Bursa Malaysia Pares Earlier Losses To End Marginally Lower, Boosted By Gains In YTL, CIMB

By NurulJannah Kamaruddin

KUALA LUMPUR, Sept 2 (Bernama) -- Bursa Malaysia ended marginally lower today with the benchmark index recouping most of its earlier losses, lifted by substantial gains in YTL counters and CIMB.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.61 of-a-point to 1,678.19 from Friday's close of 1,678.80.

The key index opened 1.56 points higher at 1,680.36 and subsequently rose to its intraday high of 1,683.43 before slipping to a low of 1,671.190 during the mid-morning session.

The broader market remained firm as gainers outnumbered decliners 679 to 467, with 464 counters unchanged, 817 untraded and 15 others suspended.

Turnover declined to 3.25 billion units valued at RM3.02 billion from Friday's 3.95 billion units valued at RM6.22 billion.

Analysts said today's performance was influenced by profit-taking after Friday's upward momentum.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said investors continued to show interest in construction and technology stocks, opting to sell telecommunications, transportation, and energy counters.

"Across the region, key indices delivered mixed results as traders braced for a week rich in economic data, likely to shape expectations on the pace of monetary policy easing by major central banks," he told Bernama.

He said investors are awaiting China’s August export/import figures as well as the US trade balance and unemployment rate. China’s Caixin Manufacturing Purchasing Managers' Index (PMI), announced today, rose to 50.4 from 49.8 in July.

Meanwhile, UOB Kay Hian Wealth Advisors head of Investment Research Mohd Sedek Jantan, quoting S&P Global Market Intelligence, said that Malaysia’s Manufacturing PMI for August remained unchanged at 49.7, indicating a slight contraction; however, the underlying trend hints at potential improvement.

"Looking ahead, we remain optimistic about September’s outlook, despite the historical challenges associated with the “September Effect,” which has often been a difficult month for the benchmark index.

"Over the past five years, the FBM KLCI has consistently posted negative returns in September. However, this year, we anticipate improved performance, driven by a potential shift towards a more dovish monetary stance," he said.

Therefore, he remains confident that a stronger ringgit could catalyse trading activity, particularly within the consumer, banking, construction, and building materials sectors.

The market will also closely monitor the Monetary Policy Committee's update on the overnight policy rate and economy this week.

On the local bourse, heavyweights, YTL and YTL Power both gained 12 sen to RM3.02 and RM4.00 respectively, while CIMB was 10 sen stronger at RM8.30, IHH Healthcare bagged eight sen to RM6.35, and Hong Leong Financial Group rose 28 sen to RM18.98.

Meanwhile, Public Bank continued to lead losses among the heavyweights, declining seven sen to RM4.75, and Petronas Chemicals eased eight sen to RM5.73.

As for the active counters, Talam Transform improved half-a-sen to 3.0 sen, TWL was unchanged at 2.5 sen, MRCB ticked up 4.5 sen to 59.5 sen, and WCT sehed four sen to RM1.02.

On the index board, the FBM Emas Index gained 25.34 points to 12,509.60, the FBM 70 Index jumped 103.03 points to 17,546.95, the FBM ACE Index garnered 70.51 points to 5,186.60, the FBM Emas Shariah Index climbed 32.96 points to 12,319.63, and the FBMT 100 Index rose 16.64 points to 12,204.26.

Sector-wise, the Financial Services Index slid 6.85 points to 19,710.68, the Plantation Index slipped 7.43 points to 7,305.76, the Industrial Products and Services Index shed 0.49 of-a-point to 180.91, and the Energy Index shaved 7.42 points to 919.28.

The Main Market volume declined to 2.01 billion units worth RM2.80 billion from 2.51 billion units worth RM5.98 billion on Friday.

Warrants turnover tumbled to 750.87 million units valued at RM85.90 million from 1.04 billion units valued at RM123.82 million previously.

The ACE Market volume expanded to 483.80 million shares worth RM138.52 million from 398.42 million shares worth RM108.68 million on Friday.

Consumer products and services counters accounted for 210.47 million shares traded on the Main Market, industrial products and services (409.34 million), construction (216.36 million), technology (301.52 million), SPAC (nil), financial services (111.49 million), property (463.19 million), plantation (23.24 million), REITs (13.14 million), closed/fund (7,200), energy (95.97 million), healthcare (39.40 million), telecommunications and media (28.22 million), transportation and logistics (35.43 million), utilities (65.21 million), and business trusts (970,600).

-- BERNAMA