Bursa Malaysia ends softer in sync with Asian peers

KUALA LUMPUR: Bursa Malaysia finished lower yesterday, tracking losses in Asian markets, despite the firmer performance in the overnight US stock market.

The benchmark FTSE Bursa Malaysia KLCI ( FBM KLCI) declined 6.19 points to close at 1,790.11 versus Wednesday’s close of 1,798.15.

After opening 0.49 of-a-point better at 1,796.79, the index moved between 1,787.88 and 1,798.24 throughout the day.

On the scoreboard, market breadth was negative with losers outpacing gainers 528 to 317, while 408 counters unchanged, 620 untraded and 17 others suspended.

Volume decreased to 2.06 billion units worth RM2.45 billion from 2.34 billion units valued at RM2 billion.

Inter- Pacific Securities Sdn Bhd Research head Pong Teng Siew said the US stock market was trading on an uptrend, taking the cue from the higher interest rate, which has been a big driving factor that keeps the US dollar strong.

“Normally this would benefit the local technology counters, however, that is not really happening as the market is holding its breath, especially post-results session ended June 30, 2018.

“This is basically expected, and we forecast that Bursa Malaysia will likely be trading on a rangebound mode at least until the next two months.

“We are waiting for the thirdquarterresults(endingSeptember 30) to be out and that would provide a clearer picture for the market,” he told Bernama.

Meanwhile, Bank Islam Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said China’s manufacturing Purchasing Managers Index (PMI) had worsened, signalling the nation’s economic slowdown and fallout from the trade tensions with the US.

It was reported the PMI stood at 50.8 in September 2018 versus 51.3 in August.

“This suggested that the business sentiment is on holding mode including here in Malaysia. Besides this, investors are keeping their eye open on the 2019 Budget announcement for more clarity,” he said.

Among heavyweights, Maybank fell one sen to RM9.70, Tenaga was down by eight sen to RM15.50, Petronas Chemicals lost 10 sen to RM9.40 while Public Bank was flat at RM25.00.

For actives, Sapura Energy and Nova MSC slipped half-asen each to 41 sen and 17.5 sen respectively, My EG Services rose five sen to RM1.68 while Priceworth International was flat at five sen.

The FBM Emas Index reduced 46.04 points to 12,497.80, the FBM Emas Shariah Index declined 64.35 points to 12,634.59 and the FBMT 100 Index decreased 42.90 points to 12,304.03.

The FBM Ace Index eased 1.17 points to 5,295.56, while the FBM 70 declined 52.93 points to 14,787.64.

Sector- wise, the Plantation Index dipped 8.16 points to 7,502.22, the Financial Services Index inched down 2.72 points to 17,761.59, while the Industrial Products and Services Index edged down 0.67 of-a-point to 177.37. Main Market volume fell to 1.34 billion shares worth RM2.28 billion from 1.65 billion shares worth RM1.82 billion.

Warrants’ turnover decreased to 398.91 million units worth RM100.42 million versus 402.83 million units valued at RM104.19 million.

Volume on the ACE Market was up to 318.59 million units valued at RM75.1 million from 287.65 million units worth RM66.13 million.

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