Lacklustre demand, uncertainty pull Bursa Malaysia down at mid-afternoon | Money

At 3.03pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 7.22 points to 1,493.13 after opening 5.2 points higher at 1,505.48. — Reuters pic

KUALA LUMPUR, Oct 28 ― Bursa Malaysia shares continued to be in the red after trading resumed following lunch break, dragged down by lacklustre demand.

At 3.03pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 7.22 points to 1,493.13 after opening 5.2 points higher at 1,505.48.

Losers overtook gainers 666 to 256, while 435 counters were unchanged, 790 untraded and 79 others suspended.

Total volume stood at 2.94 billion units worth RM2.21 billion.

The utilities and healthcare indices turned to be the biggest laggards, declining 1.46 per cent and 1.26 per cent respectively on profit-taking mode.

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The ACE Market, meanwhile, continued its downtrend, erasing 2.16 per cent on market uncertainty.

On the local front, investors are concerned about the debt ceiling as research houses have estimated that it would be increased to 65 per cent to accommodate Budget 2021, as well as the political support for the budget.

However, Finance Minister Datuk Seri Tengku Zafrul Aziz has expressed confidence that the budget would not be politised and the Yang di-Pertuan Agong has made a decree for all politicking to stop to ensure the country’s economic recovery and stability.

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On the heavyweights, Hartalega reduced 30 sen to RM17.98, IHH shed seven sen to RM5.08, and MISC dropped one sen to RM6.78.

As for the top losers, consumer counters led the decline with Nestle diving 70 sen to RM141.00 and Dutch Lady easing 40 sen to RM35.00.

On the index board, the FBM Emas Index shed 61.56 points to 10,806.61, the FBMT 100 Index was 58.35 points lower at 10,617.76 and the FBM Emas Shariah Index declined 80.25 points to 12,955.24.

The FBM 70, meanwhile, slipped 105.54 points to 14,227.50 and the FBM ACE was 213.56 points weaker at 9,817.77.

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The Financial Services Index inched down 50.97 points to 12,261.95, the Industrial Products and Services Index was 1.19 points lower at 143.55, and the Plantation Index retreated 46.50 points to 6,895.67. ― Bernama

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