Bursa Malaysia ends lower

KUALA LUMPUR: Bursa Malaysia finished its trading session lower yesterday in line with some Asian stock markets following the overnight drop on Wall Street as well as weaker oil prices, dealers said.

At 5 pm, the FTSE Bursa Malaysia KLCI ( FBM KLCI) fell 3.51 points to 1,673.92 against Tuesday’s close of 1,677.43, after fluctuating between 1,672.35 and 1,677.50 throughout the day.

The index opened 2.26 points easier at 1,675.17.

Market breadth was weaker with 496 losers and 285 gainers, while 387 counters were unchanged, 511 untraded and 67 others suspended.

Volume fell to 1.54 billion units valued at RM1.81 billion from 1.43 billion units worth RM1.84 billion recorded on Tuesday.

Among regional bourses, Singapore’s Straits Times was 0.89 per cent lower at 2,828.57, Hong Kong’s Hang Seng fell 1.02 per cent to 23,325.43 and South Korea’s Seoul Composite index went down 1.14 per cent to 2,013.89.

Inter- Pacific Securities Sdn Bhd research head Pong Teng Siew said the lack of a firm agreement on how to cut oil production across the Organisation of the Petroleum Exporting Countries has affected the outlook for the oil market.

“Globally, this oil price issue has dragged indexes around Asia, and the US’ Wall Street went down overnight.

“But the oil traders remain agreed that the oil market will recover gradually, although for a short period right now oil prices may take a dip,” he told Bernama.

At the moment, US West Texas Intermediate crude oil futures are trading at US$ 49.34 per barrel, down 62 cents or 1.24 per cent, while Brent crude futures are down 53 cents or 1.04 per cent at US$ 50.26 per barrel.

Pong said going forward the local equity market will remain cautious as the temptation among investors still seems to look out for profits.

Another analyst said the benchmark index was also dragged down by uncertainties over a US interest rate hike.

Of the heavyweights, TNB declined four sen to RM14.32, Petronas Chemicals went down one sen to RM6.98 and IHH Healthcare fell nine sen to RM6.35.

Maybank and Public Bank each rose two sen to RM7.92 and RM19.80 respectively while Maxis was flat at RM6.00.

Of the gainers, Nestle increased 21 sen to RM78.40, United Plantations rose 20 sen to RM27.90 and F&N improved 18 sen to RM24.48.

The FBM Emas Index fell 25.68 points to 11,804.32, the FBM Ace slipped 37.04 points to 5,135.25 and the FBM Emas Shariah Index eased 22.53 points to 12,407.23.

The FBMT100 Index fell 23.95 points to 11,505.28 and the FBM 70 lost 27.87 points to 13,759.86.

On a sectoral basis, the Finance Index gave up 29.82 points for 14,540.64, with the Industrial Index declining 4.23 points to 3,153.51 and the Plantation Index rising 32.34 points to 7,957.33.

Main Market turnover rose to 1.05 billion units worth RM1.73 billion, from 952.63 million units worth RM1.76 billion on Tuesday.

The ACE Market volume shrank to 211.08 million shares valued at RM30.68 million, from 214.75 million shares valued at RM36.73 million previously.

Warrants gained to 275.79 million units worth RM45.59 million, from 254.87 million units worth RM38.51 million on Tuesday. — Bernama