Bursa Malaysia closes broadly lower on continued profit-taking

This is as investors are cautious and reluctant to make large moves amid uncertainty about the near-term outlook for the markets

BURSA Malaysia ended the week broadly lower, driven by persistent profit-taking, mostly seen in telecommunications and healthcare companies, amid cautious sentiments in the regional markets, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 12.18 points to end at 1,504.44 compared to yesterday’s close of 1,516.62.

The benchmark index, which opened 0.20 of a point better at 1,516.82 this morning, moved between 1,502.91 and 1,519.68 throughout the day.

Market breadth was negative as losers led gainers 426 to 395, while 449 counters were unchanged, 1,040 untraded and 17 others suspended.

Total turnover decreased to 2.11 billion units worth RM1.53 billion from 2.51 billion units worth RM1.95 billion yesterday.

Axiata Group Bhd and IHH Healthcare Bhd were among the biggest contributors to the losses in the composite index, declining 12 sen and 10 sen to RM3 and RM6.41 respectively, contributing a combined 3.37 points.

Rakuten Trade Sdn Bhd VP (equity research) Thong Pak Leng said key regional markets closed mostly lower as investors were cautious and reluctant to make large moves amid uncertainty about the near-term outlook for the markets following recent strength.

“Meanwhile, worries prevail that the US Federal Reserve and central banks in Europe and Asia might derail global economic growth as they hike rates to cool inflation that is running at multi-decade highs,” he told Bernama today.

Among other heavyweights, Malayan Banking Bhd slipped three sen to RM8.92, Public Bank Bhd was four sen weaker at RM4.61, Petronas Chemicals Group Bhd fell one sen to RM8.74, CIMB Group Holdings Bhd lost five sen to RM5.42 and Tenaga Nasional Bhd went down eight sen to RM8.70.

Of the actives, Agmo Holdings Bhd rose 2.5 sen to 81 sen, JAKS Resources Bhd gained 3.5 sen to 31 sen, Top Glove Corp Bhd earned half sen to 87 sen while Hartalega Holdings Bhd advanced one sen to RM1.81.

On the index board, the FBMT 100 Index fell 54.18 points to 10,423.26, the FBM Emas Shariah Index shed 55.36 points to 10,815.60, the FBM 70 gained 55.16 points to 12,787.44, the FBM ACE improved 14.53 points to 4,986.68, while the FBM Emas Index slid 50.14 points to 10,679.89.

Sector-wise, the Financial Services Index decreased 66.36 points to 16,752.98, the Plantation Index dipped 41.71 points to 7,247.24, the Industrial Products and Services Index earned 0.71 of-a-point to 183.74 and the Energy Index put on 3.81 points to 671.34.

The Main Market volume decreased to 1.35 billion shares worth RM1.23 billion from 1.57 billion shares worth RM1.49 billion yesterday.

Warrants turnover widened to 321.76 million units valued at RM48.25 million versus 275.28 million units valued at RM47.06 million previously.

The ACE Market volume was reduced to 438.85 million shares worth RM252.37 million from 672.04 million shares worth RM410.63 million yesterday.

Consumer products and services counters accounted for 223.92 million shares traded on the Main Market, industrial products and services (343.99 million), construction (106.06 million), technology (149.31 million), financial services (28.45 million), property (109.93 million), plantation (24.24 million), Real Estate Investment Trusts (7.38 million), energy (168.68 million), healthcare (132.71 million), telecommunications and media (16.79 million), transportation and logistics (17.5 million), and utilities (18.6 million). —Bernama