Bursa wavers as new normal for KLCI below 1,500

KUALA LUMPUR: The stock market was lacklustre in early Tuesday trade in the absence of strong and convincing buying by local institutions and the new normal for the FBM KLCI was below the key 1,500 due to the high infections and political worries.

At 9.11am, the KLCI was up 0.33 of a point or 0.02% to 1,493.33 after drifting in between positive and negative.

Turnover was 309.21 million shares valued at RM148.78mil. There were 190 gainers, 188 losers and 285 counters unchanged.

Bloomberg reported Asian stocks were steady early Tuesday after U.S. equities turned lower and Treasury yields retreated on concerns that the economic recovery from the pandemic is losing momentum. A gauge of the dollar dipped. Equities edged down in Japan and Australia and rose in South Korea.

On the outlook for Bursa, Rakuten Trade said the local stock market is beset by both political uncertainties and high Covid cases, and it reckons the KLCI will see continued weaknesses as selling from the foreign funds is expected to remain strong.

"In view of this, the index is expected to possibly break 1,490 today and test the 1,480 level unless bargain hunting activities from the local institutions emerges.

"For today, we reckon the index to trend around the 1,485-1,495 range," it said.

Chip makers and tech stocks were among the top gainers with MPI up 42 sen to RM45.98, Genetec 38 sen to RM23.14, Vitrox 34 sen to RM19.96, KESM 32 sen to RM14.30, Unisem 19 sen to RM8.79 and Greatec eight sen to RM6.71.

Pecca jumped 22 sen to RM4.36. The manufacturer of automotive leather seat interior has proposed to acquire a 51% stake in Rentas Health Sdn Bhd for RM100mil.

Permaju and Fitters added one sen each to 10 sen and 37 sen in active trade.

Classic Scenic fell 8.5 sen to 70.5 sen, IHH Healthcare seven sen to RM5.65 and Yinson five sen to RM4.74.

Top Glove fell six sen to RM3.86, Kossan five sen to RM3.28 and Supermax four sen to RM3.16.

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