Bursa Malaysia Erases Early Gains To End Lower

By Zufazlin Baharuddin

KUALA LUMPUR, Nov 14 (Bernama) -- Bursa Malaysia gave up gains in the early session to close lower today, mirroring weak regional sentiment after negative cues from global equities overnight.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 10.82 points to close at 1,600.68 from yesterday’s close of 1,611.50.

The benchmark index, which opened 3.39 points higher at 1,614.89, moved between 1,598.64 and 1,615.84 during the trading session. 

The market breadth was negative with decliners leading gainers 586 to 419, while 543 counters were unchanged, 906 untraded and 21 suspended.

Turnover expanded to 3.14 billion units valued at RM2.69 billion versus 2.82 billion units worth RM2.22 billion yesterday.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the FBM KLCI staged a pullback today as the persistent strength of the US dollar and ongoing concerns over China’s economic outlook have dampened risk appetite across the region.

“As investors remain cautious, capital flows continue to favour the US market, which is seen as a safe haven amid prevailing uncertainties in both domestic and regional markets,” he told Bernama.

He opined that yesterday’s higher-than-expected US Consumer Price Index (CPI) data has raised expectations for a potential rate cut by the Federal Reserve in December, which could stimulate economic growth.

“However, despite this prospect, the US dollar remains strong, supported by rising inflation and attractive yields, continuing to weigh on regional markets,” he added.

Besides, he said later this evening, investors will be closely monitoring upcoming US economic data, with the Producer Price Index (PPI) and initial jobless claims offering valuable insights into inflationary pressures and the labour market.

“Tomorrow, Malaysia will announce its third-quarter gross domestic product data and the US will release its retail sales report, both of which are expected to draw significant attention.

“The focus on these indicators underscores the heightened uncertainty in the global market,” he added.

Among the heavyweights, Press Metal Aluminium fell 19 sen to RM4.40, SD Guthrie fell 16 sen to RM4.85, Maxis lost 11 sen to RM3.52, Maybank shed 12 sen to RM10.30, while Public Bank remained unchanged at RM4.47.

Among the active stocks, Life Water declined six sen to 88 sen, Mpire Global slipped three sen to 18 sen, while Cape EMS gained half-a-sen to 38 sen, Classita rose two sen to 6.5 sen, and Mega Fortris added three sen to 62 sen.

On the index board, the FBM Emas Shariah Index fell 54.67 points to 12,109.85, the FBM 70 Index decreased 41.99 points to 17,800.28, the FBM ACE Index shed 12.02 points to 5,129.59, the FBM Emas Index sank 60.27 points to 12,145.44, and the FBMT 100 Index slipped 64.96 points to 11,845.88.

Sector-wise, the Industrial Products and Services Index eased 1.39 points to 167.85, the Plantation Index declined 35.97 points to 7,684.19, and the Financial Services Index slid 97.38 points to 19,094.23, while the Energy Index climbed 5.73 points to 827.29.

The Main Market volume expanded to 1.81 billion units worth RM2.43 billion against Wednesday’s 1.43 billion units valued at  RM1.95 billion.

Warrants turnover improved to 1.02 billion units valued at RM128.34 million from 1.01 billion units worth RM114.69 million previously.

The ACE Market volume dwindled to 306.31 million units worth RM121.64 million compared with 384.56 million units valued at RM148.83 million yesterday.

Consumer products and services counters accounted for 547.09 million shares traded on the Main Market, industrial products and services (476.58 million), construction (83.09 million), technology (181.36 million), SPAC (nil), financial services (91.20 million), property (119.88 million), plantation (67.50 million), REITs (16.23 million), closed/fund (4,400), energy (85.34 million), healthcare (51.11 million), telecommunications and media (30.82 million), transportation and logistics (29.76 million), utilities (31.91 million), and business trusts (532,100).

-- BERNAMA