Market Daily Report: FBM KLCI dips 0.09% as investors remain cautious over Evergrande, US Fed decision

 

KUALA LUMPUR (Sept 22): Bursa Malaysia’s key index ended easier in lacklustre trade due to weak market sentiment and a lack of buying catalyst as concerns persisted over Chinese property group Evergrande Group’s debt and its impact on global markets.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.42 points, or 0.09%, to 1,529.02, from Tuesday’s close of 1,530.44.  

The index, which opened 5.81 points weaker at 1,524.63, moved between 1,520.71 and 1,529.79 throughout the day.

However, market breadth was positive with gainers outpacing decliners 584 to 382, while 436 counters were unchanged, 870 untraded, and five others suspended.

Turnover fell to 4.12 billion units worth RM3.16 billion from Tuesday’s 4.72 billion units worth RM2.86 billion. 

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said investors were also cautious that the US Federal Reserve, which meets on Tuesday and Wednesday, would be confirming its plans to cut back support for the US economy this year.

“The FBM KLCI seems to be quite well supported at the 1,520 level, hence we reckon accumulation of stocks to persist on dips. For the week, we anticipate the index to remain sideways with immediate support at 1,520 while resistance at 1,550,” he told Bernama. 

Among the heavyweights, Malayan Banking Bhd advanced five sen to RM8.10, Public Bank Bhd added one sen to RM4.04, Petronas Chemicals Group Bhd increased nine sen to RM8.05, Tenaga Nasional Bhd declined one sen to RM9.81 and Hong Leong Bank Bhd shed 14 sen to RM18.46. 

Of the actives, Bintai Kinden Corp Bhd appreciated eight sen to 65 sen, Binasat Communications Bhd was 7.5 sen higher at 43 sen, Opcom Holdings Bhd soared 29.5 sen to RM1.11, Fintec Global Bhd was flat at two sen, Pasukhas Group Bhd shed one sen to 6.5 sen and KNM Group Bhd eased two sen to 23 sen. 

On the index board, the FBM Emas Index advanced 10.71 points to 11,222.11, the FBMT 100 Index was 5.68 points higher at 10,937.46, and the FBM Emas Shariah Index chalked up 45.79 points to 12,243.67.

The FBM 70 added 69.43 points to 14,906.93, while FBM ACE gained 111.93 points to 7,107.55.  

Sector wise, the Plantation Index went down 10.1 points to 6,274.72, the Industrial Products and Services Index added 1.74 points to 198.22, and the Financial Services Index trimmed 100.34 points to 15,153.86.

The Main Market volume decreased to 2.61 billion shares worth RM2.72 billion from Tuesday’s 2.95 billion shares worth RM2.54 billion.

Warrants turnover fell to 222.76 million units valued at RM25.46 million from 323.43 million units valued at RM58.31 million yesterday. 

Volume on the ACE Market went down to 1.26 billion units worth RM416.51 million from 1.42 billion units worth RM264.18 million.       

Consumer products and services counters accounted for 360.29 million shares traded on the Main Market, industrial products and services (873.52 million), construction (89.24 million), technology (379.74 million), SPAC (nil), financial services (42.47 million), property (205.74 million), plantation (22.81 million), REITs (19.07 million), closed/fund (5,000), energy (331.59 million), healthcare (96.74 million), telecommunications and media (78.93 million), transportation and logistics (89.74 million) and utilities (16.85 million).

 

Source: The Edge