Bursa Malaysia ends lower on global selldown

Bursa Malaysia ends lower on global selldown

Bursa Malaysia ended sharply lower today, weighed down by persistent selling in heavyweight stocks due to the global market selldown. ― Picture by Azneal Ishak

Tuesday, 11 Oct 2022 6:04 PM MYT

KUALA LUMPUR, Oct 11 — Bursa Malaysia ended sharply lower today, weighed down by persistent selling in heavyweight stocks due to the global market selldown, an analyst said.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 19.18 points to 1,386.82 from Friday’s close of 1,406.00.

The benchmark index, which opened 5.42 points lower at 1,400.58, remained in the negative territory throughout the day, at one point hitting an intraday low of 1,383.25.

On the broader market, decliners trounced gainers 787 to 197, while 302 counters were unchanged, 1,073 untraded and 17 others suspended.

Turnover stood at 2.35 billion units worth RM1.86 billion.

Rakuten Trade Sdn Bhd vice-president of Equity Research, Thong Pak Leng said key regional indices trended mostly lower with selling mainly in technology stocks after the United States (US) announced measures limiting their access to certain US-made technology.

“Meanwhile, sentiment across the region was brought down by hawkish comments from the US Federal Reserve vice-chair Lael Brainard yesterday, whereby the central bank has no intentions of a dovish pivot in the near term.

“On the domestic front, we expect the local bourse to remain cautious due to external factors such as increasing market risks and volatility on global markets,” he told Bernama.

Nevertheless, Thong noted that the FBM KLCI remained in an oversold position, which could trigger bargain-hunting activities.

Among the Bursa heavyweights, Maybank dropped 21 sen to RM8.44, Public Bank eased six sen to RM4.20 and IHH Healthcare weakened 11 sen to RM5.65, while Petronas Chemicals added two sen to RM8.59 and CIMB increased four sen to RM5.29.

Of the actives, MYEG slipped 2.5 sen to 88.5 sen, Advance Synergy and Icon Offshore gained one sen to seven sen and 12 sen, respectively, Top Glove trimmed two sen to 62.5 sen and Velesto lost half-a-sen to 11.5 sen.

On the index board, the FBM Emas Index declined 149.92 points to 9,900.87, the FBM 70 weakened 219.10 points to 12,032.77, the FBMT 100 Index dropped 143.55 points to 9,654.99, the FBM Emas Shariah Index contracted 160.52 points to 9,910.78, and the FBM ACE shrank 56.13 points to 4,652.84.

Sector-wise, the Financial Services Index was 187.07 points lower at 15,885.14, the Industrial Products and Services Index eased 3.46 points to 170.59, the Plantation Index reduced 91.57 points to 6,375.75, and the Energy Index trimmed 21.43 points to 675.76.

The Main Market volume widened to 1.48 billion shares worth RM1.62 billion versus 1.23 billion shares worth RM1.25 billion on Friday.

Warrant turnover rose to 343.11 million units valued at RM53.76 million from 181.42 million units valued at RM34.13 million previously.

The ACE Market volume improved to 521.01 million shares worth RM184.89 million against 493.18 million shares worth RM144.85 million last week.

Consumer products and services counters accounted for 241.46 million shares traded on the Main Market, industrial products and services (423.28 million), construction (44.34 million), technology (177.37 million), SPAC (nil), financial services (82.25 million), property (89.37 million), plantation (17.49 million), REITs (4.25 million), closed/fund (4,300), energy (231.39 million), healthcare (97.72 million), telecommunications and media (39.05 million), transportation and logistics (19.24 million) and utilities (14.95 million). — Bernama