Market Daily Report: Bursa ends more than 2% lower at intraday low

KUALA LUMPUR (Nov 3): Bursa Malaysia ended at an intraday low of 1,420.38 on Thursday (Nov 3), with selling pressure seen across the board, amid weak regional market sentiments, dealers said.

At 5pm, the FBM KLCI had declined by 31.23 points or 2.15%, from Wednesday's close at 1,451.61.

The benchmark index opened 3.29 points lower at its intraday high of 1,448.32.

On the broader market, losers thumped gainers 660 to 238, while 361 counters were unchanged, 1,066 untraded, and nine others suspended.

Turnover was higher at 2.63 billion units valued at RM1.89 billion, versus 2.49 billion units valued at RM1.78 billion on Wednesday.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the local bourse remained in the red throughout the day, spooked by hawkish remarks from the US Federal Reserve over the pace of future interest rate hikes as inflationary pressure persisted.

The analyst said the weakness was also largely in tandem with mostly negative performances across regional peers.

Back home, Bank Negara Malaysia delivered another 25-basis-point hike in the overnight policy rate to 2.75%, which was largely in line with consensus expectations.

Moving forward, the focus will shift to the impending release of a barrage of corporate earnings as well as the upcoming 15th general election.

“With the KLCI slipping below the 1,430 support level, we reckon that downside risks remain prevalent with the next support level at 1,410, while resistance is at 1,465,” he told Bernama.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng predicted that the KLCI would consolidate in the near term due to negative sentiment globally, although bargain-hunting may prevail.

“We anticipate the benchmark index to trend sideways within 1,415-1,430 towards the weekend,” he added.

On the local bourse, heavyweights Malayan Banking Bhd (Maybank) lost 13 sen to RM8.41, Petronas Chemicals Group Bhd fell 15 sen to RM8.50, CIMB Group Holdings Bhd decreased 14 sen to RM5.35, Tenaga Nasional Bhd (TNB) slipped 17 sen to RM8.23, and Public Bank Bhd went down nine sen to RM4.36.

Among the actives, Top Glove Corp Bhd slid nine sen to 72 sen. Advance Synergy Bhd lost half a sen to 6.5 sen, whereas Alam Maritim Resources Bhd declined half a sen as well to 1.5 sen.

Citaglobal Bhd added 1.5 sen to 29 sen, while Solution Group Bhd rose two sen to 32 sen.

On the index board, the FBM Emas Index dipped 193.92 points to 10,103.52, the FBM 70 slid 141.15 points to 12,059.70, and the FBMT 100 Index slipped 192.66 points to 9,838.19.

The FBM Emas Shariah Index declined 209.12 points to 10,158.55, while the FBM ACE trimmed 67.41 points to 4,886.43. 

Sector-wise, the Financial Services Index sank 270.46 points to 16,055.64, the Industrial Products and Services Index edged down 2.56 points to 172.26, the Plantation Index shed 119.66 points to 6,717.03, and the Energy Index eased 2.29 points to 708.04.

The Main Market volume edged up to 1.84 billion shares worth RM1.63 billion, from 1.66 billion shares worth RM1.52 billion on Wednesday.    

Warrant turnover declined to 244.84 million units valued at RM49.21 million, from 253.71 million units valued at RM48.42 million.

The ACE Market volume was slightly lower at 537.29 million shares worth RM209.44 million, from 573.93 million shares worth RM212.18 million previously.

Consumer product and service counters accounted for 375.42 million shares traded on the Main Market, followed by industrial products and services (423.83 million), construction (42.51 million), technology (96.52 million), special purpose acquisition companies (nil), financial services (81.20 million), property (252.67 million), plantation (27.17 million), real estate investment trusts (4.83 million), closed/funds (39,100), energy (202.28 million), healthcare (265.56 million), telecommunications and media (20.82 million), transportation and logistics (40.21 million), and utilities (8.11 million).

Source: The Edge