Market Daily Report: Bursa Malaysia ends in the red on profit-taking activities

 

 

KUALA LUMPUR (Feb 22): Bursa Malaysia ended in the red on Tuesday (Feb 22), succumbing to profit-taking activities across the board following the overbought situation in the previous week, a dealer said. 

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was lower by 0.36% or 5.73 points to 1,576.96 from Monday's close of 1,582.69.

The index, which opened 2.75 points lower at 1,579.94, moved between 1,567.19 and 1,581.05 throughout the session.

The overall market breadth was negative with decliners surpassing gainers 779 to 286, while 378 counters were unchanged, 805 untraded and 15 others suspended.

Total turnover was higher at 4.33 billion units worth RM3.16 billion versus 4.02 billion units worth RM3.08 billion on Monday.

Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said key regional bourses also ended in negative territory as tensions between Ukraine and Russia continued to escalate.

Japan's Nikkei 225 slipped 1.71% to 26,449.61, Hong Kong’s Hang Seng Index went down 2.69% to 23,520 and Singapore’s Straits Times Index declined 1.04% to 3,400.58.

“Additionally, the negative sentiment regionally was preceded by a plunge in United States stock futures earlier on Monday,” he said.

On the local bourse, he reckoned this was a healthy correction as the FBM KLCI remained well supported above the 1,570 level.

“In view of greater market volatility both locally and regionally, we anticipate the benchmark index to trend within the 1,570-1,590 range for the rest of the week,” he said. 

Bursa heavyweights Malayan Banking Bhd narrowed eight sen to RM8.72, Public Bank Bhd fell three sen to RM4.34, CIMB Group Holdings Bhd eased seven sen to RM5.50 and IHH Healthcare Bhd slid nine sen to RM6.30.

In contrast, Petronas Chemicals Group Bhd gained two sen to RM9.14. 

As for the actives, Dagang NeXchange Bhd dipped six sen to RM1.12, Ta Win Holdings Bhd fell two sen to 16 sen and SMTrack Bhd slid half-a-sen to 25.5 sen.

On the index board, FBM ACE contracted 143.74 points to 6,026.15, FBM 70 shrank 248.73 points to 13,387.06, FBM Emas Index dropped 78.27 points to 11,243.5, FBMT 100 Index gave up 75.18 points to 10,920.33, while FBM Emas Shariah Index dropped 68.27 points to 11,923.98.

Sector-wise, the Financial Services Index declined 146.52 points to 16,268.33 and the Plantation Index decreased 5.59 points to 7,780.23, while the Industrial Products and Services Index was 0.28 of-a-point higher at 208.11.

The Main Market volume dipped to 2.78 billion shares worth RM2.86 billion from 2.80 billion shares worth RM2.78 billion previously.

Warrants turnover strengthened to 429.19 million units worth RM47.45 million against 297.74 million units worth RM32.77 million on Monday.

The ACE Market volume widened to 1.11 billion shares valued at RM256.42 million versus 919.17 million shares valued at RM266.95 million.

Consumer products and services counters accounted for 318.3 million shares traded on the Main Market, industrial products and services (832.28 million), construction (82.63 million), technology (561.38 million), SPAC (nil), financial services (71.61 million), property (209.25 million), plantation (145.26 million), REITs (14.01 million), closed/fund (10,000), energy (404.20 million), healthcare (58.02 million), telecommunications and media (30.61 million), transportation and logistics (45.86 million), and utilities (17.41 million).

 

Source: The Edge