Persistent selling in heavyweights drags Bursa Malaysia lower

KUALA LUMPUR: Bursa Malaysia ended lower today on persistent selling in selected heavyweights amid bearish sentiment surrounding regional stock markets.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 24.87 points to end at its intraday low of 1,697.6, from yesterday's close of 1,722.47
After opening 0.97 of-a-point lower at 1,721.5, the FBM KLCI also touched a high of 1,721.91.
A dealer said the weak market sentiment in the region was partly due to worries about the US-China trade conflict, how it could impact on China's economic growth, as well as concerns on whether the US Federal Reserve would raise interest rates faster and higher than expected.
"The jitters in the external market have spilled over into Bursa Malaysia," he added.
On the technical front, Kenanga Research said the outlook for the FBM KLCI remained bearish and momentum indicators had yet to show any possible sign of a bullish run.
In a note, the research firm said support could be spotted at 1,700 and 1,660, with key levels of resistance at 1,790 and 1,760 should market sentiment improve.
Among Bursa Malaysia's heavyweights, Maybank fell 20 sen to RM9.40, Public Bank lost eight sen to RM24.90, Tenaga declined 42 sen to RM14.08 and Petronas Chemicals was four sen lower at RM9.34.
As for actives, Prestariang gained 1.5 sen to 45.5 sen, Sapura Energy eased half-a-sen to 34 sen and MYEG was 10 sen weaker at RM1.28.
Market breadth was negative with losers overwhelming gainers 727 to 170, with 330 counters unchanged, 677 untraded and 29 others suspended.
Volume was higher at 2.01 billion units valued at RM2 billion from 1.95 billion units valued at RM1.67 billion recorded yesterday.
Regionally, Japan's Nikkei 225 fell 2.67% to 22,010.78, Hang Seng Index dipped 3.08% to 25,346.55 while the Shanghai Composite Index slid 2.26% to 2,594.83.
The FBM Emas Index slipped 163.92 points to 11,740.22, the FBM Emas Shariah Index declined 155.68 points to 11,707.74 and the FBMT 100 Index decreased 158.40 points to 11,574.76.
The FBM Ace Index lost 112.09 points to 4,959.51 and the FBM 70 dwindled 141.85 points to 13,550.57.
Sector-wise, the Plantation Index was 32.69 points weaker at 7,370.7, the Industrial Products and Services Index eased 1.59 points to 170.29 and the Financial Services Index fell 230.26 points to 17,266.28.
Main Market volume fell to 1.25 billion shares worth RM1.83 billion from 1.33 billion shares worth RM1.53 billion on Monday.
Warrants turnover rose to 479.28 million units valued at RM113.04 million from 404.03 million units valued at RM98.64 million.
Volume on the ACE Market increased to 284.16 million shares worth RM58.4 million from 213.16 million shares worth RM40.76 million previously.
Consumer products and services accounted for 147.62 million shares traded on the Main Market, industrial products and services (221.22 million), construction (100.6 million), technology (247.74 million), SPAC (1.04 million), financial services (42.48 million), property (100.37 million), plantations (15.97 million), REITs (4.37 million), closed/fund (1,200), energy (237.77 million), healthcare (26.16 million), telecommunication and media (47.33 million), transportation and logistics (26.9 million) and utilities (31.29 million). — Bernama