost 8.5 sen to 63 sen, SJC eight sen to RM2.18, LeeSK seven sen to 82.5 sen and Hwa Tai nine sen to RM1.06.

Among the KLCI stocks, HL Bank fell 10 sen to RM18.04, Petronas Chemicals and MISC nine sen each to RM8.02 and RM6.63 while KLK lost eight sen to RM19.18.

Tanco was the most active, up one sen to 22 sen, Scanwolf jumped eight sen to 50 sen and Euro Holdings four sen higher to 91 sen.

F&N was the top gainer, up 24 sen to RM25.04, Computer Forms added 28 sen to RM4.56, Khind 20 sen to RM3.17 and SAM Engineering 18 sen to RM8.50.

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