Bursa Malaysia Closes Lower as Profit Taking Occurs

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Bursa Malaysia closed lower on Thursday as a result of ongoing selling in telecoms, media, industrial products, and services counters, dealers said, amid cautious sentiments in regional markets.

At 5 p.m., the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 9.85 points (0.64 percent) to 1,537.80, down from 1,547.65 on Wednesday.

The index, which opened 1.22 points lower at 1,546.43, fluctuated during the day between 1,532.56 and 1,549.36.

Meanwhile, market breadth was negative, with decliners outnumbering gainers by 530 to 458, 453 counters remaining unchanged, 866 being untraded, and 68 remaining suspended.

The number of units sold increased to 4.39 billion worth RM3.34 billion from 3.67 billion worth RM2.71 million on Wednesday.

Thong Pak Leng, vice president of equity research at Rakuten Trade Sdn Bhd, told Bernama that profit-taking operations, notably among banking and gambling titans, had taken a toll on the local stock exchange.

“Key regional markets closed mixed as China’s energy crisis weighed on sentiment, although fears about Chinese property firm Evergrande’s default risk lessened following the company’s announcement of efforts to settle debt with a Chinese bank.

“While broad-based sentiment remains cautious, we believe bargain hunting in blue chips will continue, and the benchmark index is projected to trend in the 1,540-1,550 region heading into the weekend,” he added.

Meanwhile, Axiata Group Bhd and Press Metal Aluminium Holdings Bhd were the benchmark index’s top two losers on Thursday, down 14 sen and nine sen, respectively, to RM3.91 and RM5.74.

Malayan Banking Bhd declined five sen to RM8.05, Public Bank Bhd fell three sen to RM4.07, Petronas Chemicals Group Bhd fell two sen to RM8.70, Tenaga Nasional Bhd fell seven sen to RM9.68, while IHH Healthcare Bhd was unchanged at RM6.70.

Serba Dinamik Holdings Bhd fell 1.5 sen to 32 sen, Kanger International Bhd was unchanged at five sen, Green Ocean Corp Bhd increased by one sen to five sen, and Widad Group Bhd gained half a sen to 39 sen.

The FBM Emas Index down 33.94 points to 11,311.08, the FBMT 100 Index gained 41.81 points to 10,998.02, and the FBM Emas Shariah Index fell 35.34 points to 12,359.01.

The FBM 70 index increased by 54.9 points to 14,980.76, while the FBM ACE index decreased by 6.17 points to 7,158.9.

Sectorally, the Industrial Products and Services Index fell 0.84 point to 204.23; the Plantation Index fell 19.98 points to 6,328.34; and the Financial Services Index fell 52.52 points to 15,207.35.

The Main Market volume jumped to 2.74 billion shares valued at RM2.96 billion from 2.5 billion shares valued at RM2.35 billion on Wednesday.

Warrants turnover fell to 410.46 million units valued at RM63.61 million on Thursday, down from 419.08 million units valued at RM69.34 million on Wednesday.

The ACE Market’s volume increased to 1.23 billion shares valued at RM310.07 million on Thursday, up from 746.93 million shares valued at RM286.96 million on Wednesday.

Consumer products and services counters traded 491.67 million shares on the Main Market, followed by industrial products and services (865.91 million), construction (120.54 million), technology (235.14 million), SPAC (nil), financial services (67.13 million), real estate (165.11 million), plantation (24.14 million), REITs (10.82 million), closed/fund (5,500), energy (359.09 million), and healthcare (13 million) (14.19 million).

Published by Zack Baharum

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