Market Daily Report: KLCI pares earlier losses to end slightly lower ahead of state elections

KUALA LUMPUR (Aug 11): Bursa Malaysia pared most of its earlier losses to end mixed on Friday (Aug 11) on late buying, with bargain-hunting dominating the broader market throughout the day ahead of the state elections.

At 5pm, the FBM KLCI had eased 1.77 points to 1,457.16, from 1,458.93 at Thursday’s close.

The barometer index opened 0.46 of a point lower at 1,458.47, and hit a low of 1,449.67 during the early morning session. It managed to reverse the losses briefly in late trading, and hit an intraday high of 1,458.97 on mild bargain-hunting.

On the broader market, gainers overwhelmed decliners 502 to 383, while 428 counters were unchanged, 1,006 untraded, and 12 others suspended.

Turnover improved to 2.94 billion units worth RM1.86 billion, from 2.92 billion units worth RM1.83 billion on Thursday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said demand on the local bourse was subdued, ahead of the state elections, with investors staying on the sidelines to await fresh leads.

Friday's trading was supported by buying of small-capitalisation stocks rather than heavyweights.

“Investors were cautious ahead of the state elections,” he told Bernama.

 Voters in Kedah, Kelantan, Terengganu, Penang, Selangor, and Negeri Sembilan will be casting their votes on Saturday.

Among the heavyweights, Malayan Banking Bhd (Maybank) gained two sen to RM9.02 a share, Public Bank Bhd added one sen to RM4.16, and Tenaga Nasional Bhd rose seven sen to RM9.80.

CIMB Group Holdings Bhd dropped five sen to RM5.61. CelcomDigi Bhd also lost five sen to RM4.35. Petronas Chemicals Group Bhd trimmed one sen to RM6.85, while IHH Healthcare Bhd shed two sen to RM5.98.

Among the actives, Classita Holdings Bhd slipped half a sen to nine sen, RGB International Bhd added one sen to 38 sen, UEM Sunrise Bhd bagged two sen to 54.5 sen, while Sapura Energy Bhd at six sen and KNM Group Bhd at nine sen were both flat.

On the index board, the FBM Emas Index was 6.26 points easier at 10,695.13, the FBMT 100 Index slid 9.58 points to 10,387.3, the FBM Emas Shariah Index declined 4.95 points to 10,918.71, and the FBM 70 Index slipped 0.06 of a point to 13,986.93.

The FBM ACE Index, however, rose 53.43 points to 5,344.15.

Sector-wise, the Financial Services Index gave up 5.85 points to 16,296.98, the Plantation Index shaved off 10.18 points to 7,087.23, while the Industrial Products and Services Index added 0.37 of a point to 167.36, and the Energy Index rose 3.86 points to 831.53.

The Main Market volume narrowed to 2.02 billion units valued at RM1.61 billion, from 2.34 billion units valued at RM1.94 billion on Thursday.

Warrant turnover dwindled to 312.12 million units worth RM49.29 million, versus Thursday’s 323.38 million units worth RM48.07 million.

The ACE Market volume expanded to 595.56 million shares valued at RM202.48 million, compared with 500.74 million shares valued at RM198.31 million previously.

Consumer products and services counters accounted for 661.76 million shares traded on the Main Market, along with industrial products and services (293.41 million), construction (74.21 million), technology (100.33 million), special purpose acquisition companies (nil), financial services (65.05 million), property (291.64 million), plantation (28.34 million), real estate investment trusts (11.13 million), closed/funds (130,600), energy (257.63 million), healthcare (79.04 million), telecommunications and media (25.61 million), transportation and logistics (61.52 million), and utilities (72.29 million).

Source: The Edge