KUALA LUMPUR: Bursa Malaysia ended the week on a softer note as investors took profit in selected technology and utilities counters following the recent three-day modest market rally.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 4.06 points, or 0.25 per cent, to 1,619.06 from Thursday’s close of 1,623.12.
The benchmark index opened 0.39 of a point lower at 1,622.73 and moved between 1,616.22 and 1,622.97 throughout the day.
Losers led gainers by 639 to 532, with 513 counters unchanged, 783 untraded and 25 suspended.
Turnover slid to 4.58 billion units worth RM3.72 billion from 5.39 billion units worth RM4.41 billion on Thursday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices finished mostly higher due to growing confidence in the US interest rate cut.
Japan’s Nikkei 225 tumbled 2.45 per cent to 41,190.68, South Korea’s Kospi dipped 1.19 per cent to 2,857.00, while Singapore’s Straits Times Index climbed 0.73 per cent to 3,500.33, and Shanghai SSE Composite Index rose 0.03 per cent to 2,971.29.
Thong said the overnight US yields fell to 4.2 per cent as traders built bets for the US Federal Reserve to soon begin lowering its main interest rate.
“In key Asia data, China’s trade surplus has soared to the highest since at least June 1990 as exports jumped more than expected while imports unexpectedly weakened.
“As for the local bourse, we view the profit-taking as a healthy correction as it allows the market to digest the recent rally and provide a stronger base for a more sustainable uptrend,” he added.
Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the FBM KLCI appeared to struggle to maintain the 1,620 level, having only reached this point during the early session yesterday.
Investors seemed to be reconsidering their positions on concerns that the decline in the mega-cap tech sector in the US last night was an indication of the corporate earnings reports, which are scheduled to commence tonight starting with the three large US investment banks including JP Morgan, he said.
Mohd Sedek said this has prompted investors to secure their profits.
On the local bourse, heavyweights Maybank fell two sen to RM10.04 and Tenaga Nasional shed 14 sen to RM14.46, Public Bank and IHH Healthcare dropped one sen each to RM4.11 and RM6.33 respectively, while CIMB gained four sen to RM7.13.
Among the active counters, Nova and G3 Global were flat at 20 sen and 3.5 sen respectively, while Ekovest bagged three sen to 50.5 sen, and Berjaya Corporation and Reneuco increased 1.5 sen each to 34.5 sen and 10 sen respectively.
On the index board, the FBM Emas Index shed 41.62 points to 12,540.70, the FBMT 100 Index lost 44.68 points to 12,110.62, the FBM Emas Shariah Index trimmed 48.49 points to 12,915.20, and the FBM 70 Index slipped 121.13 points to 18,673.19.
However, the FBM ACE Index gained 39.22 points to 5,981.21.
Sector-wise, the Financial Services Index rose 6.03 points to 17,800.11, the Energy Index added 0.19 of-a-point to 984.52, but the Industrial Products and Services Index decreased by 0.07 of-a-point to 200.96, and the Plantation Index shaved off 10.46 points to 6,943.71.
The Main Market volume declined to 2.75 billion units valued at RM3.31 billion from 3.0 billion units valued at RM3.85 billion on Thursday.
Warrants turnover dwindled to 897.40 million units worth RM119.60 million compared with 1.15 billion units worth RM144.65 million yesterday.
The ACE Market volume fell to 934.89 million shares valued at RM293.71 million against 1.23 billion shares valued at RM413.44 million previously.
Consumer products and services counters accounted for 436.52 million shares traded on the Main Market; industrial products and services (591.20 million); construction (366.93 million); technology (214.02 million); SPAC (nil); financial services (103.22 million); property (355.48 million); plantation (52.34 million); REITs (12.34 million); closed/fund (12,000); energy (276.68 million); healthcare (68.81 million); telecommunications and media (97.53 million); transportation and logistics (97.29 million); utilities (78.11 million); and business trusts (171,700). – BERNAMA
