Bursa Malaysia extended yesterday’s losses to end broadly lower today on profit-taking, with selling pressure in glove-maker stocks continued to weigh on the barometer index.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended 8.10 points or 0.52 percent lower at 1,556.64 from yesterday’s close of 1,564.74.
Following the swift recovery of the FBM KLCI in the previous session, investors seemed content to hover near the 1,600 psychological level while engaging in some slight profit-taking activity.
After falling nearly 10 points in early trade, the market recovered to end just 3.79 points lower at 1,598.47 at midday.
The key index opened 5.92 points lower at 1,558.82 and moved between 1,539.61 and 1,564.38 throughout the day.
Volume declined to 19.16 billion shares worth RM7.98 billion from Tuesday’s 27.80 billion shares worth RM7.80 billion.
Meanwhile, the lower liners continued to see upward momentum, leading to positive market breadth on the market yet again with 560 gainers to 471 decliners.
We reckon some stability will ensure with further upsides on the cards as investors continue to focus on the economic recovery progress," said Malacca Securities Research in its morning outlook.
Market breadth was negative with losers thumping gainers 907 to 315, while 295 counters were unchanged, 469 untraded, and 22 others suspended.
Regionally, China’s Shanghai Stock Exchange slipped 0.63 percent to 3,319.27, while Japan’s Nikkei Index rose 0.41 percent to 22,843.96, Hong Kong’s Hang Seng Index surged 1.42 percent to 25,244.02 and Singapore’s Straits Times Index gained 0.62 percent to 2,559.90.
An extended fall in oil prices led Petronas counters lower as Opec and its allies postponed a meeting on oil production to January.
Brent crude oil future fell 41 cents to US$47.01 a barrel while WTI crude dropped 46 cents to US$44.09.
Petronas Dagangan was among the top losers with a 32 sen slide to RM20.36 while Petronas Gas fell 28 sen to RM17.52.
Other counters in the red included plantation players KL Kepong down 22 sen to RM23.34 and PPB sliding 26 sen to RM18.34.
Hengyuan, which had been on a stellar rally in recent days, took a breather to slide 11 sen to RM4.28.
Semiconductor plays meanwhile rose, including MPI up 50 sen to RM25.60, KESM gaining 40 sen to RM12.02, Unisem rising 19 sen to RM5.82, and VS Industry climbing 17 sen to RM2.60.
On the local front, a dealer said the market was traded lower throughout the trading session with trading volume remained high on profit-taking by retail investors, as the rotational play among the lower liners kept trading activities at an elevated level.
Meanwhile, Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said on a sectoral basis, the Bursa Healthcare Index was the biggest laggard with a 6.11 percent loss, while the Bursa Financial Services Index led gainers with a 1.40 percent jump.
Of the heavyweights, Maybank gained 16 sen to RM7.65, Public Bank rose 48 sen to RM17.40 and Tenaga advanced 14 sen at RM11.14.
Top Glove dropped RM2.80 to RM24.50 and Hartalega slipped RM2.18 to RM16.12.
Among the most actives, Sapura Energy slid one sen to 13.5 sen, Borneo Oil and Lambo eased half-a-sen to seven sen and six sen, respectively, while NetX and Pegasus were flat at two sen and four sen, respectively.
On the index board, the FBM Emas Index decreased 118.70 points to 11,147.86, the FBM Emas Shariah Index was 331.66 points lower at 12,982.79 and the FBMT 100 Index contracted 107.43 points to 10,969.84.
The FBM 70 dropped 337.98 points to 14,312.22 and the FBM ACE tumbled 641.69 points to 9,998.49.
Sector-wise, the Plantation Index declined 8.47 points to 6,971.07, the Industrial Products and Services Index eased 1.77 points to 137.54, while the Financial Services Index rose 252.78 points to 13,195.29.
Main Market volume fell to 10.72 billion shares worth RM5.93 billion compared with 16.76 billion shares valued at RM5.68 billion yesterday.
Warrants turnover widened to 949.97 million units worth RM305.06 million from 604.25 million units valued at RM214.24 million yesterday.
In Asia, Japan's Nikkei rose 0.1% while South Korea's Kospi gained 1.25%.
China's composite index added 0.1% while Hong Kong's Hang Seng dipped 0.1%. Australia's ASX 200 was unchanged.
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