Bursa starts week on steady note, Genting in focus

  • Markets
  • Monday, 09 Aug 2021

KUALA LUMPUR: Bursa Malaysia started Monday on a steady note on hopes the gradual opening up of the economy amid the record high death toll and infections could help the recovery.

Genting and Genting Malaysia rose on hopes of the gradual reopening to those vaccinated visitors while Malaysia Airports gained on hopes on a resumption in more air travel.

At 9.14am, the KLCI was up four points or 0.27% to 1,493.80. Turnover was 395.73 million shares valued at RM221.41mil. There were 275 gainers, 203 losers and 329 counters unchanged.

Reuters reported Asian shares wobbled on Monday amid sharp losses in gold and oil prices, while the dollar held near four-month highs after an upbeat U.S. jobs report lifted bond yields.

Sentiment was shaken by a sudden dive in gold as a break of US$1,750 triggered stop loss sales taking it as low as US$1,684 an ounce. It was last down 2.2% at US$1,723.

At Bursa, Gold ETF fell eight sen to RM2.36 at 9.14am.

Reuters reported Brent sank almost 2% on concerns the spread of the Delta variant would temper travel demand.

Holidays in Tokyo and Singapore made for thin trading conditions, leaving MSCI's broadest index of Asia-Pacific shares outside Japan down 0.1%.

Genting rose 10 sen to RM4.56 and GentingM eight sen to RM2.79 and MAHB added 13 sen to RM5.96.

As for semicon and tech related stocks, Genetec scaled fresh record highs, up 62 sen to RM25.24, KESM 40 sen to RM13.80, MPI 20 sen to RM45.60 and Greatec 11 sen to RM6.96.

However, Vitrox shed eight sen to RM19.58, Kobay and Pentamaster five sen each to RM4.63 and RM5.78.

Consumer stocks Nestle added 30 sen to RM133.40, Carlsberg 30 sen also to RM21.40 and F&N 10 sen to RM25.70.

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