BURSA MALAYSIA CLOSES LOWER ON WEAKER US DATA

By Kisho Kumari Sucedaram

KUALA LUMPUR, Oct 11 (Bernama) -- Bursa Malaysia ended the week lower, tracking Wall Street’s performance, as higher-than-expected inflation in the United States further diminished hopes for a jumbo US interest rate cut next month.

The US consumer price index  (CPI) rose at an annual pace of 2.4 per cent in September, slightly higher than economists’ expectations of 2.3 per cent, but lower than 2.5 per cent in August.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 7.39 points, or 0.45 per cent, to 1,633.55 compared to Thursday’s close. The benchmark index, which had opened 5.15 points lower at 1,635.79, moved between 1,631.89 and 1,643.07 throughout the day.

On the broader market, decliners led gainers 546 to 420, with 526 counters unchanged, 961 untraded and nine suspended.

Turnover added to 2.29 billion units valued at RM2.67 billion from 2.63 billion units valued at RM2.30 billion yesterday.

Head of investment research at UOB Kay Hian Wealth Advisors Mohd Sedek Jantan said traders will now turn their attention to the upcoming US producer price index (PPI) figures to gauge the US Federal Reserve's (Fed) interest rate policy path following the higher-than-expected US CPI and core CPI data. "Currently, the market is pricing in an over 80 per cent probability of a 25-basis-point cut at the November Federal Open Market Committee (FOMC) meeting," he told Bernama.

Additionally, he said Malaysia's Industrial Production Index (IPI) for August reported modest year-on-year growth of 4.1 per cent, down from 5.3 per cent in the previous month, raising concerns that weak manufacturing activity could extend into the fourth quarter. 

Among the heavyweights, Maybank added two sen to RM10.56, CIMB gained 14 sen to RM8.22 and Tenaga Nasional lifted eight sen to RM14.46. Public Bank tumbled 26 sen to RM4.31 and Hong Leong Bank was unchanged at RM21.10. 

Of the active stocks, MY E.G reduced 1.5 sen to 92 sen, Pertama Digital ticked down three sen to 28 sen and Velocity Capital gave up one sen to four sen.  Top Glove rose three sen to RM1.06 and EA Holdings was flat at half-a-sen. 

On the index board, the FBM Emas Index shed 34.49 points to 12,282.75, the FBMT 100 Index stepped back 35.75 points to 11,978.85 and the FBM ACE Index trimmed 1.97 points to 5,148.77. The FBM Emas Shariah Index ticked up 0.12 of a point to 12,210.35 and the FBM 70 Index gained 15.90 points to 17,594.39. 

Sector-wise, the Financial Services Index dipped 124.99 points to 19,178.28, the Plantation Index added 1.86 points to 7,201.41 and the Industrial Products and Services Index firmed 0.25 of-a-point to 176.07 while the Energy Index was 0.22 of-a-point higher at 882.10.

The Main Market volume fell to 1.44 billion units worth RM2.52 billion from Thursday's 1.59 billion units worth RM2.10 billion.

Warrant turnover shrank to 480.42 million units valued at RM38.62 million from 656.26 million units valued at RM98.73 million yesterday. 

The ACE Market volume slipped to 372.31 million units worth RM112.18 million from 387.86 million units worth RM96.43 million.

Consumer products and services counters accounted for 275.95 million shares traded on the Main Market, industrial products and services (258.89 million), construction (112.34 million), technology (203.71 million), SPAC (nil), financial services (224.50 million), property (124.45 million), plantation (37.13 million), REITs (10.10 million), closed/fund (93,800), energy (54.92 million), healthcare (70.52 million), telecommunications and media (20.46 million), transportation and logistics (18.31 million), utilities (32.27 million), and business trusts (368,100).

-- BERNAMA