KUALA LUMPUR, Jan 8 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) reversed yesterday’s gains to close lower on Wednesday as investors took profit amid the negative performance of regional peers. At 5 pm, the FBM KLCI fell 14.96 points or 0.92 per cent to end at its intraday low of 1,614.83 from Tuesday’s close of 1,629.79. The benchmark index opened 0.87 of-a-point easier at 1,628.92 and hit an intraday high of 1,631.15 during the early morning session. Decliners trounced advancers 827 to 285 on the broader market, while 497 counters were unchanged, 761 untraded, and 10 others suspended. Turnover narrowed to 3.59 billion units valued at RM3.06 billion against Tuesday’s 3.91 billion units valued at RM3.29 billion. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan noted that major Asian indices followed Wall Street’s downbeat performance, driven by t...
KUALA LUMPUR (Jan 24): Bursa Malaysia closed lower on Monday (Jan 24) on continuous selling pressure in most heavyweights led by glove maker Hartalega Holdings Bhd, amid weak market sentiment, dealers said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 5.2 points to 1,521.86 from 1,527.06 at Friday’s close after opening 5.34 points lower at 1,521.72.
The benchmark index fluctuated between 1,518.82 and 1,525.82 throughout the trading session.
The overall market breadth was negative with decliners outnumbering advancers 594 to 335, while 385 counters were unchanged, 955 untraded, and 11 others suspended.Total turnover increased to 2.83 billion units worth RM1.88 billion versus Friday’s 2.64 billion units valued at RM1.98 billion.
An analyst told Bernama that weaker earnings outlook is expected for glove makers on continuous lower average selling price (ASP) for gloves as supply remained high and Covid-19 hype diminishes.
“This dragged Hartalega down, falling 3.82% or 22 sen to RM5.53 while Top Glove [Corp Bhd] dipped 4.14% or nine sen to RM2.08,” she told Bernama.
In another development, following a report that Genting Hong Kong has filed for liquidation just a week after its German shipbuilding subsidiary MV Werften went into insolvency, stocks of Genting Bhd and Genting Malaysia Bhd (GENM) were closely watched by investors.
Genting closed eight sen lower at RM4.49 with 3.91 million shares traded while GENM shed seven sen to RM2.78 with 6.61 million shares changing hands.
Singapore’s Straits Times reported on Sunday that three Malaysian banks’ profits, including Malayan Banking Bhd (Maybank), are set to take a major hit as trouble looms over cruise operator Genting Hong Kong — a major Asian corporate casualty of the Covid-19 pandemic. The other two banks are CIMB Group Holdings Bhd and RHB Bank Bhd.
The report said these three banks were, among some, the chief unsecured creditors of Genting Hong Kong, with a combined exposure of US$600 million (RM2.5 billion).
Maybank on Monday stated vehemently that the allegations that it will face major financial trouble owing to exposure to Genting Hong Kong were baseless.
Maybank’s share price closed three sen lower at RM8.25, CIMB slid five sen to RM5.25, and RHB erased 13 sen to RM5.59.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the regional markets were mostly lower following cues from the decline in Wall Street last Friday, amid rising concerns about inflationary pressures and potential interest rate increase as traders await the US Federal Reserve's latest policy decision during its meeting on Jan 25-26, 2022.
“On the domestic front, we reckon that the local market is expected to see some headwinds amid heightening regional volatility, nonetheless, we believe stock accumulation to persist on dips.
“As such, we expect the FBM KLCI to trade within the 1,515-1,535 range this week. Technically, we shall see immediate support at 1,500 and resistance at 1,530,” said Thong.
As for other heavyweights, Public Bank Bhd, Petronas Chemicals Group Bhd, and Tenaga Nasional Bhd gained one sen each to RM4.19, RM8.90, and RM9.11 respectively.
Of the actives, Dagang NeXchange Bhd was 5.5 sen lower at 93 sen, Coraza Integrated Technology Bhd rose 15.5 sen to 81.5 sen, SMTrack Bhd added half-a-sen to 19.5 sen, while TWL Holdings Bhd eased one sen to 5.5 sen.
On the index board, the FBM Emas Index decreased 41.74 points to 10,917.51, the FBM Emas Shariah Index fell 34.28 points to 11,626.92, the FBM ACE erased 21.54 points to 6,102.98, the FBM 70 dipped 69.05 points to 13,405.78, and the FBMT 100 Index dropped 40.41 points to 10,625.04.
Sector-wise, the Financial Services Index slipped 75.75 points to 15,700.86, the Industrial Products and Services Index eased 0.32 of-a-point to 200.51, while the Plantation Index climbed 27.35 points to 6,726.63.
The Main Market volume went down to 1.66 billion shares valued at RM1.58 billion versus Friday’s 1.68 billion shares worth RM1.74 billion.
Warrants turnover shrank to 263.31 million units worth RM25.64 million from 327.74 million units valued at RM33.17 million previously.
The ACE Market volume swelled to 893.52 million shares valued at RM272.47 million against 623.79 million shares worth RM206.02 million on Friday.
Consumer products and services counters accounted for 344.41 million shares traded on the Main Market, industrial products and services (418.93 million), construction (76.84 million), technology (352.54 million), SPAC (nil), financial services (50.26 million), property (207.07 million), plantation (17.22 million), REITs (5.36 million), closed/fund (15,000), energy (81.65 million), healthcare (43.38 million), telecommunications and media (10.53 million), transportation and logistics (39.31 million), and utilities (15.49 million).
Source: The Edge
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