KUALA LUMPUR: Bursa Malaysia’s benchmark index pared earlier losses, ending marginally lower after late buying lifted it to the day’s high of 1,712.33 at the close, amid mixed regional sentiment.
At 5pm, the FBM KLCI eased 0.41 of-a-point to 1,712.33 compared with last Friday’s close of 1,712.74.
The benchmark index opened 2.17 points lower at 1,710.57 and subsequently dipped to its intraday low of 1,704.64 after one hour of trading, before clawing back in the late session toward the close.
Market breadth was negative, with decliners outpacing advancers by 778 to 359. A total of 517 counters were unchanged, 1,001 counters were untraded and 11 were suspended.
Turnover declined to 3.08 billion units worth RM2.74bil from last Friday’s 3.08 billion units worth RM3.08bil.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said some investors engaged in profit-taking following the recent rally, while others opted for late buying indicating that the market remained resilient.
“We view the profit-taking as a healthy correction to digest the recent uptrend.
“We reckon that as long as foreign inflows continue and buying interest stays focused on fundamentally strong stocks, the benchmark index is likely to remain on a firmer footing.
“The near-term outlook remains constructive, with potential for further gradual upside,” he told Bernama.
Meanwhile IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said profit-taking had intensified, with broad-based declines across the FBM KLCI, FBM Mid 70 and FBM SmallCap indices.
“Investor caution was driven by renewed geopolitical unease following the weekend remarks from US President Donald Trump’s administration regarding Greenland,” he said.
In meantime, he said globally, the US markets were closed yesterday in observance of Martin Luther King Jr Day, including the New York Stock Exchange, which is expected to dampen global liquidity and potentially weigh on trading conditions across Asian markets in the next session.
“In addition, with the US corporate earnings season beginning, we expect Bursa Malaysia to trade in a more modest and range-bound manner as investors await clearer external cues,” he said.
Among the heavyweights, CIMB Group Holdings Bhd
and Tenaga Nasional Bhd shed four sen each to RM8.37 and RM13.82 respectively, Malayan Banking Bhd was unchanged at RM11.16, while Public Bank Bhd gained seven sen to RM4.80 and IHH Healthcare Bhd rose three sen to RM8.41.
On the most active list, AirAsia X Bhd declined two sen to RM1.65, SMRT Holdings Bhd tumbled 26 sen to 18.5 sen, Zetrix AI Bhd eased one sen to 80.5 sen, and Capital A Bhd slipped four sen to 50.5 sen, while Tanco Holdings Bhd rose one sen to RM1.26.
Among the top gainers, Allianz Malaysia Bhd climbed RM1.24 sen to RM21.68, Hong Leong Financial Group Bhd put on 62 sen to RM21.58 and Hong Leong Bank Bhd advanced 36 sen to RM24.30.
