Bursa Malaysia ends lower in line with regional rout

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Aug 2 (Bernama) -- Bursa Malaysia closed lower on Friday due to broad-based selling in tandem with the slump in regional bourses as investors remained cautious over the United States’ slowing economic growth and expectations of another rate hike in Japan. 

The negative tone today was also affected by the rising geopolitical tension concerns in the Middle East recently. 

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined 13.20 points or 0.81 per cent to 1,611.05 from yesterday's close of 1,624.25.

The market bellwether opened 4.94 points lower at 1,619.31 and moved between 1,607.75 and 1,619.31 throughout the day.

On the broader market, losers thumped gainers 1,316 to 155, with 267 counters unchanged, 680 untraded, and 20 others suspended.

Turnover rose to 5.17 billion units worth RM3.98 billion from Thursday’s 3.51 billion units worth RM2.71 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said investors are cautious as the US manufacturing sector contracted for the fourth consecutive month in July, with high interest rates continuing to dampen demand for new orders.

“All eyes are now on the upcoming non-farm payrolls report later tonight, as it is anticipated to offer key insights into the US labour market and overall economic conditions, helping to shape investor expectations for the timing and magnitude of the Federal Reserve’s rate cuts later this year,” he told Bernama. 

Japan's Nikkei 225 Index sank 5.81 per cent to 35,909.70 after the Bank of Japan on Wednesday raised its benchmark interest rate to around 0.25 per cent, its highest level since 2008. The market is expecting another rate hike by the end if the year.

Meanwhile, Hong Kong’s Hang Seng Index decreased 2.08 per cent to 16,945.51, Shanghai SSE Composite Index was down by 0.92 per cent to 2,905.34, and Singapore’s STI Index declined 1.12 per cent to 3,381.45.  

Among heavyweights, Maybank edged down 2.0 sen to RM10.24, Tenaga Nasional fell 14 sen to RM13.96, CIMB gave up 3.0 sen to RM7.40, IHH Healthcare lost 7.0 sen to RM6.25, while Public Bank increased 2.0 sen to RM4.28.

Of the actives, Hubline slid 3.0 sen to 10 sen, Velesto Energy shed half-a-sen to 21.5 sen, My E.G. trimmed by 4.0 sen to 97 sen, Top Glove was 5.0 sen lower at 98 sen, while Ta Win was flat at 3.0 sen. 

On the index board, the FBM Emas Index slipped 207.37 points to 12,303.50, the FBMT 100 Index fell 182.70 points to 11,919.95, the FBM Emas Shariah Index dropped 279.63 points at 12,448.15, the FBM ACE Index dipped 161.21 points to 5,470.41, and the FBM 70 Index tumbled 587.70 points to 17,902.80.

Sector-wise, the Financial Services Index shaved off 48.38 points to 18,231.59, the Energy Index declined by 30.02 points to 929.15, the Plantation Index was 48.31 points lower at 7,143.61, and the Industrial Products and Services Index eased 5.51 points to 185.50.

The Main Market volume improved to 3.22 billion units valued at RM3.59 billion from 1.92 billion units valued at RM2.42 billion on Thursday.

Warrants turnover advanced to 1.10 billion units worth RM128.67 million from 810.63 million units worth RM105.39 million yesterday.

The ACE Market volume expanded to 847.38 million shares valued at RM260.33 million from 727.03 million shares valued at RM186.84 million previously.  

Consumer products and services counters accounted for 469.15 million shares traded on the Main Market, industrial products and services (664.74 million), construction (376.77 million), technology (323.39 million), SPAC (nil), financial services (130.67 million), property (341.58 million), plantation (31.55 million), REITs (16.24 million), closed/fund (112,300), energy (253.92 million), healthcare (118.81 million), telecommunications and media (51.38 million), transportation and logistics (349.53 million), utilities (88.75 million), and business trusts (1.02 million).

-- BERNAMA