Muted market response to 12MP

KUALA LUMPUR: The tabling of the 12th Malaysia Plan (12MP) has failed to excite investors with the FBM KLCI gaining a mere 0.06%.

At closing, the FBM KLCI added a negligible 0.99 of-a-point to 1,533.05 amid a weak broader market.

Market breadth turned negative as losers overpowered the gainers on a ratio of 587-to-424 stocks. Traded volumes stood at 4.37 billion shares valued at RM2.97bil.

Prime Minister Datuk Seri Ismail Sabri Yaakob unveiled the 12MP at the Parliament this morning. The five-year (2021-2025) plan, themed "A Prosperous, Inclusive, Sustainable Malaysia", aims to steer the nation out of the Covid-19 pandemic and put the economy back on track.

The Malaysian economy is expected to grow between 4.5% and 5.5% per annum, resulting in a higher GNI per capita of RM57,882 or US$14,842 in 2025.

The relative flat FBM KLCI was lifted by gains in heavyweights including Petronas Chemicals, Public Bank, IHH Healthcare, Kuala Lumpur Kepong and Digi.

Kuala Lumpur Kepong added 26 sen to RM20.10, Petronas Chemicals rose 15 sen to RM8.26, Public Bank gained four sen to RM4.08, IHH climbed four sen and Digi advanced three sen to RM6.68.

Top Glove shed eight sen to RM2.67, Axiata fell six sen to RM4.03, Genting Malaysia lost five sen to RM3.02 and Genting declined four sen to RM4.99.

On the broader market, MPI jumped 80 sen to RM46, DKSH added 67 sen to RM4.96, KESM rose 58 sen to RM13.14 and ViTrox advanced 32 sen to RM20.82.

Genetec fell 76 sen to RM37.18, F&N lost 54 sen to RM26.30, SAM Engineering shed 22 sen to RM20.38 and Dutch Lady gave up 20 sen to RM32.50.

Reuters reported that oil prices rose for a fifth straight day on Monday with Brent heading for US$80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.

US light crude oil rose 94 cents to US$74.92 and Brent added US$1.01 to US$79.10 per barrel.

On the external front, Asian benchmarks closed mixed as concerns of widespread market contagion from indebted China Evergrande Group receded.

Japan’s Nikkei 225 closed down 0.03% at 30,240.06 while South Korea’s Kospi added 0.27% to 3,133.64.

Hong Kong’s Hang Seng Index added 0.1% to 24,208.78.

China’s Shanghai Composite Index lost 0.8% to 3,582.83 points while the CSI300 index rose 0.6%, to 4,877.37.

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