FBM KLCI snaps 8-day losing streak, broader market stays negative

THE FTSE Bursa Malaysia KLCI (FBM KLCI) snapped eight days of losses to end higher today on mild bargain-hunting activities, an analyst said. 

At 5pm, the benchmark index added 2.99 points to end at 1,397.62 from Friday’s close of 1,394.63. 

It opened 0.93 of a point easier at 1,393.7 and moved between 1,384.82 and 1,401.82 throughout the day.     

Market breadth, however, remained negative with losers outpacing gainers 530 to 285, while 383 counters remained unchanged, 1,155 untraded and 31 others suspended.

Total turnover decreased to 1.79 billion units worth RM1.45 billion from 2.08 billion units worth RM1.91 billion on Friday last week.

“Still, gains are kept in check amid ongoing concerns over the rising inflationary pressure and tightening of monetary policy,” Malacca Securities Sdn Bhd senior analyst Kenneth Leong told Bernama

Moving forward, investors would be looking out for fresh catalysts from Budget 2023, which is scheduled to be announced on Friday, he said.

Meanwhile, Rakuten Trade Sdn Bhd VP of equity research Thong Pak Leng said regional key indices ended mostly negative following the broadly negative cues from Wall Street on Friday. 

“Investors remain wary over rising interest rates and slowing economic growth across the globe dented appetite for risk-driven assets.

“As for the local bourse, we reckon the short-term market sentiment will remain jittery amid the uncertain regional performance although bargain hunting may continue as the FBM KLCI remains in an oversold position,” he told Bernama

Thong anticipated that the FBM KLCI would trend sideways for the week with an uptrend bias in the range of 1,390 to 1,410. 

From the technical point of view, he said the local bourse would see resistance at 1,410 and support at 1,380. 

Among the heavyweight stocks, Malayan Banking Bhd and Public Bank Bhd gained two sen each to RM8.60 and RM4.25, respectively, Petronas Chemicals Group Bhd was flat at RM8.39, and CIMB Group Holdings Bhd and IHH Healthcare Bhd gave up one sen each to RM5.12 and RM5.89, respectively. 

Of the actives, both TWL Holdings Bhd and Citaglobal Bhd added half-a-sen to five sen and 24 sen, respectively, Hextar Industries Bhd edged up 4.5 sen to 47 sen, Top Glove Corp Bhd trimmed three sen to 59.5 sen and PT Resources Holdings Bhd eased half-a-sen to 45.5 sen. 

On the index board, the FBM Emas Index fell 9.46 points to 9,967.4, the FBM 70 dropped 113.02 points to 12,088.79, the FBM T100 Index trimmed 5.74 points to 9,722.96, the FBM Emas Shariah Index lost 12.93 points to 9,995.1 and the FBM ACE gave up 5.76 points to 4,652.11.  

Sector-wise, the Energy Index was 4.07 points firmer at 674.25, the Financial Services Index improved 20.76 points to 15,943.21 and the Plantation Index ticked up 35.23 points to 6,508.99, while the Industrial Products and Services Index eased by 1.21 points to 168.66. 

The Main Market volume slid to 1.11 billion shares worth RM1.21 billion against Friday’s 1.19 billion shares worth RM1.65 billion.

Warrant turnover reduced to 214.84 million units valued at RM42.82 million from 258.61 million units valued at RM50.33 million previously.  

The ACE Market volume shrank to 461.78 million shares worth RM194.78 million from 626.22 million shares worth RM209.75 million last Friday. 

Consumer products and services counters accounted for 180.61 million shares traded on the Main Market, industrial products and services (289.01 million), construction (36.15 million), technology (95.46 million), SPAC (nil), financial services (72.64 million), property (136.82 million), plantation (11.87 million), REITs (4.6 million), closed/fund (2,500), energy (116.34 million), healthcare (100.36 million), telecommunications and media (27.47 million), transportation and logistics (27.05 million) and utilities (13.4 million). — Bernama / pic TMR File