Market Daily Report: Bursa closes mixed on late selling, KLCI ends at intraday low

KUALA LUMPUR (July 13): Late selling of selected heavyweights, led by healthcare and consumer products and services counters, resulted in Bursa Malaysia closing mixed on Thursday (July 13).

The local benchmark index ended at an intraday low despite the positive sentiment on regional bourses.

At 5pm, the FBM KLCI had slipped 1.83 points or 0.13% to 1,396.23, from 1,398.06 at Wednesday’s close.

The barometer index opened 3.04 points better at 1,401.10 on Thursday morning, and moved to the highest point of 1,401.76 in the morning session.

The broader market was positive, as gainers beat losers 518 to 378, while 400 counters were unchanged, 960 untraded, and 14 others suspended.

Turnover rose to 2.93 billion units worth RM1.78 billion, versus 2.82 billion units worth RM1.73 billion on Wednesday.

IHH Healthcare Bhd and Petronas Dagangan Bhd (PetDag) were the top contributors to the loss in the key index. IHH declined 18 sen to RM5.77, while PetDag lost 64 sen to RM21.76, contributing a combined loss of 3.67 points.

However, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects to see further upside in the near future, as the KLCI remains in an oversold position.

“If the benchmark index is sustained above the 1400 level for a longer period, for about four to five days, the outlook of the benchmark index will be positive in the longer term.

“The long-awaited 1,395 resistance has been broken, therefore the outlook has turned more positive. However, there are also profit-taking possibilities, because the index has gained quite a lot lately,” he told Bernama.

Additionally, Thong said the improving relationship between the US and China would provide an additional boost to investors’ confidence moving forward.

Among other heavyweights, Malayan Banking Bhd (Maybank) at RM8.73 and CIMB Group Holdings Bhd at RM5.20 had decreased two sen each.

Petronas Chemicals Group Bhd slipped three sen to RM6.13, while Public Bank Bhd improved five sen to RM3.92, and Tenaga Nasional Bhd went up seven sen to RM9.10.

Of the actives, Sarawak Consolidated Industries Bhd shed three sen to 46.5 sen, while Classita Holdings Bhd advanced 1.5 sen to 14 sen, Hong Seng Consolidated Bhd perked one sen to 9.5 sen, and Ta Win Holdings Bhd earned half a sen to 4.5 sen.

On the index board, the FBM Emas Index was 1.88 points firmer at 10,302.23, the FBMT 100 Index eased 0.93 of a point to 9,989.26, the FBM Emas Shariah Index was 18.58 points lower at 10,583.93, the FBM 70 Index improved 50.11 points to 13,604.97, and the FBM ACE Index fell 8.75 points to 5,212.52.

Sector-wise, the Financial Services Index increased 47.88 points to 15,545.16, the Industrial Products and Services Index inched down 0.19 of a point to 161.07, the Energy Index reduced 2.70 points to 811.18, while the Plantation Index shed 0.36 of a point to 6,895.67.

The Main Market volume narrowed to 1.99 billion units valued at RM1.53 billion, from 2.09 billion units valued at RM1.50 billion on Wednesday.

Warrant turnover expanded to 399.67 million units worth RM62.76 million, against 299.16 million units worth RM47.77 million.

The ACE Market volume strengthened to 536.55 million shares valued at RM182.49 million, from 422.16 million shares valued at RM179.29 million previously.

Consumer products and services counters accounted for 441.09 million shares traded on the Main Market, followed by industrial products and services (612.31 million), construction (98.93 million), technology (209.90 million), special purpose acquisition companies (nil), financial services (80.43 million), property (212.72 million), plantation (26.92 million), real estate investment trusts (8.67 million), closed/funds (6,900), energy (132.17 million), healthcare (69.93 million), telecommunications and media (32.10 million), transportation and logistics (25.77 million), and utilities (43.67 million).

Source: The Edge