Domestic market remains little changed amid uncertainty

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KUALA LUMPUR: The domestic market opened mostly flat on Thursday, tracking the performance on Wall Street overnight as investors opt to stay on the sidelines amid the bearish sentiment.

At 9.05am, the FBM KLCI was up 0.95 point to 1,452.43. There were 118 decliners compared with 97 gainers.

Trading volume was 120.09 million shares for a value of RM66.01mil.

According to Malacca Securities Research, the local bourse may see further volatility amid the quarter-end rebalancing activities.

"We expect further volatility in risky sectors such as technology amid the rebalancing activities.

"Meanwhile, traders may focus on the healthcare sector due to the rising daily Covid-19 cases.

"Also, there might be some trading interest within the poultry related stocks as the government set higher ceiling price for chicken," said the research firm.

Among the leading poultry players, Leong Hup was up 0.5 sen to 52.5 sen and QL Resources rose two sen to RM5.37.

However, the country's financial services sector continued to see volatility with Maybank falling five sen to RM8.60, Public Bank dipping one sen to RM4.41, CIMB rising two sen to RM4.97 and Hong Leong Bank remaining untraded.

Gains were seen in Press Metal adding seven sen to RM4.72, Sime Darby Plantation climbing six sen to RM4.39 and Maxis adding two sen to RM3.35.

Top actives on the market included Cypark down 4.5 sen to 33.5 sen, Reach unchanged at 5.5 sen and Top Glove down two sen to RM1.10.