KUALA LUMPUR (Nov 23): Bursa Malaysia extended Wednesday's losses to close lower on Thursday, amid mixed global cues and the fall in crude oil prices, dealers said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slid 2.6 points to 1,453.29 from Wednesday’s closing of 1,455.89.
The index opened 0.79 of-a-point better at 1,456.68 and thereafter moved between 1,451.35 and 1,456.68 throughout the trading session.
Market breadth was negative, with decliners outpacing gainers 532 to 417, while 423 counters were unchanged, 1,002 untraded and 10 others suspended.
Turnover increased to 3.71 billion units valued at RM2.08 billion against 2.97 billion units valued at RM2.04 billion on Wednesday.
SPI Asset Management managing director Stephen Innes said that despite a broad-based rally in US stocks overnight, Asia markets put in a mixed performance with the FBM KLCI trading lower on an extension of Wednesday's profit-taking mode.
"Today's negative catalyst was the fall in US jobless claims that suggests the Federal Reserve will not be so eager to cut rates at anytime soon as the market thinks. Locally, there was a dearth of macro inputs to encourage any favourable momentum," he told Bernama.
Apex Securities Bhd head of research Kenneth Leong said the FBM KLCI remained within a consolidation band with oil and gas as well as plantation giants retreating following the weaker commodity prices.
Crude oil prices pulled back after Opec and its allies postponed their meeting to end-November 2023, he noted.
"Going forward, we expect the downward bias consolidation tone to extend in view of the absence of fresh domestic leads.
"Meanwhile, investors will continue to keep a close watch on the ongoing barrage of corporate earnings releases. At the same time, heads will turn to Malaysia's inflation rate data to be released tomorrow.
"Technically, the FBM KLCI has formed another bearish candle as the key index remains within the consolidation zone. Immediate resistances are located at 1,464, followed by 1,480, and support at 1,446," he added.
Among the heavyweight counters, Malayan Banking Bhd eased one sen to RM9.09, CIMB Group Holdings Bhd lost three sen to RM5.74 and Petronas Chemicals Group Bhd dropped nine sen to RM7.16.
Tenaga Nasional Bhd added four sen to RM10.02 while Public Bank Bhd was flat at RM4.27.
Of the actives, Top Glove Corp Bhd gained 4.5 sen to 88.5 sen, Leform Bhd improved one sen to 28.5 sen, Widad Group Bhd edged up half-a-sen to 47 sen and Sarawak Consolidated Industries Bhd rose half-a-sen to 66 sen, while Hong Seng Consolidated Bhd inched down half-a-sen to 2.5 sen.
On the index board, the FBM Emas Index was 22.38 points lower at 10,773.19, the FBMT 100 Index dipped 20.16 points to 10,434.18, the FBM Emas Shariah Index fell 28.34 points to 10,964.84, the FBM 70 Index dropped 35.09 points to 14,369.28, and the FBM ACE Index shed 6.74 points to 5,195.65.
Sector-wise, the Financial Services Index slipped 13.24 points to 16,383.24, the Energy Index lost 13.78 points to 845.67, the Industrial Products and Services Index eased 0.71 of-a-point to 173.34 and the Plantation Index was 13.21 points lower at 6,947.47.
The Main Market volume rose to 2.50 billion units valued at RM1.80 billion from 1.79 billion units worth RM1.76 billion on Wednesday.
Warrants turnover increased to 573.50 million units valued at RM75.05 million against 521.94 million units valued at RM54.50 million previously.
The ACE Market volume narrowed to 637.42 million shares worth RM210.79 million versus 646.86 million shares worth RM227.49 million on Wednesday.
Consumer products and services counters accounted for 339.71 million shares traded on the Main Market, industrial products and services (455.81 million), construction (88.19 million), technology (748.61 million), SPAC (nil), financial services (51.29 million), property (207.71 million), plantation (30.67 million), REITs (8.47 million), closed/fund (3,000), energy (111.33 million), healthcare (318.83 million), telecommunications and media (24.97 million), transportation and logistics (48.86 million), and utilities (60.99 million).
Source: The Edge
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