By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, Jan 16 (Bernama) -- Bursa Malaysia gave up early gains to end at an intraday low on Thursday due to massive foreign selling, and bucking the regional trend in the process.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 6.58 points, or 0.42 per cent, to 1,555.54 from Wednesday’s close of 1,562.12.
The benchmark index opened 10.49 points higher at 1,572.61 and rose to an intraday high of 1,576.57 in the early session before succumbing to selling pressure to hit an intraday low of 1,555.54 at closing.
Market breadth was negative, with losers leading gainers 517 to 459, while 487 counters were unchanged, 912 untraded and nine others suspended.
Turnover increased to 3.57 billion units valued at RM3.15 billion against Wednesday’s 3.40 billion units valued at RM3.08 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices ended higher following a positive cue from Wall Street overnight.
He said the US consumer price index for December rose by 0.4 per cent, aligning closely with forecasts, while the US Federal Reserve's key underlying measure showed slower-than-expected growth, reigniting discussions about potential US rate cuts.
“Domestically, the FBM KLCI has dropped into the oversold territory following the recent heavy sell-off by foreigners.
“We reckon this provides an opportunity for bargain hunters to accumulate stocks, particularly the blue chips at cheaper prices. We anticipate the benchmark index to trend within the range of 1,550-1,560 towards the weekend,” he told Bernama.
Regionally, Japan’s Nikkei 225 added 0.33 per cent to 38,572.60, Singapore's Straits Times Index improved 0.76 per cent to 3,801.13, South Korea’s Kospi jumped 1.23 per cent to 2,527.49, China’s Shanghai Composite Index increased 0.28 per cent to 3,236.03, and Hong Kong’s Hang Seng Index surged 1.23 per cent to 19,522.89.
Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said despite the FBM KLCI's negative performance today, the FBM 70 Index rebounded slightly and the Bursa Malaysia Technology sector surged by nearly two per cent.
“This development indicates selective buying, with investors targeting sectors and stocks with strong growth prospects or attractive valuations.
“That said, US President Joe Biden’s farewell address introduced a cautionary tone, with his critique of the ‘tech-industrial complex’ and warnings about oligarchic influence. These broader societal challenges deserve careful consideration, but from an investment standpoint, the focus should remain on tangible data and concrete policy developments,” he added.
Looking ahead, Mohd Sedek said investors will likely seek further confirmation of the optimism through additional economic data.
“Tomorrow’s key releases from China — its full-year 2024 gross domestic product, US December industrial production, and retail sales — will offer critical insights into the trajectory of the global economy.
“If these data meet market expectations, investor confidence is likely to be further strengthened,” he said.
Among the heavyweights, Maybank was flat at RM10.14, while Public Bank eased one sen to RM4.39 and Tenaga lost 38 sen to RM13.12. CIMB soared 14 sen to RM7.99 and IHH increased one sen to RM7.11.
Of the active stocks, newly-listed CBH Engineering added 5.5 sen to 33.5 sen with 393.05 million shares transacted. TWL Holdings and Velocity Capital were unchanged at 2.5 sen and eight sen respectively.
Gamuda dropped 19 sen to RM4.26, MN Holdings shed five sen to 99 sen, and Swift Energy inched down half-a-sen 36.5 sen.
On the broader index, the FBM Emas Index decreased 26.67 points to 11,925.05, the FBM Emas Shariah Index fell 66.34 points to 11,762.70, and the FBMT 100 Index declined 27.56 points to 11,614.89.
The FBM 70 Index garnered 37.69 points to 17,830.52 and the FBM ACE Index gained 7.74 points to 5,158.94.
By sector, the Energy Index climbed 9.69 points to 831.48, the Financial Services Index advanced 68.41 points to 18,735.33, while the Industrial Products and Services Index eased 0.70 of-a-point to 165.35 and the Plantation Index lost 33.63 points to 7,336.38.
The Main Market volume declined to 1.64 billion units worth RM2.74 billion against Wednesday’s 1.78 billion units worth RM2.81 billion.
Warrants turnover improved to 1.07 billion units valued at RM93.08 million versus 1.04 billion units valued at RM97.22 million previously.
The ACE Market volume soared to 860.68 million units worth RM317.65 million from 578.93 million units worth RM170.99 million yesterday.
Consumer products and services counters accounted for 138.43 million shares traded on the Main Market, industrial products and services (287.79 million), construction (206.48 million), technology (215.94 million), SPAC (nil), financial services (62.45 million), property (364.12 million), plantation (30.44 million), REITs (11.10 million), closed/fund (121,000), energy (138.01 million), healthcare (73.76 million), telecommunications and media (36.85 million), transportation and logistics (15.12 million), utilities (65.78 million), and business trusts (65,500).
-- BERNAMA
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