adminKUALA LUMPUR: Bursa Malaysia closed lower today following profit-taking activities in selected heavyweights in the banking and telecommunications sectors, although the overall market improved following renewed buying interest in small-cap technology stocks.
Rakuten Trade Sdn Bhd Vice President of Equity Research Thong Pak Leng said most regional stock markets recorded gains, with Hong Kong and China experiencing a recovery as investors assessed the implications of the political situation in the United States (US) which saw the government divided between different political parties.
At 5pm, the FTSE Bursa Malaysia (FBM KLCI) fell 5.29 points or 0.32 per cent to 1,616.56 from 1,621.85 at yesterday’s close.
The market’s benchmark index opened up 1.46 points to 1,623.31, its highest daily level, and later hit a low of 1,614.34 during the mid-afternoon session.
The market was overall positive with gainers outnumbering losers by 645 to 441 while 520 counters were unchanged, 1,155 were untraded and 10 others were suspended.
Trading volume increased to 2.81 billion units worth RM2.57 billion from 2.63 billion units worth RM2.64 billion yesterday.
Globally, Thong said falling US Treasury yields and a weaker US dollar provided relief to market sentiment while Brent crude oil traded around US$103 per barrel on renewed hopes for progress in diplomatic efforts in West Asia despite continued heightened geopolitical uncertainty.
“However, domestically, we remain optimistic but cautious as the recent market correction has made the valuations of selected blue-chip stocks increasingly attractive, potentially encouraging share buying activity at low prices.
“More importantly, the renewed buying interest in small-cap technology stocks shows that investors are still willing to take selective positions in the market despite the current uncertainty,” he told Bernama.
He said that while developments in external factors may trigger occasional market volatility, selective purchases of blue-chip stocks with strong fundamentals are expected to support a gradual market recovery.
Among the heavyweights, Maybank fell 14 sen to RM9.90, Public Bank fell four sen to RM4.77, Tenaga Nasional fell two sen to RM13.14, CIMB fell seven sen to RM6.91 while IHH Healthcare rose two sen to RM7.78.
In active trading, Aizo fell half a sen to 6.5 sen, GIIB declined eight sen to 41.5 sen, Inari Amertron rose eight sen to RM2.46 while MAG and Zetriz AI were unchanged at 15.5 sen and six sen respectively.
The top gainers were MPI which rose RM1.12 to RM40.62, Vitrox rose 48 sen to RM10.90, UWC added 32 sen to RM7.20, Pentamaster jumped 31 sen to RM5.58 and Kesm Industries increased 21 sen to RM4.65.
Among the biggest losers, Fraser & Neave fell 24 sen to RM20.96, Nestle fell RM2.38 to RM93.50, Mega Fortris fell 33 sen to RM2.54, Sarawak Oil Palms fell 14 sen to RM5.39 and Mulpha International fell 12 sen to RM2.55.
On the index board, the FBM Emas Index rose 9.66 points to 12,077.98 while the FBM Top 100 Index increased 5.23 points to 11,885.08.
The FBM Mid 70 Index jumped 192.35 points to 17,511.25, the FBM Emas Shariah Index increased 59.52 points to 12,104.43 and the FBM ACE Index jumped 101.74 points to 5,420.78.
By sector, the Industrial Products and Services Index increased by 0.63 points to 178.21, the Energy Index rose by 0.92 points to 827.92 while the Financial Services Index decreased by 130.60 points to 18,586.31 and the Plantation Index decreased by 7.77 points to 8,761.88.
Main Market trading volume increased to 1.49 billion units worth RM2.30 billion from 1.47 billion units worth RM2.41 billion yesterday.
Warrant trading volume increased to 899.12 million units worth RM104.16 million from 790.10 million units worth RM91.37 million previously.
ACE Market trading volume increased to 426.08 million units worth RM165.95 million from 364.33 million units worth RM136.10 million on Tuesday.
Consumer products and services counters contributed 194.94 million shares traded on the Main Market, industrial products and services (358.68 million), construction (142.72 million), technology (283.59 million), financial services (77.56 million), real estate (100.48 million), plantations (24.54 million), real estate investment trusts (22.89 million), closed-end funds (353,300), energy (76.86 million), healthcare (93.21 million), telecommunications and media (40.82 million), transportation and logistics (42.55 million), utilities (33.00 million) and business trusts (300).
— BERNAMA
