Pullback deepens as regional anxieties weigh

KUALA LUMPUR: As domestic investors keep an eye trained on Friday's tabling of Budget 2022, the weak trading sentiment on the regional front has dampened sentiment on Bursa Malaysia.

At 9.15am, the FBM KLCI was down 5.78 points to 1,577.3, as investors were affected by concerns over China's property market and fresh geopolitical tensions between the US and China.

Despite the pullback, Malacca Securities Research expects foreign buying support to continue while investors will remain focused on on Budget 2022 themes.

Meanwhile, it said the recent announcement that REDtone had been appointed as a universal service provider for the Jendela Phase 1 (Part 2) project is also expected to spur buying support in telco-related stocks.

It added that the construction and property sectors could also rebound prior to the tabling of the Budget.

On the blue-chip index, Press Metal slumped 17 sen to RM5.53 as it extended a correction phase that started from mid-October.

Bank counters were mildly lower with CIMB dropping three sen to RM5.25 and Hong Leong Bank slipping two sen to RM18.84 although Maybank rose two sen to RM8.15 and Public Bank was unchanged at RM4.23.

Telcos were also seen drifting lower with Maxis losing give sen to RM4.75, Axiata dropping five sen to RM3.96 and Digi losing one sen to RM4.34.

Also in telcos, REDtone, which yesterday surged over 25% on news of its appointment to the Jendela project, retreated 1.5 sen or 2.17% to 67.5 sen on profit-taking.

On the actives list, Dataprep was up 10 sen to 95 sen, Ireka rose four sen to 69.5 sen and Impiana was unchanged at eight sen.
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Bursa Malaysia , FBM KLCI , equities


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