Weak buying sentiment
BURSA Malaysia ended lower yesterday on weak buying sentiment due to lack of fresh domestic catalysts and lingering volatility in global capital markets.
THE FBM KLCI ended at 1,627.63 points, 2.93 points lower. It opened 2.47 points higher at 1,633.03 and moved between 1,624.31 and 1,637.4 during the day.
On the Bursa scoreboard, losers outpaced gainers 449 to 349 with 346 counters unchanged, 549 untraded and 16 suspended.
Among the heavyweights, TNB added 4sen to RM14.20, Maybank fell 12 sen to RM7.66, Public Bank declined 4 sen to RM19.66 and Petronas Chemicals eased 1 sen to RM6.83.
In a note, Kenanga Research said the FBM KLCI’s rebound on Tuesday, underpinned mainly by selective buying in quality blue chips, was not sustainable given the low trading volume.
“Overall, with the lack of fresh domestic catalyst and much volatility lingering in the global capital markets, the FBM KLCI is still expected to be subdued this week.
“Downside supports are located at 1,620, followed by 1,600, while resistance is capped at 1,640 and 1,662,” it added. – Bernama