Bursa Malaysia ends lower as investors digest 2019 Budget

KUALA LUMPUR: Bursa Malaysia settled lower, weighed down by global market performance as well as investors taking time to evaluate the 2019 Budget, a dealer said.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI ( FBM KLCI) closed 5.07 points lower at 1,708.80, on the first trading day after 2019 Budget was tabled. It fell from last Friday’s close of 1,713.87.

The index opened 6.2 points better at 1,720.07 and moved between 1,699.60 and 1,720.07 throughout the day.

Broader market was negative with losers thumping gainers 537 to 334, while 315 were unchanged, 654 untraded and 18 others suspended.

Volume fell to 2.2 billion worth RM3.28 billion from 3.16 billion units worth RM2.52 billion recorded on Friday.

Public Investment Bank Bhd said the 2019 Budget, which was one of the most keenly- anticipated of budget announcements, did not contain as much specifics as the previous budget but it did have a clear focus on what needed to be done today.

“While there are sufficient reasons to be cagey over shortterm impacts, the longer- term positives from Budget 2019 will eventually outweigh.

“We reckon the FBM KLCI will now likely end 2018 at about 1,740 points versus our earlier expectation of 1,790 points as earnings multiples remain compressed,” it said.

Of the heavyweights, Maybank gave up two sen to RM9.38, PBBank fell four sen to RM24.58 while Tenaga added 10 sen to RM14.80 and PChem gained 22 sen to RM9.70.

The most active stock, GENM, lost 93 sen to RM3.61 and recorded continuous selling today after the 2019 Budget 2019 revealed that the government would raise the annual casino licence fee from RM120 million to RM150 million.

Among other actives, Seacera fell 1.5 sen to 29 sen while SapNRG added half-a- sen to 35.5 sen, PresBhd gained 5.5 sen to 76.5 sen, and MRCB added two sen to 78 sen.

The FBM Emas Shariah Index accumulated 92.88 points to 11,983 while the FBM Emas Index fell 17.88 points to 11,839.77 and the FBM Ace Index was 67.44 points lower at 4,953.11.

The FBMT 100 Index declined 13.66 points to 11,682.95 but the FBM 70 advanced 65.39 points to 13,801.9.

Sector-wise, the Plantation Index went up 11.64 points to 7,401.46, the Industrial Product and Services Index was 1.41 points stronger at 174.53 while the Financial Services Index erased 26.69 points to 17,251.0.

Main Market volume trimmed to 1.51 billion worth RM3.16 billion from 2.03 billion shares valued at RM2.31 billion on Friday.

Warrants turnover reduced to 417.0 million units valued at RM72.80 million from 501.47 million units worth RM112.24 million transacted previously.

Volume on the ACE Market dipped to 294.28 million worth RM47.2 million from 624.32 million shares valued at RM97.51 million.

Consumer products and services accounted for 285.94 million shares traded on the Main Market, industrial products and services ( 530.44 million), construction ( 58.36 million), technology ( 175.0 million), SPAC ( 5,000), financial services ( 35.72 million), property ( 128.09 million), plantations ( 12.95 million), REITs ( 8.38 million), closed/ fund (nil), energy (1.92 million), healthcare ( 32.96 million), telecommunication and media ( 38.0 million), transportation and logistics ( 33.29 million), and utilities (16.95 million).

Bursa Malaysia will be closed today for the Deepavali holiday.

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