KUALA LUMPUR: Bursa Malaysia closed lower yesterday, weighed down by profit-taking in selected heavyweights and weaker sentiment towards petrochemical stocks as oil prices continued to slide, says an analyst.
At 5pm, the FBM KLCI eased 7.07 points, or 0.42%, to 1,676.43, from Tuesday’s close of 1,683.50 points. The benchmark index opened 1.31 points lower at 1,682.19 and moved between 1,675.15 and 1,685.37 throughout the session.
Market breadth was almost even, with losers outpacing gainers 549 to 519. A total of 577 counters were unchanged, 1,226 untraded and 27 suspended.
Turnover narrowed to 3.20 billion units worth RM2.99bil, from 3.57 billion units valued at RM3.15bil on Tuesday.
“The FBM KLCI is likely to remain choppy in the near term as investors balance profit-taking and elevated geopolitical risks against resilient corporate earnings and potential domestic catalysts such as Budget 2027,” said an analyst.
“While the recent pullback could encourage bargain hunting, a sustained recovery will likely depend on improved global risk sentiment and clearer visibility on earnings,” he added.
Meanwhile, IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said crude oil prices fell after Donald Trump commented that the United States and Iranian representatives had held “very good” talks at the United Nations.
He said the remarks raised hopes of progress towards de-escalation, easing the geopolitical risk premium in oil prices.
Mohd Sedek also said investors have remained cautious ahead of the expected meeting between Trump and Chinese President Xi Jinping, with the outcome likely to influence sentiment around global trade and economic growth.
“The combination of profit-taking and softer energy prices kept the index under pressure, although the broader market remained focused on geopolitical developments and the direction of oil prices,” he told Bernama.
Berjaya Research Sdn Bhd head of research Kenneth Leong said that the market index is expected to remain range-bound in the near term as investors await further clarity on developments in West Asia.
Among the heavyweights, Malayan Banking Bhd
rose two sen to RM10.14, Public Bank Bhd eased one sen to RM4.83, CIMB Group Holdings Bhd added three sen to RM7.93 and Tenaga Nasional Bhd firmed four sen to RM13.14, while IHH Healthcare Bhd remained unchanged at RM8.
Top active counters included Zetrix AI Bhd, which fell two sen to 18.5 sen, JAKS Resources Bhd lost half a sen to 16.5 sen, V.S Industry Bhd expanded two sen to 25 sen, Velesto Energy Bhd declined one sen to 23 sen, and Capital A Bhd inched down 1.5 sen to 25.5 sen.
Among the top gainers, Malaysian Pacific Industries Bhd was RM1.38 higher at RM44.58, Nestle (M) Bhd ticked up 34 sen to RM89.50, KESM Industries Bhd strengthened 32 sen to RM4.33, Ayer Holdings Bhd edged up 27 sen to RM7.47 and Petronas Gas Bhd appreciated 22 sen to RM17.50.
The top losers include Dutch Lady Milk Industries Bhd, which dropped 50 sen to RM30.40; United Plantations Bhd and Hong Leong Industries Bhd erased 34 sen each to RM33.20 and RM16.72; Sarawak Oil Palms Bhd weakened 24 sen to RM5.85, and Kuala Lumpur Kepong Bhd gave up 20 sen to RM22.50. — Agencies
