MARKET > NEWS

Bursa Malaysia Recoups Earlier Losses To End Flattish

15/08/2024 05:56 PM

By Rosemarie Khoo

KUALA LUMPUR, Aug 15 (Bernama) -- Bursa Malaysia recouped earlier losses to end flattish today to remain in consolidation mode, due to cautious trading ahead of the earnings season, with profit-taking seen in property stocks following their recent rally, said an analyst. 

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.04 per cent or 0.59 of-a-point higher to 1,612.94 from Wednesday’s close of 1,612.35.

The benchmark index, which started the day 2.28 points higher at 1,614.63, fluctuated between 1,605.69 and 1,614.69 throughout the session.

Market breadth saw losers thumped gainers 755 to 279, with 468 counters unchanged, 957 untraded and 10 suspended.

Turnover improved to 3.54 billion units worth RM2.76 billion from Wednesday’s 3.46 billion units valued at RM2.49 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index, nevertheless, managed to close in the green, while major regional indices were higher tracking the overnight gains on Wall Street.

He said investors remained confident that the US Federal Reserve (Fed) would cut interest rates next month, following benign US consumer inflation data released last night.

“As for the local bourse, we anticipate steady investor sentiment, bolstered by solid support from local institutions.

“That said, we prefer to exercise caution amid increasing market volatility and expect the benchmark index to remain in consolidation mode, although bargain hunting may emerge,” Thong told Bernama.

The online equities broker anticipates the FBM KLCI to trend within the 1,610-1,620 range towards the weekend.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan, meanwhile, said the local market traded in a narrow range with a slight upward bias.

However, trading activity remained subdued as investors adopted a risk-off stance, seeking the safety of large-cap dividend-paying stocks, particularly in the financial sector.

The sector's attractive dividend yields, he said, have made it a preferred choice for income-oriented investors amid the uncertain market conditions.

“The FBM KLCI is expected to consolidate within a tight range in the near term, with upcoming corporate earnings, the public sector wage review, and second-quarter 2024 (2Q 2024) gross domestic product (GDP) data as key market drivers,” said Mohd Sedek. 

Among heavyweights, CIMB rose 12.0 sen to RM7.53, Public Bank, YTL Corporation, IOI Corporation, and MISC all gained 5.0 sen to RM4.27, RM3.46, RM3.83, and RM8.67 respectively.

As for the most active counters, SP Setia slid 23 sen to RM1.29, Cape EMS gave up 3.0 sen to 43 sen, Sime Darby Property shaved 18.0 sen to RM1.31, and Pestech eased 4.5 sen to 17 sen. 

Among top gainers, Panasonic climbed 24.0 sen to RM19.66, followed by CIMB. Ajinomoto and CI Holdings rose 10.0 sen each to RM14.40 and RM3.10 respectively.

On the index front, the FBM Emas Index slid 49.69 points to 12,239.82, the FBMT 100 Index shed 41.56 points to 11,887.68, while the FBM Emas Shariah Index tumbled 117.80 points to 12,311.72. 

The FBM 70 Index dropped 231.72 points to 17,683.85, and the FBM ACE Index slipped 79.22 points to 5,312.07.

Sector-wise, the Financial Services Index increased by 64.81 points to 18,288.06, the Plantation Index fell by 15.49 points to 7,142.39, the Industrial Products and Services Index edged down 2.41 points to 180.62, and the Energy Index lost 5.12 points to 928.52.

The Main Market volume widened to 1.98 billion units valued at RM2.47 billion from 1.81 billion units worth RM2.17 billion on Wednesday.

Warrants turnover eased to 1.13 billion units worth RM139.95 million from 1.14 billion units valued at RM154.81 million yesterday.

The ACE Market volume declined to 428.06 million shares valued at RM154.42 million from 506.22 million shares worth RM172.60 million previously.

Consumer products and services counters accounted for 281.45 million shares traded on the Main Market, industrial products and services (527.63 million), construction (131.89 million), technology (162.84 million), SPAC (nil), financial services (89.63 million), property (443.68 million), plantation (8.96 million), REITs (6.25 million), closed/fund (16,100), energy (116.47 million), healthcare (73.77 million), telecommunications and media (36.52 million), transportation and logistics (55.34 million), utilities (51.68 million), and business trusts (142,600).

-- BERNAMA 

 

 


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