Bursa Malaysia ends lower, weighed down by oil prices

KUALA LUMPUR: Bursa Malaysia finished its trading session lower in line with some Asian stock markets, following unfavourable news on global oil prices, dealers said.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,664.72, down 4.78 points versus Monday's close of 1,669.50. After opening 4.19 points weaker at 1,665.31 this morning, the local index was traded between 1,661.58 and 1,666.69 throughout the day.

Losers led gainers 426 to 338 while 395 counters were unchanged, 541 untraded and 37 others suspended.

Volume fell to 1.49 billion units worth RM1.85 billion from 1.64 billion units worth RM1.57 billion on Monday.

A dealer said the local bourse was trading downwards after Iran unexpectedly announced that major oil producing countries would walk away from the negotiations without a pact.

Iran, together with other members of the Organisation of the Petroleum Exporting Countries (OPEC), gathered in Algiers for a three-day meeting beginning yesterday to come up with steps to tackle a priceeroding glut of crude.

It was reported that the meeting would clinch an understanding on the last day of the meeting tomorrow, to abate production in order to lift oil prices.

“However, although the local index is still in the red, it is improving supported by foreign buying.Thisfollowstheconclusion of the first US presidential debate, which many perceived was won by Hillary Clinton, boosting market sentiment.

On the scoreboard, the FBM Emas Index fell 30.82 points to 11,760.49, the FBMT100 Index decreased 30.50 points to 11,462.22 and the FBM Emas Syariah Index was 19.58 points lower at 12,409.25.

The FBM 70 depreciated 27.92 points to 13,781.22 but the FBM Ace was up by 26.36 points to 5,298.77. Sector-wise, the Finance Index gave up 82.27 points to 14,276.12, the Plantation Index dropped 2.69 points to 7,961.44, and the Industrial Index was 4.14 points lower at 3,123.20.

Of the heavyweights, TNB and Petronas Chemicals were flat at RM14.40 and RM6.70 respectively while Public Bank fell four sen to RM19.94 and Maybank went down 10 sen to RM7.59.

Among actives, Sanichi and Hiap Teck Venture eased halfa-sen each to 7.5 sen and 33 sen respectively but Connectcounty added half-a-sen to three sen and Vivocom Intl was flat at 21 sen.

Main market turnover rose to 1.49 billion shares worth RM1.85 billion from 1.17 billion shares valued at RM1.48 billion on Monday. The ACE Market volume advanced to 307.61 million units valued at RM40.46 million versus 236.40 million units valued at RM34.54 million.

Warrants increased to 296.57 million shares worth RM57.84 million against 222.86 million shares worth RM45.94 million.

Consumer products accounted for 65.88 million shares traded on the Main Market, industrial products ( 268.51 million), construction ( 48.92 million), trade and services (305.83 million), technology ( 18.93 million), infrastructure (10.82 million), SPAC ( 5.47 million), finance (58.73 million), hotels (887,400), properties ( 63.19 million), plantations (20.35 million), mining (15,300), REITs (5.92 million) and closed/fund (13,100).