KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
The FBM KLCI index lost 4.29 points or 0.26% on Friday to close at 1,658.910. The Finance Index fell 0.20% to 14093.2 points, the Properties Index dropped 0.82% to 1203.42 points and the Plantation Index down 0.12% to 7512.82 points. The market traded within a range of 13.14 points between an intra-day high of 1664.59 and a low of 1651.45 during the session.
The FBM KLCI decline, was in line with the dip at most regional markets and as the local economy grew at its slowest pace since the second quarter of 2013.
Most of the indices on Bursa Malaysia ended the day in red, except for technology and mining, which increased 0.24 points and 8.11 points respectively.
There were 339 gainers, 558 losers and 360 counters traded unchanged across the exchange today. Market breadth saw 2.21 billion shares traded, worth some RM2.14 billion.
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| FBM KLCI downtrend continues |
Most of the indices on Bursa Malaysia ended the day in red, except for technology and mining, which increased 0.24 points and 8.11 points respectively.
There were 339 gainers, 558 losers and 360 counters traded unchanged across the exchange today. Market breadth saw 2.21 billion shares traded, worth some RM2.14 billion.
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| Top 3 Gainers |
Top gainers were led by Fraser & Neave Holdings Bhd, Panasonic Manufacturing Malaysia Berhad and Timedotcom Bhd, with F&N seeing an upside of 48 cents to close at 18.46.
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| Top 3 Losers |
The top 3 losers were British American Tobacco (M) Bhd, Far East Holdings Berhad and Huat Lai Resources Berhad.
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| Top 3 Active |
The most active counter for the day was Instaco, with 103.08 million shares done.
Kenanga Research head of research Chan Ken Yew sees a rebound next week, as the KLCI downside gap has almost been filled.
“Based on the performance today, we do not discount the possibility of a slight rebound next week, if KLCI manage[s] to hold an uptrend support line, just to fill the upside gap of 1,674.7 points to 1,680.8,” he told theedgemarkets.com today.
However, Chan warned there is still a minor downside risk, unless KLCI can overcome the 1,685-point level to gain a sustainable rebound.
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