Bursa Malaysia Gives Up Earlier Gains To End Mixed

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04.

The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session.

However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended.

Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a decisive breakout above the 1,630 resistance level with prolonged stability to indicate a more positive trajectory.

He said that from a technical perspective, the FBM KLCI is near the oversold level and the moving average convergence/divergence (MACD) indicator is nearing a crossover with its signal line.

“This potential crossover is often interpreted as an early indication that the ongoing bearish trend may be losing momentum, with a possible increase in buying interest.

“If confirmed, and supported by higher trading volume or a breakout above key resistance levels, it could signify a trend reversal and set the stage for upward price movements,” he told Bernama. 

For now, he expects the FBM KLCI to maintain its sideways trend with an upside bias within the 1,600-1,630 range for the rest of the week.

Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the FBM KLCI closed slightly lower but remained above the key 1,600-point level at 1,602.34.

“Market volatility continues to be elevated, driven by global factors such as Nvidia’s upcoming earnings report, China’s loan prime rate, and Eurozone inflation figures. These events could significantly shift investor sentiment in either direction,” he said. 

In addition, he said investor sentiment remained cautious as market participants adjust expectations, particularly with regards to the US Federal Reserve’s approach to monetary easing.

“Looking ahead, the market is likely to experience heightened volatility in the near term.

“Key risks include the ongoing impact of past US policies, Nvidia’s earnings and influence on technology valuations, and broader uncertainties surrounding global monetary policies,” he added. 

Among the heavyweights, CIMB added 3.0 sen to RM8.24, Tenaga Nasional put on 6.0 sen to RM14.42, IHH Healthcare was 4.0 sen higher at RM7.26, Maybank eased 10.0 sen to RM10.24, and Public Bank slid 6.0 sen to RM4.44.

As for the active stocks, Cape EMS edged up half-a-sen to 38.5 sen, Life Water rose 8.0 sen to 94 sen, Steel Hawk climbed 9.5 sen to 45.5 sen, while Classita, Aizo, and EA Holdings were flat at 6.5 sen, 14.5 sen and half-a-sen respectively.

On the index board, the FBM Emas Shariah Index jumped 31.24 points to 12,144.86, the FBM Emas Index rose 3.25 points at 12,176.11, the FBMT 100 Index edged up 1.56 points to 11,877.38, the FBM ACE Index gained 15.17 points to 5,190.26, and the FBM 70 Index climbed 54.26 points to 17,918.15.

Sector-wise, the Industrial Products and Services Index perked up 0.18 of-a-point to 170.43, the Energy Index picked up 2.23 points to 830.10, the Plantation Index declined 41.03 points to 7,664.46, and the Financial Services Index shrank 86.32 points to 19,124.22.

The Main Market volume decreased to 1.47 billion units worth RM1.83 billion against yesterday’s 1.60 billion units worth RM1.99 billion.

Warrants turnover expanded to 928.20 million units valued at RM118.86 million from 860.16 million units valued at RM116.59 million previously.  

The ACE Market volume slipped to 427.03 million units worth RM138.67 million compared with 491.39 million units worth RM125.59 million yesterday.

Consumer products and services counters accounted for 501.73 million shares traded on the Main Market, industrial products and services (345.47 million), construction (83.59 million), technology (112.60 million), SPAC (nil), financial services (55.67 million), property (126.68 million), plantation (34.80 million), REITs (13.19 million), closed/fund (6,000), energy (74.98 million), healthcare (47.49 million), telecommunications and media (33.26 million), transportation and logistics (16.80 million), utilities (25.45 million), and business trusts (94,300).

-- BERNAMA