Bursa Malaysia closes at intra-day low

BURSA Malaysia ended at an intra-day low yesterday on selling pressure across-the-board in tandem with most Southeast Asian bourses, taking the cue from the weaker overnight performance on Wall Street, dealers said.

The FBM KLCI ended at 1,865.34, down 15.02 points from Monday’s close of 1,880.36.

It opened 3.39 points higher at 1,883.75 and moved between 1,865.34 and 1,885.32 throughout the day.

Market breadth was negative with losers outpacing gainers by 573 to 291 while 387 counters remained unchanged, 663 untraded and 28 others suspended.

A dealer said Bursa Malaysia extended profit-taking consolidation yesterday due to an overbought technical momentum after hitting an all-time high of 1,895.18, up 15.86 points, on Thursday last week.

“Concerns over the rising yields in US government bonds and the downturn among technology companies sapped optimism in most Southeast Asian equities markets which prompted a sell-off,” he said.

Bursa Malaysia opened higher but succumbed to profit-taking after 15 minutes of trading with selling in blue-chips led by Press Metal Aluminium and telecommunication stocks. – Bernama