By Abdul Hamid A Rahman
KUALA LUMPUR, Aug 20 (Bernama) -- Bursa Malaysia snapped a seven-day winning streak to end lower today due to profit-taking in utilities, energy, and technology stocks, said an analyst.
At the close, the FTSE Bursa Malaysia KLCI (KLCI) slid 5.93 points or 0.36 per cent to 1,642.77 from yesterday’s close of 1,648.70.
The benchmark index opened 0.86 of-a-point higher at 1,649.56 and thereafter hit a notable intraday high of 1,660.29 at mid-morning, marking a level not seen since mid-December 2020. The index continued to move downwards and slipped to a low of 1,637.45 in the afternoon session.
On the broader market, losers beat gainers 857 to 357, with 433 counters unchanged, 833 untraded, and 11 others suspended.
Turnover swelled to 4.19 billion units valued at RM4.55 billion from 3.89 billion units worth RM4.30 billion on Monday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that in Asia, profit-taking was observed in certain bourses; however, most regional markets continued their upward trajectory.
“The performance was supported by a consistent influx of foreign buying amid the strengthening of Asian currencies against the US dollar.
“Malaysian equities finished mostly lower on profit-taking in utilities, energy, and tech stocks. As a result, the FBM KLCI also ended in negative territory,” he told Bernama.
Thong added that today's profit-taking presents an opportunity to accumulate stocks at lower levels, particularly blue-chip stocks, and as a healthy correction that allows the market to digest the recent rally, thereby providing a stronger base for a more sustainable uptrend.
Among the heavyweights, Public Bank rose 13.0 sen to RM4.67, Tenaga Nasional gained 10.0 sen to RM14.00 and IHH Healthcare added 5.0 sen to RM6.32 while CIMB Group fell 12.0 sen to RM7.85 and Maybank remained unchanged at RM10.60.
Among the actives, Top Glove increased 1.0 sen to RM1.00, Cape EMS dropped 2.0 sen to 40 sen, My E.G. Services fell 2.5 sen to 90.5 sen, YTL Power fell 34.0 sen to RM3.86, and Velocity Capital was flat at 6.5 sen.
On the index board, the FBM Emas Index decreased 50.06 points to 12,429.77, the FBM 70 Index dropped 44.57 points to 17,912.64, the FBM Emas Shariah Index slid 55.29 points to 12,359.18, and the FBM ACE Index declined 71.56 points to 5,329.59.
Sector-wise, the Industrial Products and Services Index dipped 2.31 points to 181.60, the Energy Index sank 14.90 points to 934.55, the Plantation Index shed 8.43 points to 7,146.15, while the Financial Services Index increased 89.61 points to 19,197.15.
The Main Market volume expanded to 2.38 billion units worth RM4.24 billion from 2.32 billion units valued at RM4.01 billion on Monday.
Warrants turnover advanced to 1.37 billion units valued at RM163.68 million from 1.08 billion units worth RM124.32 million previously.
The ACE Market volume dwindled to 437.47 million shares worth RM139.41 million from 492.48 million shares valued at RM159.98 million yesterday.
Consumer products and services counters accounted for 277.71 million shares traded on the Main Market, industrial products and services (537.61 million), construction (169.80 million), technology (251.12 million), SPAC (nil), financial services (286.93 million), property (269.06 million), plantation (16.92 million), REITs (13.39 million), closed/fund (16,800), energy (157.17 million), healthcare (118.87 million), telecommunications and media (76.99 million), transportation and logistics (78.43 million), utilities (124.18 million), and business trusts (2.79 million).
-- BERNAMA
