IPPFA's Mohd Sedek expects the FBM KLCI to broadly maintain its underlying momentum, trading around the 1,640 level this week.
KUALA LUMPUR: Bursa Malaysia snapped a four-day rally to end lower yesterday, as profit-taking emerged following the benchmark index’s move into positive year-to-date territory.
At 5pm, the FBM KLCI slipped 6.87 points, or 0.42%, to 1,641.44 from Tuesday’s close of 1,648.31.
The index opened 2.99 points lower at 1,645.32, and moved between 1,639.13 and 1,646.66 throughout the trading session.
However, market breadth was positive with gainers beating decliners 575 versus 465. A further 543 counters were unchanged, 1,193 untraded and 12 suspended.
Turnover fell to 2.45 billion units worth RM2.27bil from 2.59 billion units worth RM2.27bil on Tuesday.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the FBM KLCI’s recent momentum had already added 37.31 points, or 2.32%, making its period of consolidation both healthy and expected.
He said market participation remained subdued, with trading volume staying below the three billion mark for a third consecutive session, indicating measured rather than aggressive selling.
“Within the index, banking stocks led the losses, while industrial stocks provided some support. Across the broader market, the telecommunications sector recorded the steepest declines, whereas the technology sector outperformed.
“Therefore, we remain constructive on the near-term outlook and expect the FBM KLCI to broadly maintain its underlying momentum, trading around the 1,640 level this week,” he told Bernama.
Among heavyweights, Malayan Banking Bhd
, Public Bank Bhd and CIMB Group Holdings Bhd fell six sen each to RM10.30, RM4.41 and RM7.92. IHH Healthcare Bhd lost 13 sen to RM8.59, while Tenaga Nasional Bhd rose 10 sen to RM13.24.
On the most active list, Velesto Energy Bhd edged up half-a-sen to 28 sen, Top Glove Corp Bhd gained 1.5 sen to 65 sen, while Zetrix AI Bhd and VS Industry Bhd eased half-a-sen each to 80.5 sen and 48 sen, respectively, and Tanco Holdings Bhd was flat at RM1.15.
Top gainers included Malaysian Pacific Industries Bhd which climbed 90 sen to RM32.40, Nestle (M) Bhd increased 80 sen to RM113.80, UWC Bhd jumped 29 sen to RM4.26 and Hong Leong Industries Bhd garnered 22 sen to RM15.90.
