PETALING JAYA: Profit-taking after three consecutive sessions of gains, coupled with a broad regional sell-off, left the FBM KLCI little changed yesterday as investors turned cautious.
At the close, the market barometer was little changed, slipping 0.6 of a point, or 0.04%, to 1,682.93. The index traded within a 7.25-point range, touching an intraday high of 1,684.19 and a low of 1,676.94.
There were 410 gainers, 577 losers and 573 counters traded unchanged on Bursa Malaysia. Turnover stood at 2.7 billion shares valued at RM2.05bil.
Dealers said sentiment remained cautious as investors locked in gains following the recent advance, tracking broad-based weakness across Asian equities.
One dealer said investor sentiment toward the Malaysian stock market in the short term is likely to remain cautious but not outright bearish, with market participants expected to stay selective amid lingering external uncertainties and the absence of strong domestic catalysts.
“After the recent rebound in the FBM KLCI, profit-taking is likely to persist, particularly in large-cap stocks that have outperformed over the past few sessions.
“The market is expected to trade within a narrow range as investors weigh concerns over global economic growth, the trajectory of US interest rates, geopolitical developments and regional market performance.”
He added that domestic fundamentals continue to provide a degree of support.
“Malaysia’s economy remains on a steady growth path, inflation is relatively contained, and expectations of resilient corporate earnings should help cushion downside risks.
“This suggests any pullback could be viewed as an opportunity by longer-term investors rather than the start of a sustained sell-off.”
Among the decliners, Allianz Malaysia Bhd
lost 50 sen to RM20.60, Dutch Lady Milk Industries Bhd slid 40 sen to RM32, Vitrox Corp Bhd declined 15 sen to RM7.48 and PPB Group Bhd fell 14 sen to RM9.36.
On the other hand, Fraser & Neave Holdings Bhd gained 56 sen to RM29.66, Batu Kawan Bhd added 32 sen to RM21.50, Petronas Gas Bhd rose 30 sen to RM17.80 and United Plantations Bhd climbed 24 sen to RM33.74.
Newly listed RNG Tech Bhd was the most actively traded stock on Bursa Malaysia, with 110.4 million shares changing hands.
The operator of the “Rest N Go” vending massage chair business closed unchanged at 13 sen.
Meanwhile, foreign investors remained net sellers, offloading RM85mil worth of equities. Local institutions and retail investors were net buyers, with net purchases of RM11mil and RM74mil, respectively.
Around the region, MSCI’s Asia ex-Japan stock index fell 1.96%, with most regional bourses ending lower.
Japan’s Nikkei 225 closed down 2.12% at 68,256.96 and South Korea’s Kospi tumbled 4.91% to 7,656.31.
China’s blue-chip CSI300 index fell 1.03% to 4,792.26, while the Shanghai Composite Index slid 1.26% to 3,990.24. Hong Kong’s Hang Seng Index lost 0.51% to 23,496.89 and Singapore’s Straits Times Index rose 1.43% to 5,335 points.
