Bursa set to move sideways on lack of catalysts

KUALA LUMPUR: Bursa Malaysia looks set on settling into a sideways motion below 1,500 points as the market rose mildly higher in early trade.

At 9.05am, the FBM KLCI was up 2.49 points to 1,496.52.

The benchmark index had failed to pick up on the regional rally in the previous session as global equities tracked Wall Street higher on the back of easing fears over the Omicron variant of coronavirus.

Malacca Securities Research said the market could continue with bargain-hunting activities moving into mid-December, with a greater focus on heavyweight and technology stocks given their earnings visibility and potential window-dressing activities.

"Nevertheless, sentiment may remain cautiously optimistic while the market monitors the severity of the Covid-19 Omicron variant as well as the FOMC meeting outcome next week," it added

One the blue-chip index, CIMB shed five sen to RM5.23 to lead banks lower. Maybank was unchanged at RM8.10 while Public Bank dipped one sne ot RM3.97 and Hong Leong Bank lost four sen to RM17.96.

Axiata was up three sen to RM3.73 following optimistic takeaways by analysts as the telco's recent Investory Day while Digi was down two sne to RM4.04 and Maxis drpped two sen to RM4.36.

On the broader market, MGRC hit limit down for a third time in the week after plunging 35 sen to 82 sen.

The genomics and biopharmacuetical group had said in respnse to the securities exchange's query that it was aware of any corporate development that could have triggered the sharp fall in its share price.

AMong the top actives, G3 was down four sen to 11 sen, Sapura Energy was flat at 5.5 sen an MMAG unchanged at 9.5 sen.
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Bursa Malaysia , FBM KLCI , equities


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