Cautious market sentiment drags FBM KLCI lower

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KUALA LUMPUR: The FBM KLCI failed to hold on to its gains generated in early trade as investors’ sentiment stayed cautious amid concerns over the ongoing political developments and economic situation.

At 5pm, the FBM KLCI erased 7.69 points to 1,512.89 after moving between 1,525.42 and 1,509.25.

There were 246 gainers, 743 losers and 395 counters traded unchanged on the Bursa Malaysia. Turnover stood at 4.28 billion shares valued at RM2.34bil.

Dealers said market sentiment remained cautious due to the absence of fresh catalysts amid lower crude oil prices.

Markets were further discouraged that the Government will revise this year’s gross domestic product (GDP) growth forecast downwards to around 4%.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz hinted that the revised figure would be around 4% when asked in an interview with Bloomberg TV.

The government has already said it will revise its current 6%-7.5% outlook for 2021 in August.

UMS Holdings was the top gainer on Bursa Malaysia, rising 69 sen to RM3.02, followed by Carlsberg, which added 34 sen to RM21.40 and BP Plastics, which rose 31 sen to RM1.96.

Kumpulan H & L High-Tech, which tumbled RM1.05 to RM4.59, said it was unaware of the reason for the recent rise in price and volume of the shares in its UMA reply.

Widetech lost 99 sen to RM4.39, MPI fell 74 sen to RM40.26 and Transocean shed 67 sen to RM4.38.

Among the FBM KLCI component stocks, Petronas Dagangan climbed eight sen to RM18.88, MISC rose five sen to RM6.83, RHB Bank added three sen to RM5.28 and IHH Healthcare gained three sen to RM5.64.

CIMB, Hong Leong Financial Group and Public Bank eased two sen each to RM4.51, RM17.84 and RM4.08 respectively.

On the external front, Japan’s Nikkei 225 added 2.25% to close at 28,569.02 while South Korea’s Kospi ended 0.89% higher at 3,246.47.

Hong Kong’s Hang Seng index was up 170.70 points, or 0.62%, at 27,515.24.

China’s CSI300 index closed up 1.25% at 5,132.71 points while the Shanghai Composite index was up 0.67% at 3,547.84 points.



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