Financial counters continue to weigh on FBM KLCI


  • Markets
  • Thursday, 20 Jan 2022

KUALA LUMPUR The FBM KLCI dipped in an out of the red in morning trade as the selling continued in the financial sector although Press Metal pared losses.

At 12.30pm, the benchmark index was down 1.04 points to 1,529.29, ahead of Bank Negara's decision on the overnight policy rate, which analysts expect to remain unchanged.

Bank stocks weighed, led by CIB down nine sen to RM5.24, Maybank sliding four sen to RM8.28, Hong Leong Bank dropping eight sen to RM19.42 and Public Bank falling two sen to RM4.16. RHB bucked the trend, rising three sen to RM5.79.

Press Metal however paced higher by 21 sen to RM6.09 on expectation of strong earnings due to elevated aluminium prices.

Petronas Gas was also higher by 18 sne to RM16.92 on the back of strong crude prices as supply disruptions continue in the Middle East.

British American Tobacco meanwhile extended its losses by 40 sen to RM13.14, as selling pressure continued amid expectations that a proposal to eliminate tobacco use in the country will results in structural challenges to its business.

Among the top actives, Coraza, which made its debut on the ACE Market today was up 39.5 sen to 67.5 sen. It was the second most traded stock on Bursa.

MMAG, the most actively traded counter, was flat at eight sen, while G3 rounded up the top three, rising one sen to nine sen.

Total volume on the market was 2.06 billion valued at RM1.09bil.

In regional markets, markets bounced higher after the recent heavy selling despite the negative performance on Wall Street overnight.

Japan's Nikkei rebounded 1.1% to 27,762, South Korea's Kospi gained 0.5%, China's main index was up 0.3% and Hong Kong's Hang Seng leapt 2.3%.

Australia's ASX200 meanwhile was up 0.1%.
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Bursa Malaysia , FBM KLCI , equities

   

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