Firm start for Bursa but Serba Dinamik slips in active trade

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KUALA LUMPUR: Bursa Malaysia started Tuesday on a firm note with Petronas Dagangan underpinning the FBM KLCI’s gains but Serba Dinamik continued to slide in active trade.

At 9.10am, the FBM KLCI was up 3.03 points or 0.19% to 1,581.48. Turnover was 751.51 million shares valued at RM399.82mil. There were 299 gainers, 224 losers and 308 counters unchanged.

Asian stocks were steady early Tuesday as investors await more clues on the outlook for inflation and central bank stimulus amid the recovery from the pandemic. The dollar held a decline, Bloomberg reported.

Stocks edged up in Japan and Australia but fell in South Korea. U.S. shares closed little changed in sight of a record, while the Nasdaq 100 was bolstered by a Biogen Inc. rally on approval of its Alzheimer’s drug. U.S. futures rose and Nasdaq 100 contracts outperformed.

On the outlook for Bursa, Rakuten Trade said it expected some rebound from the KLCI and see the index challenging the 1,585 level on Tuesday.

At Bursa last week, local retail investors were net buyers at RM428.9m, offsetting the net selling by local funds at RM293.3mil and foreign funds at RM135.6mil.

MPI rose 40c to RM38.80, TimeCom 22 sen to RM14.22, IJM Plantation 17c to RM2.37, See Hup gained 17 sen to RM1.40, Pecca 13 sen to RM4.57 and PetDag 12 sen to RM18.86.

MMC Corp extended its gains from last week, adding 12 sen to RM1.81 following the proposed takeover by Seaport (Johore) at RM2 a share. Last Friday, it hit limit-up, jumping 30 sen.

Hibiscus climbed 6.5 sen to 72 sen in active trade after the recent acquisition of assets from Repsol Exploración, S.A..

Computer Form gave up some of the recent gains, falling 56 sen to RM3.50.

As for glove makers, Hartalega lost 13 sen to RM8.44, Top Glove six sen to RM4.84 and Supermax nine sen to RM3.83.

Serba Dinamik lost 13 sen to 63.5 sen. It had recently announced that its auditor KPMG had not been able to verify contracts and transactions totalling RM3.5bil with 11 customers.



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