Key regional markets closed broadly lower following negative cues from Wall Street overnight as worries over slowing growth and soaring inflation continued to weigh on market sentiment, says analyst

BURSA Malaysia Bhd extended yesterday’s losses to close lower today on persistent profit-taking, mostly seen in transportation and logistics, as well as utilities companies, amid the weaker performance on the regional markets, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.54 points to end at 1,516.62 compared to Wednesday’s close of 1,518.16.

The benchmark index, which opened 1.38 points easier at 1,516.78 this morning, moved between 1,514.67 and 1,522.52 throughout the day.

Market breadth was negative as losers led gainers 487 to 364, while 415 counters were unchanged, 1,032 untraded and six others suspended.

Total turnover decreased to 2.51 billion units worth RM1.95 billion from 2.72 billion units worth RM1.91 billion on Wednesday.

TNB is among the biggest contributors to the losses in the composite index, declining 9 sen to RM8.78

MISC Bhd and Tenaga Nasional Bhd (TNB) were among the biggest contributors to the losses in the composite index, declining 35 sen and nine sen to RM6.87 and RM8.78 respectively, contributing a combined 3.55 points.

Meanwhile, Rakuten Trade Sdn Bhd VP of equity research Thong Pak Leng said key regional markets closed broadly lower following negative cues from Wall Street overnight as worries over slowing growth and soaring inflation continued to weigh on market sentiment.

“Meanwhile, China and Hong Kong were also impacted by profit warning from Country Garden Holdings,” he told Bernama.

Back home, Thong said the FBM KLCI moved in a tight range today due to profit-taking, while on the other hand, foreign funds continued to flow into the local market.

“Nonetheless, the benchmark index remained well supported at above 1,510. Despite the persistent net inflow from foreign funds, market sentiments are still cautious due to heightened global volatility and uncertainties.

“Hence, we expect the FBM KLCI to remain in a consolidation mode and hover at the 1,510-1,525 range towards the weekend,” he added.

Among other heavyweights, Malayan Banking Bhd slipped two sen to RM8.95, Public Bank Bhd was flat at RM4.65 while Petronas Chemicals Group Bhd added three sen to RM8.75, IHH Healthcare Bhd went up one sen to RM6.51 and CIMB Group Holdings Bhd advanced two sen to RM5.47.

Of the actives, Metronic Global Bhd was flat at five sen, Cnergenz Bhd soared 18.5 sen to 91 sen, Agmo Holdings Bhd jumped 52.5 sen to 78.5 sen and Hartalega Holdings Bhd rose six sen to RM1.80, while Coraza Integrated Technology Bhd climbed 6.5 sen to 82 sen.

On the index board, the FBM T100 Index fell 14.71 points to 10,477.44, the FBM Emas Shariah Index shed 29.28 points to 10,870.96, the FBM 70 went down 34.27 points to 12,732.28, the FBM ACE improved 22.89 points to 4,972.15, while the FBM Emas Index slid 13.81 points to 10,730.03.

Sector-wise, the Financial Services Index increased 30.56 points to 16,819.34, the Plantation Index dipped 5.77 points to 7,288.95, the Industrial Products and Services Index eased 0.54 of-a-point to 183.03 and the Energy Index put on 7.93 points to 667.53.

The Main Market volume decreased to 1.57 billion shares worth RM1.49 billion from 1.98 billion shares worth RM1.72 billion on Wednesday.

Warrants turnover dwindled to 275.28 million units valued at RM47.06 million versus 313.18 million units valued at RM44.86 million previously.

The ACE Market volume swelled to 672.04 million shares worth RM410.63 million from 432.65 million shares worth RM143.61 million yesterday.

Consumer products and services counters accounted for 223.96 million shares traded on the Main Market, industrial products and services (503.29 million), construction (35.24 million), technology (197.6 million), SPAC (nil), financial services (50.63 million), property (205.9 million), plantation (21.82 million), REITs (3.41 million), closed/fund (3,000), energy (82.77 million), healthcare (173.97 million), telecommunications and media (24.51 million), transportation and logistics (28.33 million) and utilities (14.04 million). — Bernama / Pic by TMR FILE