KLCI extends slide over morning session

TheStar Mon, Jan 18, 2021 12:49pm - 3 years View Original


KUALA LUMPUR: Bursa Malaysia lost more ground headed into midday as financial heavyweights dragged the overall market lower.

At 12.30pm, the market ended 17.32 points lower at an intra-day low of 1,609.69.

The country's biggest banks continued to slip with Maybank dropping 11 sen to RM8.14, Public Bank falling 20 sen to RM21, Hong Leong Bank sliding 30 sen to RM17.50 and CIMB losing 12 sen to RM3.98.

Bank Negara's monetary policy decision is due on Wednesday, raising speculation over whether the central bank will further slash the overnight policy rate (OPR) to help prop up the economy.

The OPR had been left unchanged at 1.75% for the second time at its last meeting in November.

However, with the surge in coronavirus cases and the reimplementation of the movement control order, economists are now expecting a more cautious growth outlook by the central bank.

Meanwhile, investors have entered a profit-taking mood following the reactivation of the MCO and as crude oil and crude palm oil prices retreat from recent highs.

Brent crude futures recorded another 1% drop to US$54.57 a barrel amid rising global Covid-19 infections while crude palm oil futures were similarly 1% lower at RM3,583 a metric tonne.

The Kuala Lumpur Energy Index shed 1.8% while the plantations index dropped 0.8%.

Amid the negative performers on the FBM KLCI, Petronas Chemicals fell 18 sen to RM7.33, Petronas Gas slipped 10 sen to RM16.60, and Petronas Dagangan slid 24 sen to RM21.

Tenaga Nasional dropped eight sen to RM10.10 while Sime Darby Plantation lost seven sen to RM4.99.

Of actives, Lambo was flat at three sen with 385.83 million shares crossing, PRG was flat at 28.5 sen with 160.05 million units traded and PHB was flat 2.5 sen with 144.39 million shares done.

...

Full Article on TheStar

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.






Related Stocks

BURSA 7.450
CIMB 6.680
HLBANK 19.400
LAMBO 0.030
MAYBANK 9.690
PBBANK 4.240
PETDAG 21.680
PETGAS 17.660
SIME 2.620
SIMEPLT 4.370
TENAGA 11.400

Comments

Login to comment.