Lower on selling of finance-related stocks

BURSA Malaysia finished lower yesterday on the back of selling in finance index-related stocks, as well as cautious sentiment on the implementation of the Intraday Short Selling (IDSS) framework.

The FBM KLCI settled at 1,879.32, slipping 1.17 points. The key index opened 3.5 points better at 1,883.99 and moved between 1,873.11 and 1,884.84 during the day.

Overall, there were 617 losers and 285 gainers, with 384 counters unchanged, 626 untraded and 26 suspended.

Inter-Pacific Securities Sdn Bhd research head Pong Teng Siew said the market was still digesting the announcement of IDSS ahead of its implementation and how it would affect small-capitalised stocks.

“Most brokers are still not offering it (IDSS) to their investors as they want to understand how it works.

“Thus, the sentiment weighed on the market performance, on top of profit-taking activities which were anticipated to take place this week following the strong bourse performance last week,” he told Bernama.

He also said external factor such as a steep rise in aluminium prices due to the US sanction on Russia’s aluminium producer Rusal had also created an uneasy environment in the market.

“It means that the trade war has worsened, reducing the risk appetite,” he said.

Among the heavyweights, PBBank gained 2 sen to RM24.00, Maybank and Tenaga Nasional dipped 2