Bursa Malaysia Ends Lower After Directionless Session

By Nurul Jannah Kamaruddin

KUALA LUMPUR, Sept 3 (Bernama) -- Bursa Malaysia market finished Tuesday's trading session slightly in the red as the market was directionless amid a lack of cues from the US market, which is due to open later after the Labour Day holiday.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.54 points to 1,676.65, down from Monday's close of 1,678.19.

The key index opened 0.37 of-a-point lower at 1,677.82 and traded within a range of 1,684.06 to 1,673.86 during the morning session.

On the broader market, losers outpaced gainers 518 to 502, with 528 counters unchanged, 879 untraded, and 15 others suspended.

Turnover declined to 2.98 billion units valued at RM2.94 billion from Monday's 3.25 billion units valued at RM3.02 billion.

UOB Kay Hian Wealth Advisors head of Investment Research Mohd Sedek Jantan said the US Labour Day holiday temporarily halted the upward trend in the Malaysian market.

"Nevertheless, we remain optimistic that foreign investors will continue to favour the Malaysian market throughout the week, following the recent pause.

"Additionally, we believe that the heavy selling of small-cap stocks in August was overdone," he told Bernama, adding that the Bursa Malaysia Small Cap Index has shown signs of recovery in the past two days, reversing a three-week downward trend.

This suggests that small-cap stocks are poised for a recovery in September.

Mohd Sedek's optimism was also underpinned by an outlook on US ISM Manufacturing PMI Data, which will be released tonight.

"We expect tonight’s release of the US ISM Manufacturing PMI data to remain below the 50 mark, with consensus forecasts at 47.5, indicating continued weakness in US manufacturing.

"This slowdown suggests a further weakening of the US economy, prompting investors to seek growth opportunities outside the US," he said.

He also believed Bank Negara Malaysia's policy rate would be maintained, adding that a stable interest rate typically enhances the attractiveness of the stock market.

"In addition, this Friday’s release of the US nonfarm payroll data is expected to show a print of 165,000 for August, aligning with the three-month average, marking a rebound from the 114,000 recorded in the previous month," he said.

Among heavyweights, CelcomDigi fell 10 sen to RM3.72, and Petronas Chemicals slipped 13 sen to RM5.60.

Tenaga Nasional gained 34 sen to RM14.90, while Public Bank and Sunway added five sen each to RM4.80 and RM4.18.

In active counters, Vetece gained 15 sen to 59.5 sen, while Talam Transform and Luster Industries remained unchanged at 3.0 sen and 7.0 sen.

Elridge Energy was 2.5 sen higher at 44 sen and MYEG eased one sen to 88.5 sen.

On the index board, the FBM Emas Index declined 11.98 points to 12,497.62, the FBM Emas Shariah Index lost 8.30 points to 12,311.33, and the FBMT 100 Index shed 14 points to 12,190.26.

The FBM 70 Index dropped 30.46 points to 17,516.49, while the FBM ACE Index bagged 38.20 points to 5,224.80.

Sector-wise, the Financial Services Index dipped 48.67 points to 19,662.01, the Plantation Index weakened by 57.73 points to 7,248.03, the Industrial Products and Services Index eased 0.95 of-a-point to 179.96, and the Energy Index slid by 2.70 points to 916.58.

The Main Market volume declined to 1.71 billion units worth RM2.65 billion from 2.01 billion units worth RM2.80 billion on Monday.

Warrants turnover narrowed to 683.58 million units valued at RM83.38 million from 750.87 million units valued at RM85.90 million previously.

The ACE Market volume expanded to 579.20 million shares worth RM214.59 million from 483.80 million shares worth RM138.52 million yesterday.

Consumer products and services counters accounted for 171.56 million shares traded on the Main Market, industrial products and services (362.75 million), construction (153.99 million), technology (263.76 million), SPAC (nil), financial services (96.50 million), property (342.48 million), plantation (22 million), REITs (14.76 million), closed/fund (5,700), energy (90.45 million), healthcare (58.26 million), telecommunications and media (37.62 million), transportation and logistics (29.51 million), utilities (69.71 million), and business trusts (361,300).

-- BERNAMA