Market Daily Report: https://www.theedgemarkets.com/article/bursa-malaysia-ends-lower-sync-regional-peers

 

 

KUALA LUMPUR (April 11): Bursa Malaysia closed slightly lower on selling pressure in most sectors, led by healthcare and financial services counters, in line with the weaker regional market performance.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.68 points or 0.17% easier at 1,604.61 compared with Friday’s close of 1,607.29.

The barometer index opened 0.66 of-a-point higher at 1,607.95 and moved between 1,603.22 and 1,613.46 throughout the day.

On the broader market, losers trounced gainers 774 to 317, while 356 counters were unchanged, 807 untraded, and 13 others suspended.

Total turnover increased to 4.40 billion units worth RM2.37 billion from 2.93 billion units worth RM1.85 billion on Friday.

Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the FBM KLCI closed marginally lower as investors took the opportunity to take profit during the final hour of trading.

He said that regionally, key indices closed broadly lower following the mixed cues from Wall Street on Friday, amid lingering concerns about inflation and the prospect of aggressive rate hikes by central banks worldwide.

“Investors also remain worried about the likely economic impact of the ongoing war in Ukraine and the extended lockdown in Shanghai due to the worsening Covid-19 outbreak,” he told Bernama.

Back home, Thong believes the local market will remain well supported by the continuous foreign inflow despite some profit taking on Monday.

Meanwhile, investors should stay alert on the heightened local and regional market volatilities and external uncertainties.

“Hence, we expect the FBM KLCI to move in range-bound mode within the 1,595-1,615 range for the week. Technically, the immediate resistance is spotted at 1,625 and support at 1,580,” he added.

Hong Kong's Hang Seng Index declined 3.03% to 21,208.3, Japan's Nikkei 225 lost 0.61% to 26,821.52, South Korea’s Kospi inched down 0.27% to 2,693.1 and Singapore’s Straits Times Index weakened 0.58 to 3,363.56.

On the home front, heavyweights Malayan Banking Bhd was flat at RM8.85, Public Bank Bhd lost one sen to RM4.67, Petronas Chemicals Group Bhd dropped 10 sen to RM10.20, IHH Healthcare Bhd slid five sen to RM6.40, and CIMB Group Holdings Bhd fell two sen to RM5.33.

Of the actives, Vizione Holdings Bhd rose half-a-sen to eight sen, VSolar Group Bhd shed half-a-sen to one sen, Tanco Holdings Bhd dipped 8.5 sen to 39.5 sen, while Techna-X Bhd and MNC Wireless Bhd were flat at 9.5 sen and three sen, respectively.

On the index board, the FBMT 100 Index decreased 57.07 points to 11,143.55, FBM Emas Index was 63.64 points weaker at 11,487.95, FBM Emas Shariah Index fell 87.41 points to 12,115.18, FBM 70 slipped 227.36 points to 13,776.48 and the FBM ACE dipped 66.99 points to 5,794.49.

Sector-wise, the Industrial Products and Services Index eased 0.39 of-a-point to 214.08 and the Financial Services Index fell 26.46 points to 16,755.87, while the Plantation Index gained 121.36 points to 8,474.96.

Main Market volume rose to 2.65 billion shares worth RM2.08 billion compared with 2.02 billion shares worth RM1.67 billion on Friday. 

Warrants turnover swelled to 497.35 million units valued at RM78.55 million against 279.43 million units valued at RM48.29 million.

The ACE Market volume increased to 1.24 billion shares worth RM209.86 million versus 624.68 million shares worth RM141.21 million previously.

Consumer products and services counters accounted for 449.48 million shares traded on the Main Market, industrial products and services (478.68 million), construction (376.61 million), technology (240.45 million), SPAC (nil), financial services (68.93 million), property (365.18 million), plantation (134.65 million), REITs (4.47 million), closed/fund (24,400), energy (373.01 million), healthcare (45.96 million), telecommunications and media (27.5 million), transportation and logistics (47.88 million), and utilities (43.65 million).

 

Source: The Edge