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Malaysia: Sentiment remains weak on Bursa ahead of CPI data
KUALA LUMPUR: Bursa Malaysia is poised to end the week on a fourth consecutive day of selling as market sentiment remains week amid the ongoing results season.
“We believe the softer trading activities might be due to the spiking in Covid-19 cases locally and the release of weaker-than-expected results during this reporting season due to the FMCO situation in 3Q21,” said Malacca Securities Research.
It added that the market may consolidate further until the end of the month before heading into the window-dressing period in December.
At 9.10am, the FBM KLCI was down 3.36 points to 1,514.24 with declines in most of the blue-chip counters.
Maybank, which released its earnings results yesterday, was down one sen to RM8.10, while other major banks pulled back ahead of their own earnings announcements.
Public Bank slipped one sen to RM4.01, CIMB dropped six sen to RM5.11 and Hong Leong Bank fell 16 sen to RM18.14.
Plantations stocks were also mostly lower including Sime Darby Plantation
falling six sen to RM3.80, IOI dropping four sen to RM3.74 and Kuala Lumpur Kepong unchanged at RM20.90.
Meanwhile on the broader market, ATA IMS hit limit down after falling 30 sen to 52 sen on news that Dyson had terminated its relationship with the supplier on allegations of forced labour.
The stock was the third most heavily traded in early trade with 14.55 million shares exchanging hands.
Leading actives were G3 sliding 0.5 sen to 12.5 sen and Fitters diving 7.5 sen to 43.5 sen.
Source: https://www.thestar.com.my/business/business-news/2021/11/26/sentiment-remains-weak-on-bursa-ahead-of-cpi-data