Market Daily Report: Bursa bucks regional trend to end lower

KUALA LUMPUR (Nov 1): Bursa Malaysia retreated from Monday's (Oct 31) gains to end lower on profit-taking in most heavyweights despite the upbeat performance in regional peers.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 14.46 points or 0.99% to 1,445.92 from Monday's close of 1,460.38.

The key index, which opened 2.74 points lower at 1,457.64, moved between 1,443.54 and 1,457.64 throughout the day.

The broader market was also negative with losers beating gainers 479 to 381, while 388 counters were unchanged, 1,056 untraded, and 13 others suspended.

Turnover was marginally higher at 2.98 billion units valued at RM1.56 billion versus 2.89 billion units valued at RM1.94 billion on Monday.

Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said buying momentum was expected resume following Tuesday's profit-taking activities given the continuous support from local institutions while valuations remain cheap at the present level.

“We anticipate the FBM KLCI to move within the 1,440-1,470 range for the remainder of the week, with immediate resistance at 1,470 and support at 1,430,” he told Bernama.

Meanwhile, another analyst said investors were cautiously awaiting the outcome of the US Federal Reserve (Fed) interest rate decision on Wednesday, as well as Bank Negara Malaysia's (BNM) Monetary Policy Committee meeting on Wednesday and Thursday.

The Fed will kick off its two-day policy meeting on Tuesday. Markets widely expect the US central bank to enact another 75 basis point rate hike when the meeting concludes on Wednesday. Meanwhile, BNM may look to hike the overnight policy rate by 25 basis points, analysts said.

Of the heavyweights, Malayan Banking Bhd (Maybank) inched down five sen to RM8.54, Public Bank Bhd lost six sen to RM4.41, Petronas Chemicals Group Bhd slid nine sen to RM8.63, CIMB Group Holdings Bhd gave up four sen to RM5.48, while IHH Healthcare Bhd rose two sen to RM5.97.

Among the actives, KNM Group Bhd decreased by 4.5 sen to four sen, Advance Synergy Bhd shed one sen to seven sen, Borneo Oil Bhd and Serba Dinamik Holdings Bhd were both flat at two sen, while Top Glove Corp Bhd added half-a-sen to 80 sen.

On the index board, the FBM Emas Index slipped 83.71 points to 10,267.13, the FBM 70 fell 58.15 points to 12,208.58, the FBMT 100 Index dropped 87.81 points to 10,002.12, while the FBM Emas Shariah Index lost 75.41 points to 10,335.7.

The FBM ACE climbed by 19.09 points to 4,878.02.

Sector-wise, the Energy Index was three points easier at 695.5, the Industrial Products and Services Index edged down 1.13 points to 174.67, the Plantation Index slid 86.99 points to 6,792.93, and the Financial Services Index dipped 154.38 points to 16,312.3.

The Main Market volume rose to 2.03 billion shares worth RM1.30 billion from 1.97 billion shares worth RM1.69 billion on Monday.    

Warrants turnover swelled to 419.53 million units valued at RM81.75 million from 299.7 million units valued at RM50.78 million.  

The ACE Market volume dropped to 526.71 million shares worth RM189.21 million from 619.85 million shares worth RM191.38 million previously.   

Consumer products and services counters accounted for 286.25 million shares traded on the Main Market, industrial products and services (477.27 million), construction (84.41 million), technology (107.61 million), SPAC (nil), financial services (54.72 million), property (229.54 million), plantation (33.51 million), REITs (7.15 million), closed/fund (5,000), energy (490.7 million), healthcare (171.01 million), telecommunications and media (14.59 million), transportation and logistics (60.95 million), and utilities (11.49 million).

Source: The Edge