Bursa Malaysia reverses earlier losses to end mixed

KUALA LUMPUR: Bursa Malaysia reversed most of its earlier losses to end mixed today on late buying in selected financial services, telecommunications and media counters, amid weak sentiments on the regional stock markets.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.16 of-a-point to 1,457.0 from 1,457.16 at Friday’s close.

The barometer index opened 0.03 of-a-point higher at 1,457.19 and moved between 1,452.15 and 1,457.43 throughout the day.

On the broader market, gainers overwhelmed decliners 575 to 404 while 378 counters were unchanged, 972 untraded and 13 others suspended.

Turnover improved to 3.53 billion units worth RM1.89 billion from 2.94 billion units worth RM1.86 billion last week.

CIMB and CelcomDigi were the top two contributors towards the local benchmark index’s recovery, rising 4.0 sen and 3.0 sen to RM5.65 and RM4.38 respectively, with a combined contribution of 1.29 points.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the local benchmark index closed slightly lower in tandem with the regional selldown.

"Major regional stock benchmarks slid downwards due to conflicting US economic data that rekindled concerns over the potential of the US Federal Reserve opting for another interest rate hike. Simultaneously, US bond yields increased, with the two-year Treasury yield reaching 4.89 per cent,” he told Bernama today.

On the domestic front, he said the benchmark index remained well supported above the 1,450 mark as the election dust settles down with a widely expected outcome.

"Our view is that this will help clear up uncertainties in the local political scene and will attract more foreign investors to the Malaysian stock market. Additionally, we expect the overall outlook in the mid term to be positive buoyed by improving economic conditions,” he said.

However, he said that investor sentiment may be affected by uncertain global economic conditions and increasing market volatility.

As such, he said the FBM KLCI is expected to trend sideways with an upside bias within the range of 1,450-1,470 for the week with immediate resistance at 1,460 and support at 1,440.

Among other heavyweights, Maybank and Petronas Chemicals slipped 2.0 sen each to RM9.00 and RM6.83 respectively, Public Bank fell 1.0 sen to RM4.15, Tenaga Nasional was flat at RM9.80 while IHH Healthcare went up 1.0 sen to RM5.99.

Among the actives, Sapura Energy and Classita eased half sen each to 5.5 sen and 8.5 sen, Advance Synergy slipped 2.5 sen to 14.5 sen, while UEM Sunrise rose 2.0 sen to 56.5 sen.

On the index board, the FBM Emas Index was 17.28 points better at 10,712.41, the FBMT 100 Index gained 12.95 points to 10,400.25, the FBM Emas Shariah Index added 17.57 points to 10,936.28, and the FBM 70 Index improved 77.28 points to 14,064.21.

The FBM ACE Index, however, trimmed 18.83 points to 5,325.32.

Sector-wise, the Financial Services Index advanced 9.89 points to 16,306.87, the Industrial Products and Services Index added 0.10 of-a-point to 167.46, and the Energy Index rose 2.58 points to 834.11, while the Plantation Index shaved off 13.21 points to 7,074.02.

The Main Market volume widened to 2.45 billion units valued at RM1.58 billion from 2.02 billion units valued at RM1.61 billion on Friday.

Warrants turnover expanded to 442.27 million units worth RM67.76 million versus 312.12 million units worth RM49.29 million.

The ACE Market volume rose to 638.67 million shares valued at RM241.85 million compared with 595.56 million shares valued at RM202.48 million previously.

Consumer products and services counters accounted for 665.51 million shares traded on the Main Market, industrial products and services (268.61 million); construction (136.42 million); technology (102.80 million); SPAC (nil); financial services (50.02 million); property (512.74 million); plantation (40.74 million); REITs (10.66 million), closed/fund (120,700); energy (502.69 million); healthcare (51.15 million); telecommunications and media (26.58 million); transportation and logistics (29.42 million); and utilities (49.90 million). - Bernama

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