The Malaysian stock exchange, Bursa Malaysia, is still in a downward trend

[ASEAN NOW Content Team]

 

Following a three-day weekend, Bursa Malaysia experienced ongoing selling pressure as investors looked for good leads in the midst of increased uncertainty and volatility.

At 9.10 a.m., the FBM KLCI was down 3.39 points to 1,498.35, unable to break through the psychological barrier of 1,500.

Investors hurried to the sidelines over fears of the Omicron form of the Covid-19 virus, and US markets finished last Friday on a sour note following a rocky week of trading.
Meanwhile, market mood was pulled down by poor US jobs statistics, raising concerns about a weakening recovery.

 

According to Kenanga Research's weekly analysis, following a flurry of corporate announcements near the close of the quarterly earnings reporting season, there may be a slowdown in news flow in the coming week.

"The development of the new Omicron variant is of higher interest," it stated, adding that "investors will be inclined to react to any news relevant to the transmissibility and severity of the illnesses moving forward."

Meanwhile, the research firm's technical reading remained negative as the stock market extended its seven-week losing skid.

 

Genetec was down 90 sen to RM36.70 on Bursa Malaysia, Sam Engineering was down four sen to RM20, and MPI was down 30 sen to RM49.70.

QL Resources gained 10 sen to RM4.85 per share, while Sptrizer gained nine sen to RM2.04 per share and TAFI Industries gained eight sen to RM2.37 per share.

Impiana Hotels rose one sen to 9.5 sen, EA Holdings remained constant at two sen, and VS Industry increased six sen to RM1.21.

 

Edited December 6, 2021 by ASEAN NOW Content Team