Bursa ends at over two-month low on sell-off in glove makers, heavyweights

 Publish date: Wed, 9 Sep 2020, 8:14 PM

KUALA LUMPUR: Sell-offs in glove and heavyweight counters as well as the retreat of retail investors are among the factors that dragged Bursa Malaysia to finish at more than a two-month low today.
At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended 22.60 points, or 1.49 per cent, easier at 1,496.72 from Tuesday's close of 1,519.32.
This is the weakest level last seen on the local exchange after it closed at 1,500.97 on June 30, 2020.
The market barometer opened 13.58 points lower at 1,505.74 today and moved between 1,490.53 and 1,505.74 throughout the day.
Market breadth was negative with losers overwhelming gainers 845 to 314, while 325 counters were unchanged, 554 untraded and 26 others suspended.
Total volume shrank to 7.69 billion shares worth RM4.89 billion from 9.03 billion shares worth RM4.57 billion on Tuesday.
Commenting on the overall market performance, Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar said investors, especially the retail players, have started to pull back from the market and disposed of glove-related stocks as the blanket loan moratorium will expire at the end of the month.
"The retreat of retail market participants have resulted in a lower trading volume on Bursa Malaysia which has now returned to the normal level of 6-10 billion units from the record high of 27.8 billion units on Aug 11, 2020," he told Bernama.
Jeffry Azizi reckoned that the lack of new catalysts due to the weak performance of the recent batch of corporate earnings reports were also part of the reasons that dragged the market lower today.
Among the 30 FBM KLCI counters, healthcare laggards Top Glove erased 49 sen to RM7.15, Hartalega shed 60 sen to RM13.00 and IHH fell 33 sen to RM5.35.
Axiata lost 11 sen to RM3.11 and Maxis was 12 sen easier at RM5.04.
On the broader market, the top losers were also led by glove counters, including Kossan which slumped RM1.54 to RM10.96 and Supermax which erased 93 sen toRM7.48.
Nestle shrank RM1.30 to RM140.80, MPI dwindled 92 sen to RM16.88 and Batu Kawan reduced 46 sen to RM15.10.
Of the actives, XOX declined three sen to 20 sen, Konsortium Transnasional and Ablegroup gained 3.5 sen each to 14.5 sen and 16 sen respectively, Gets Global went up 26.5 sen to 93 sen, while Lambo was unchanged at 4.5 sen.
 - Bernama
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