Bursa Malaysia closes at intra-day day low on weak market sentiment

KUALA LUMPUR: Lack of positive domestic catalyst and looming concern over economic growth affected the performance of stock markets, including Bursa Malaysia, which ended at an intra-day low of 1,664.63, down 15.27 points or 0.91 per cent today against Friday’s close of 1679.90.

Rakuten Trade Sdn Bhd head of research Kenny Yee, however, said the downtrend was only a short-term reaction.

“We believe the situation would improve once the impending interest rate hike is postponed in the United States,” he told Bernama.

The benchmark index opened 0.24 point higher at 1,680.14 and moved between 1,664.63 and 1,680.18 throughout the day.

On the scoreboard, market breadth was negative with 638 losers to 266 gainers while 355 counters remained unchanged, 645 untraded and 20 others were suspended.

Volume was lower at 2.54 billion units, valued at RM 2.32 billion, from 2.61 billion units, worth, RM2.22 billion, recorded on Friday.

“Talks of slower global economic growth, as projected by the European Central Bank, may result in the US Federal Reserves being reluctant to hike rates anytime soon as depicted by the 10-year Treasury rates now at 2.63 per cent compared with its 12-month high of 3.25 per cent,” he explained.

Among heavyweights, Maybank lost six sen to RM9.47, PBBank reduced 30 sen to RM24.2, PChem declined five sen to RM9.20, Tenaga reduced eight sen to RM12.62 and IHH was two sen lower at RM5.86.

Of losers, PetDag lost 34 sen to RM25.90, AeonCr declined 32 sen to RM16.88, DLady eased 30 sen to RM63.6 and Harta reduced 24 sen to RM4.75.

Meanwhile, Amtek, which fell into the Practice Note 17 (PN17) status and faces a possible delisting from the local bourse, saw its share price decline 25 sen to 12 sen.

The FBM Emas Index decreased 102.57 points to 11,636.66, the FBMT 100 Index declined 102.19 points to 11,488.29 and the FBM Emas Shariah Index erased 87.86 points to 11,649.96.

The FBM 70 lost 111.69 points to 14,050.09 while the FBM Ace Index fell 8.0 points to 4,682.33.

Sector-wise, the Financial Services Index slipped 178.08 points to 17,314.31, the Plantation Index reduced 13.60 points to 7,250.54 and the Industrial Products and Services Index eased 0.58 of-a-point to 168.68.

Main Market volume increased to 1.86 billion shares, valued at RM2.16 billion, from Friday’s 1.84 billion shares worth RM2.05 billion.

Warrants turnover fell to 436.88 million units, valued at RM95.13 million, versus 506.02 million units, worth RM106.96 million on Friday.

Volume on the ACE Market dropped to 236.73 million shares, worth RM62.74 million, against 254.24 million shares, worth RM62.37 million, traded previously.

Consumer products and services accounted for 211.76 million shares traded on the Main Market, industrial products and services (332.77 million), construction (217.16 million), technology (146.32 million), SPAC (nil), financial services (66.8 million), property (167.47 million), plantation (28.53 million), REITs (5.85 million), closed/fund (100), energy (533.36 million), healthcare (50.27 million), telecommunications and media (23.44 million), transportation and logistics (28.47 million), and utilities (17.25 million).

For further information on stocks and prices, please visit www.bursamalaysia.com.