Market Daily Report: Bursa snaps three-day winning streak to end lower

KUALA LUMPUR (Sept 13): Bursa Malaysia snapped its three-day winning streak to end in the red on Tuesday (Sept 13), dragged by profit taking in selected heavyweight counters, particularly banking stocks.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 10.12 points, or 0.68%, to 1,487.84 from Monday's close of 1,497.96.

The benchmark index, which opened 0.56 points lower at 1,497.4, moved between 1,482.38 and 1,497.88 throughout the day.

Market breadth was negative with decliners outnumbering advancers 449 to 351, while 449 counters were unchanged, 1,092 untraded, and nine others suspended.

Total turnover was marginally higher at 2.64 billion units worth RM1.74 billion from 2.63 billion units worth RM1.55 billion on Monday.

Rakuten Trade Sdn Bhd vice-president of Equity Research Thong Pak Leng said Tuesday's selldown provides more upsides for investors, given the undervalued FBM KLCI.

“As such, we expect the benchmark index to trend higher for the remainder of the week, hovering within the 1,480-1,510 region, with immediate support at 1,480 and resistance at 1,500," he told Bernama.

Key regional indices closed mostly higher, buoyed by optimism ahead of the release of the US inflation reading which is expected to have improved in August, he said.

"Nonetheless, gains were limited as investors are cautious on the slowdown in China's economic activity due to the recent Covid-19-related restrictions," said Thong.

Meanwhile, Bursa heavyweights Malayan Banking Bhd (Maybank) fell seven sen to RM8.92, Public Bank Bhd reduced 10 sen to RM4.52, Petronas Chemicals Group Bhd shed 18 sen to RM8.71, CIMB Group Holdings Bhd slid two sen to RM5.45, and IHH Healthcare Bhd trimmed one sen to RM6.20.

Of the actives, Metronic Global Bhd eased half-a-sen to 2.5 sen while CSH Alliance Bhd, too, slipped half-a-sen to four sen. Aimflex Bhd improved 2.5 sen to 15.5 sen, Velesto Energy Bhd gained 1.5 sen to 11.5 sen, and MyEG Services Bhd advanced two sen to 87.5 sen.

On the index board, the FBM Emas Index declined 57.33 points to 10,598.26, the FBMT 100 Index contracted 59.38 points to 10,340.22, the FBM Emas Shariah Index fell 2.47 points to 10,720.48 and the FBM 70 lost 29.54 points to 12,814.43, but the FBM ACE was 6.53 points higher at 4,900.72.

Sector-wise, the Industrial Products and Services Index eased 1.73 points to 183.45, the Financial Services Index dropped 218.83 points to 16,666.99, while the Plantation Index rose 21.48 points to 6,998.9, and the Energy Index bagged 11.21 points to 727.67.

The Main Market volume slipped to 1.69 billion shares worth RM1.4 billion from 1.79 billion shares worth RM1.18 billion on Monday.

Warrants turnover expanded to 250.05 million units valued at RM38.34 million from 70.67 million units valued at RM7.85 million previously.

The ACE Market volume declined to 697.23 million shares worth RM296.15 million from 761.86 million shares worth RM362.57 million on Monday.

Consumer products and services counters accounted for 228.54 million shares traded on the Main Market, industrial products and services (746.9 million), construction (27.58 million), technology (191.45 million), SPAC (nil), financial services (60.14 million), property (98.26 million), plantation (23.65 million), REITs (5.52 million), closed/fund (nil), energy (166.81 million), healthcare (91.44 million), telecommunications and media (16.48 million), transportation and logistics (22.82 million) and utilities (12.88 million).

Source: The Edge