Bursa gives up early gains to end lower

Apex Securities' Leong said the key focus remains on the ongoing flurry of corporate earnings releases.

KUALA LUMPUR: Bursa Malaysia gave up earlier gains to close lower yesterday on a lack of catalysts amidst the downbeat performance in regional markets, says an analyst.

At 5pm, the FBM KLCI slid 2.45 points, or 0.15%, to 1,615.82 from Monday’s close of 1,618.27.

The benchmark index, which opened 2.38 points higher at 1,620.65, fluctuated between 1,612.96 and 1,622.93 throughout the trading session. On the broader market, decliners outnumbered gainers 824 to 352, with 518 counters unchanged, 730 untraded and 33 others suspended.

Turnover declined to 4.86 billion units worth RM3.79bil from Monday’s 5.64 billion units worth RM3.92bil.

Apex Securities Bhd head of research Kenneth Leong said the FBM KLCI formed another bearish candle as the key index retreated for the third straight session, sans fresh catalysts while profit-taking was evident in more than half of the key index constituents.

The market weakness was also in line with the negative performance across the regional markets, he added. — Bernama

Regionally, Japan’s Nikkei 225 slid 0.11% to 38,855.37, Hong Kong’s Hang Seng Index eased 0.03% to 18,821.16, South Korea’s Kospi shed 0.01% to 2,722.85 and Shanghai’s SSE Composite Index dipped 0.46% to 3,109.57.

“Technically, the FBM KLCI has formed another bearish candle as the key index extended its pullback mode. For now, we expect consolidation to take shape with the key index looking to defend the 1,600 level,” he told Bernama.

He added that the key focus remains on the ongoing flurry of corporate earnings releases.

“Investors also will be keeping a close tab on the release of the Beige Book by the US Federal Reserve tomorrow night, which highlights the economic conditions of 12 Fed Districts,” he added.

Among the heavyweights, Public Bank Bhd shed one sen to RM4.12, IHH Healthcare Bhd slipped nine sen to RM6.20, Malayan Banking Bhd was flat at RM9.99, while Tenaga Nasional Bhd gained four sen to RM13.26, and CIMB Group Holdings Bhd added one sen to RM6.91.

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