Bursa Malaysia ends lower on profit-taking

Bursa Malaysia ends lower on profit-taking

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 7.02 points or 0.46 per cent weaker to close at 1,495.05 from yesterday’s close of 1,502.07. — Bernama pic

Tuesday, 02 Aug 2022 6:12 PM MYT

KUALA LUMPUR, Aug 2 — Bursa Malaysia erased yesterday’s gains to finish in the negative territory today, succumbing to profit-taking in selected plantation counters and in line with the weaker regional market performance.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 7.02 points or 0.46 per cent weaker to close at 1,495.05 from yesterday’s close of 1,502.07.

The benchmark index, which opened 0.74 of-a-point lower at 1,501.33, moved between 1,490.72 and 1,503.0 throughout the day.

Market breadth was negative with 698 losers against 228 gainers, while 363 counters were unchanged, 954 untraded, and 18 others suspended.

Total turnover increased marginally to 2.85 billion units worth RM1.59 billion from 2.38 billion units worth RM1.49 billion yesterday. Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that regionally, the key indices also closed sharply lower following the mildly negative cues from global markets overnight, amid declining oil prices.

Meanwhile, investors were cautious over the escalation in Sino-US tension with US House of Representatives Speaker Nancy Pelosi set to begin a visit to Taiwan against the objections of China, which regards the self-governed island as a breakaway province.

Back home, Thong said the FBM KLCI fell marginally, however, losses were capped due to attractive valuations of the benchmark index against its regional peers.

“We believe foreign funds will continue to accumulate local stocks to take advantage of our still cheap valuations amid the weakened ringgit.

“Notwithstanding the tension in the region, we anticipate the benchmark index to trend slightly higher within the 1,490-1,515 range for the remaining week, with immediate resistance at 1,500 level followed by 1,530 and support at 1,460,” he said.

Among heavyweights, Maybank improved one sen to RM8.88, Public Bank added two sen to RM4.66, Petronas Chemicals lost 10 sen to RM8.85, IHH Healthcare slid eight sen to RM6.42, while CIMB was flat at RM5.25.

Of the actives, CSH Alliance was two sen weaker at 5.5 sen, PUC fell 1.5 sen to three sen, Metronic slipped 2.5 sen to 10 sen, Top glove edged down one sen to 98 sen, while Borneo Oil was flat at 2.5 sen.

On the index board, the FBM Emas Index went down 85.72 points to 10,582.50, the FBM Emas Shariah Index sank 135.93 points to 10,697.15, the FBMT 100 Index narrowed 75.89 points to 10,336.68, the FBM ACE slipped 112.16 points to 4,796.58, and the FBM 70 dipped 202.82 points to 12,594.50.

Sector-wise, the Plantation Index declined 91.13 points to 7,028.05, the Industrial Products and Services Index shed 1.59 points to 184.44, the Energy Index gave up 17.42 points to 658.59, while the Financial Services Index eased 12.53 points to 16,651.28.

The Main Market volume rose to 1.82 billion shares worth RM1.34 billion against 1.60 billion shares worth RM1.24 billion yesterday. Warrants turnover improved to 368.32 million units valued at RM58.61 million versus 280.89 million units valued at RM55.42 million yesterday.

The ACE Market volume surged to 658.30 million shares worth RM192.17 million from 496.33 million shares worth RM199.01 million previously.

Consumer products and services counters accounted for 169.35 million shares traded on the Main Market, industrial products and services (846.41 million), construction (60.19 million), technology (191.73 million), SPAC (nil), financial services (38.64 million), property (108.59 million), plantation (51.61 million), REITs (10.02 million), closed/fund (4,100), energy (181.40 million), healthcare (105.69 million), telecommunications and media (16.54 million), transportation and logistics (31.96 million), and utilities (11.31 million). — Bernama