Bursa closes at intraday low

BURSA Malaysia ended at an intraday low on the last trading day of January, echoing the negative performance of regional bourses and poor global market sentiment.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gave up 13.89 points or 0.92% to 1,485.50 from yesterday’s close of 1,499.39.

It opened 5.6 points lower at 1,493.79 and moved between 1,485.50 and 1,493.89 throughout the session. 

Market breadth was negative, losers thumped gainers 632 to 325, while 389 counters were unchanged, 861 untraded and 45 others suspended.

Turnover shrank to 4.03 billion units worth RM2.78 billion against yesterday’s 4.56 billion units worth RM2.44 billion.

Commenting on today’s market performance, Rakuten Trade Sdn Bhd equity research VP Thong Pak Leng said the FBM KLCI closed lower in tandem with the negative performance of regional bourses.

“Key regional indices closed lower with strong selling on tech stocks following the negative cue from Wall Street as investors are cautious ahead of key US economic data and major central bank meetings,” he told Bernama.

He explained that investors are expecting the US Federal Reserve to raise interest rates by 25 basis points tomorrow and the European Central Bank by 50 basis points on Thursday.

“As for the local bourse, we believe today’s sell-down offers the opportunity to bargain hunt stocks at lower levels. Hence, we reckon the benchmark index to stage a rebound soon. We maintain our FBM KLCI target for the week at between 1,490 and 1,505,” he added

The regional key indices were all in red, with Japan’s Nikkei 225 losing 0.39% to 27,327.11, while Hong Kong’s Hang Seng fell 1.03% to 21,842.33, Singapore’s Strait Times Index slid 0.43% to 3,363.70 and South Korea’s Kospi erased 1.04% to 2,425.08.

Losers in the heavyweights were led by Petronas Gas Bhd, erasing 78 sen to RM16.82, Hong Leong Bank Bhd shed 68 sen to RM20.52, Digi.com Bhd lost 11 sen at RM4.21, Petronas Dagangan Bhd declined RM1.08 to RM21.80 while Petronas Chemicals Group Bhd was 10 sen easier at RM8.35.

Meanwhile, Malayan Banking Bhd erased four sen to RM8.74, Public Bank Bhd was two sen easier at RM4.24, CIMB Group Holdings Bhd shed three sen to RM5.75.

As for the actives, ACE market debutante, Vestland Bhd added six sen to 39 sen, while Borneo Oil Bhd, G3 Global Bhd, Zen Tech International Bhd and Sapura Energy Bhd were all flat at two sen, three sen, 6.5 sen and five sen respectively.

Bursa Malaysia and its subsidiaries will be closed tomorrow in conjunction with Federal Territory Day celebration.

On the index board, the FBM Emas Index dropped 93.36 points to 10,816.27, the FBM T100 Index fell 92 points to 10,485.46 and the FBM Emas Shariah Index plunged 113.43 points to 11,076.20.

The FBM 70 Index contracted 94.10 points to 13,686.0 and the FBM ACE Index reduced 47.05 points to 5,711.46. 

Sector-wise, the Industrial Products and Services Index cut 1.37 points to 189.93, the Energy Index slid 6.04 points to 887.25, the Plantation Index was 20.68 points weaker at 6,829.38, and the Financial Services Index dipped 124.62 points to 16,413.43.

The Main Market volume was lower at 2.5 billion shares worth RM2.31 billion compared to yesterday’s 3.08 billion shares worth RM2.03 billion.

Warrants turnover slipped to 299.42 million units worth RM50.9 million from 349.42 million units worth RM58.05 million previously. 

The ACE Market volume declined to 1.24 billion shares worth RM418.5 million from 1.13 billion shares worth RM347.61 million yesterday.

Consumer products and services counters accounted for 470.97 million shares traded on the Main Market, industrial products and services (634.37 million); construction (177.98 million); technology (253.38 million); SPAC (nil), financial services (104.28 million); property (134.22 million); plantation (38.46 million); REITs (15.15 million), closed/fund (9,000); energy (416.26 million); healthcare (116.37 million); telecommunications and media (43.15 million); transportation and logistics (66.83 million); and utilities (25.48 million). – Bernama / graphic TMR