Bursa ends lower amid mixed regional markets

KUALA LUMPUR: Bursa Malaysia ended lower yesterday on persistent selling pressure mainly in the financial services sector amid a mixed regional market performance.

At 5pm, the FBM KLCI had dipped 0.61% or 8.98 points to 1,455.58 from Wednesday’s close of 1,464.56 points.

The benchmark index had opened 1.39 points lower at 1,463.17 and moved between 1,454.97 and 1,463.17 throughout the day.

CIMB Group Holdings Bhd slid 10 sen to RM5.80, Hong Leong Bank Bhd fell 48 sen to RM18.98, Public Bank Bhd lost five sen to RM4.27 and Malayan Banking Bhd erased eight sen to RM8.89. These counters dragged the composite index down by a combined 6.62 points.

In the broader market, losers outpaced gainers 434 to 390, while 487 counters were unchanged, 1,004 untraded and 21 others suspended.

Turnover fell to 3.06 billion units worth RM2.09bil from 3.84 billion units worth RM2.67bil on Wednesday.

SPI Asset Management managing director Stephen Innes said that in the aftermath of the United States sell-off, Malaysian markets are seeing declines.

“Investors are likely lessening their risks and taking profits as attention shifts to the US personal consumption expenditure (PCE) inflation report.

“The tug-of-war between the Federal Reserve (Fed) – that it’s not ready to cut rates that fast – and market-implied rate cut pricing could be swayed by evidence in the inflation data,” he told BK.

He said this week’s PCE inflation figures held the crucial key and were likely to steer market dynamics into an upside inflation surprise that could challenge the Fed to counter expectations of a rate cut in March.

“In such a scenario, risk assets could rebound, and the year-end rally would likely regain momentum,” he added.

Among other heavyweights, YTL Power International Bhd and Sime Darby Bhd lost five sen each to RM2.48 and RM2.40 respectively, while Kuala Lumpur Kepong Bhd was 24 sen higher at RM21.92 and Petronas Chemicals Group Bhd increased three sen to RM7.21.

Of the actives, Leform Bhd and MLABS Systems Bhd put on half-a-sen each to 41.5 sen and one sen, Top Glove Corp Bhd edged up three sen to 93.5 sen, while TWL Holdings Bhd and Widad Group were flat at 3.5 sen and 46.5 sen, respectively.

On the index board, the FBM ACE Index improved by 32.71 points to 5,226.58, the FBM 70 Index climbed 38.61 points to 14,586.52, and the FBM Emas Shariah Index advanced 6.42 points to 11,003.10, while the FBM Emas Index declined 40.33 points to 10,818.72 and the FBMT 100 Index trimmed 41.25 points to 10,485.83.

Sector-wise, the Plantation Index perked up 33.65 points to 7,032.20, the Property Index added 3.34 points to 857.93, the Industrial Products and Services Index inched up 0.21 of-a-point to 172.11, and the Energy Index rose 0.30 of-a-point to 818.02, while the Financial Services Index slipped 183.88 points to 16,268.07.

The Main Market volume weakened to 1.81 billion units valued at RM1.84bil against 2.28 billion units valued at RM2.32bil on Wednesday.

Warrants turnover shrank to 427.10 million units worth RM46.48mil from 596.06 million units worth RM66.46mil previously.

The ACE Market volume narrowed to 727.32 million shares valued at RM208.39mil versus 917.97 million shares valued at RM284.93mil on Wednesday.