KUALA LUMPUR, May 21 (Bernama) -- Bursa Malaysia ended at its intraday low on Thursday as investor sentiment remained cautious amid ongoing foreign outflows, although the recent weakness may present bargain-hunting opportunities in fundamentally sound blue-chip counters. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 9.33 points, or 0.54 per cent, to 1,708.36, from yesterday’s close of 1,717.69. The benchmark index, which opened 3.74 points higher at 1,721.43, hit an intraday high of 1,722.50 in early trade before losing momentum for the rest of the day. Market breadth was negative, with losers outpacing gainers 656 to 508, while 565 counters were unchanged, 989 untraded and 32 suspended. Turnover fell to 3.49 billion units worth RM3.70 billion compared with 4.15 billion units worth RM4.29 billion on Wednesday.
Simple Summary Chinese tech stocks have fallen 20% from their October high Hang Seng Tech Index dropped as much as 3.4% in the latest session Tax hike fears and weak sentiment are weighing on the sector Global AI valuation concerns added to the selloff What’s Happening A key gauge of Chinese technology shares extended its decline on Tuesday, with the Hang Seng Tech Index slipping into bear-market territory , down about 20% from its October peak . Losses were led by heavyweight names: Kuaishou Technology Tencent Holdings Alibaba Group Holding The index reversed earlier gains as selling accelerated through the session. Why Investors Are Selling Several factors are pressuring sentiment: Policy worries: Investors fear Beijing may raise value-added tax (VAT) on internet services firms , after recently targeting telecom companies. Global tech jitters: Renewed doubts over whether AI giants can justify heavy spending and high val...