FBM KLCI Falls Below 1,600, Set To Attract Bargain Hunters

KUALA LUMPUR, Nov 1 (Bernama) -- Bursa Malaysia fell below the key psychological support level of 1,600, as investors held back from making significant moves amid weak cues from Wall Street following a disappointing outlook from major tech firms.

The downtrend may draw bargain hunters, with the main index expected to hover between 1,600 and 1,610 today, a trader said.

At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was down 9.32 points at 1,592.56, from Wednesday's close of 1,601.88.

The benchmark index opened 10.82 points lower at 1,591.06.

Across the broader market, decliners outpaced gainers 295 to 85, while 266 counters were unchanged, 1,729 remained untraded, and 30 were suspended.

Turnover stood at 1.46 billion shares valued at RM1.29 billion.

Rakuten Trade Sdn Bhd’s equity research vice president Thong Pak Leng said Microsoft and Meta dragged the US market, as concerns about rising artificial intelligence spending persisted, despite their earnings exceeding expectations.

Investors also digested mixed US economic data, with advanced economy growth in the third quarter expanding 2.8 per cent, below the forecasted 3.0 per cent.

“The latest personal consumption expenditures price index met expectations, though its impact was muted as the US 10-year yield rose slightly to 4.282 per cent,” Thong added.

In Hong Kong, the Hang Seng Index closed marginally lower, with traders expecting more stimulus measures, despite signs of economic improvement reflected in China’s October Purchasing Managers' Index (PMI).

“At home, we’re intrigued by recent sell-downs from foreign funds but expect bargain hunters to re-emerge if the index dips below 1,600. 

"Meanwhile, crude palm oil prices reached another year-to-date high, surpassing RM4,700 per tonne, though it remains largely overlooked,” Thong noted.

The banking sector led the declines among heavyweights, with CIMB down 15 sen to RM7.84, Hong Leong Bank slipping 42 sen to RM20.08, Maybank easing four sen to RM10.46, and RHB shedding six sen to RM6.35. 

Press Metal fell 10 sen to RM4.65, and Tenaga Nasional declined 12 sen to RM13.92.

Among active counters, Classita rose half-a-sen to 4.0 sen, while Silver Ridge and Alpha IVF remained flat at 48 sen and 34.5 sen, respectively. 

Elridge Energy added one sen to 45 sen, and Maxland dropped half-a-sen to 4.5 sen.

On the index board, the FBM Emas Index declined 65.28 points to 12,037.95, the FBMT 100 Index fell 60.47 points to 11,753.63, and the FBM Emas Shariah Index lost 64.01 points to 12,998.15. 

The FBM 70 Index slipped 59.55 points to 17,543.32, while the FBM ACE Index edged down 13.09 points to 4,992.56.

Sector-wise, the Financial Services Index dropped 159.97 points to 18,926.71, the Plantation Index was down 0.59 of a point to 7,253.18, and the Industrial Products and Services Index eased 0.93 of a point to 173.24. 

However, the Energy Index gained 3.36 points to 838.61.

-- BERNAMA