Market Daily Report: Bursa ends lower in sync with regional peers

KUALA LUMPUR (July 7): Bursa Malaysia ended at its intraday low on Friday (July 7), marking its fourth consecutive day of decline, in line with the downbeat sentiment on regional bourses.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 8.28 points, or 0.6%, to 1,377.67 from 1,385.95 at Thursday’s close.

The key index opened 3.75 points lower at 1,382.20 on Friday and moved to its highest level of 1,385.74 in the early morning session.

The broader market was also negative as losers trounced gainers 435 to 304, while 455 counters were unchanged, 1,066 untraded and 28 others suspended.

Turnover decreased to 1.97 billion units worth RM1.41 billion versus 2.45 billion units worth RM1.65 billion on Thursday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI ended the day in negative territory, mirroring the weak performance seen across the region.

"Following the bearish tone from global equities overnight, major indices in the region ended the day lower as the positive US employment report has fuelled expectations of a more aggressive stance by the US Federal Reserve.

"On the positive side, US Treasury Secretary Janet Yellen’s visit to China to improve trade relations may boost the overall market sentiment in the near future," he told Bernama.

On the home front, Thong believed the overall market undertone would remain stable over the medium term given its attractive valuation, stronger corporate earnings and improving economic conditions.

"Nonetheless, we reckon investors will remain cautious for the moment due to external factors such as increasing market risks and volatility in global markets," he added.

Among the heavyweights, Malayan Banking Bhd lost six sen to RM8.67, Public Bank Bhd decreased three sen to RM3.85, CIMB Group Holdings Bhd dipped five sen to RM5.16, Tenaga Nasional Bhd slid two sen to RM9.05 and IHH Healthcare Bhd erased one sen to RM5.79.

Of the actives, Classita Holdings Bhd was half-a-sen firmer at 9.5 sen, MyEG Services Bhd went down 1.5 sen to 71.5 sen, KNM Group Bhd eased half-a-sen to 7.5 sen, while AHB Holdings Bhd was flat at 15 sen and Sarawak Consolidated Industries Bhd was unchanged at 46.5 sen.

On the index board, the FBM Emas Index dipped 54.75 points to 10,166.48, the FBMT 100 Index shaved off 56.31 points to 9,860.32, the FBM Emas Shariah Index was 45.16 points weaker at 10,431.18, the FBM 70 Index sank 64.49 points to 13,445.69, while the FBM ACE Index edged up 3.32 points to 5,139.87.

Sector-wise, the Financial Services Index fell 96.71 points to 15,377.49, the Industrial Products and Services Index eased 0.39 of-a-point to 158.25, the Energy Index inched up 0.04 of-a-point to 792.20, and the Plantation Index shed 58.44 points to 6,802.93.

The Main Market volume declined to 1.40 billion units valued at RM1.21 billion from 1.63 billion units valued at RM1.35 billion on Thursday.

Warrants turnover dwindled to 209.55 million units worth RM32.95 million against 292.22 million units worth RM45.05 million.

The ACE Market volume tumbled to 364.04 million shares valued at RM161.90 million from 532.40 million shares valued at RM256.35 million previously.

Consumer products and services counters accounted for 375.27 million shares traded on the Main Market, industrial products and services (343.95 million), construction (60.73 million), technology (104.89 million), SPAC (nil), financial services (59.33 million), property (179.37 million), plantation (23.25 million), REITs (4.24 million), closed/fund (47,000), energy (99.21 million), healthcare (43.60 million), telecommunications and media (48.63 million), transportation and logistics (23.34 million), and utilities (32.29 million).

Source: The Edge