KUALA LUMPUR: Bursa Malaysia closed lower yesterday, weighed down by selling pressure in selected heavyweights, mainly utilities and banking stocks, alongside weaker performances across regional markets.
At 5pm, the FBM KLCI dropped 7.2 points, or 0.45%, to 1,604.36 from last Friday’s close of 1,611.56.
The benchmark index opened 0.44 of a point firmer at 1,612, its highest level yesterday, before hitting its lowest level of 1,600.45 during the late afternoon session.
However, the broader market was slightly positive, with gainers edging losers 549 to 514, while 508 counters were unchanged, 1,330 untraded, and 59 suspended.
Turnover fell to 2.9 billion units worth RM2.15bil from last Friday’s 3.18 billion units worth RM2.69bil.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said selling pressure persisted in utility and banking heavyweights amid thin trading volume.
He noted that regional markets ended broadly lower, weighed down by weakness in technology stocks as investors questioned the sustainability of substantial spending on artificial intelligence infrastructure and the potential returns on such investments.
“Back home, buying interest shifted towards energy stocks, supported by persistently high crude oil prices.
“We believe bargain hunting will emerge given the recent weakness, particularly in stocks that have corrected sharply despite having sound fundamentals.
“Nevertheless, subdued liquidity, elevated oil prices and uncertainty ahead of the US Federal Reserve’s policy decision this week could limit any rebound.
“We expect the FBM KLCI to trade within 1,590 to 1,620 for the week,” he told Bernama.
Among the heavyweight stocks, Malayan Banking Bhd
fell eight sen to RM9.98, Public Bank Bhd and Tenaga Nasional Bhd each trimmed two sen to RM4.73 and RM13.28, respectively, CIMB Group Holdings Bhd lost five sen to RM7.10, and IHH Healthcare Bhd gave up six sen to RM7.84. — Bernama
