Bursa ends week on softer note amid regional weakness

KUALA LUMPUR: Bursa Malaysia ended the week on a softer note, tracking the weaker performance of regional markets.

IPPFA Sdn Bhd director of investment strategy and country economist Sedek Jantan said the regional weakness was triggered by a sharp sell-off in major US technology counters.

“Investor sentiment was further weighed down by comments from US Federal Reserve chair Jerome Powell, who played down the prospects of another interest rate cut in December, a move previously priced in by markets,” he told Bernama.

Meanwhile, Rakuten Trade Sdn Bhd’s vice-president of equity research Thong Pak Leng said the local market continues to demonstrate resilience as the FTSE Bursa Malaysia KLCI (FBM KLCI) consolidates.

“The index appears to be stabilising, although stronger catalysts are needed to reignite buying momentum.

“Sustaining above the 1,600 level will be key to defending the current uptrend, while a firm breakout beyond 1,630 may signal the start of a new upward leg,” he added.

At 5pm, the FBM KLCI eased 5.05 points, or 0.31%, to 1,609.15 from yesterday’s close of 1,614.20.

The benchmark index opened 4.31 points lower at 1,609.89 and moved between 1,607.66 and 1,615.10 throughout the trading session.

Market breadth was negative with 563 losers leading 470 gainers, while 510 counters were unchanged, 1,126 untraded, and 60 suspended.

Turnover improved to 3.55 billion units worth RM2.68 billion compared with 3.46 billion units worth RM2.62 billion yesterday.

At the time of writing, Indonesia’s IDX Composite Index slid 0.25% to 8,163.88, Hong Kong’s Hang Seng Index sank 1.43% to 25,906.65, China’s SSE Composite Index dipped 0.81% to 3,954.79, and Singapore’s Straits Times Index was 0.20% lower at 4,428.62.

Among heavyweights, Maybank shed two sen to RM9.87, CIMB Group eased one sen to RM7.30, Tenaga Nasional lost four sen to RM13.28, while Public Bank was unchanged at RM4.22, and IHH Healthcare added five sen to RM8.25.

On the most active list, Perak Transit edged down 2.5 sen to 34 sen, Dagang NeXchange perked up 2.5 sen to 30.5 sen, Zetrix AI climbed three sen to 84.5 sen, Tanco inched up 0.5 sen to 93.5 sen and Ekovest was 1.5 sen lower at 33.5 sen.

Top gainers included Nestle, which surged RM2.50 to RM113.00, Dufu Technology soared 30 sen to RM2.20, Sarawak Oil Palms rose 21 sen to RM3.73, United Plantations put on 16 sen to RM24.80 and KESM Industries advanced 11 sen to RM3.63.

Among the top losers, Chin Teck Plantations plummeted 70 sen to RM11.04, PPB Group sank 46 sen to RM11.14, Kuala Lumpur Kepong declined 38 sen to RM20.50, Malaysian Pacific Industries dropped 26 sen to RM30, and Hong Leong Bank dipped 24 sen to RM20.56.

On the index board, the FBM Emas Index slipped 27.93 points to 12,023.36, the FBMT 100 Index decreased 31.30 points to 11,761.17, the FBM Emas Shariah Index fell 27.02 points to 12,098.11, the FBM 70 Index lost 21.07 points to 17,056.07, and the FBM ACE Index gave up 8.45 points to 5,221.39.

By sector, the financial services index dropped 69.99 points to 18,123.26 and the plantation index tumbled 33.08 points to 7,987.09.

However, the industrial products and services index edged up 0.11 of-a-point to 171.61 and the energy index added 2.81 points to 771.24.

The Main Market volume climbed to 1.88 billion units valued at RM2.4 billion from 1.67 billion units valued at RM2.3 billion yesterday.

Warrants turnover dwindled to 1.28 billion units worth RM123.62 million compared with 1.4 billion units worth RM152.73 million previously.

The ACE Market volume dipped to 381.42 million units valued at RM155.65 million from 386.48 million units valued at RM165.6 million yesterday.

Consumer products and services counters accounted for 353.62 million shares traded on the Main Market, industrial products and services (317.56 million), construction (161.04 million), technology (426.16 million), financial services (60.33 million), property (218.99 million), plantation (33.07 million), real estate investment trusts (30.81 million), closed-end fund (6,200), energy (82.71 million), healthcare (72.94 million), telecommunications and media (52.01 million), transportation and logistics (36.38 million), utilities (33.96 million), and business trusts (4,200).