Bursa Malaysia ends at intraday low amid global economic concerns

21 Aug 2019 / 18:43 H.

KUALA LUMPUR: Bursa Malaysia ended at its intraday low today in mild trading due to lack of catalysts amid global economic uncertainty.

The benchmark FTSE Bursa Malaysia (FBM KLCI) ended 0.51% or 8.16 points lower at 1,594.59, after hitting a high of 1,601.90 earlier in the day.

The market barometer opened 1.51 points lower at 1,601.24.

Market breadth skewed to the negative as losers outpaced gainers 447 to 318, while 405 counters remained unchanged, 783 untraded and 14 others suspended.

Turnover was lower at 1.99 billion units worth RM1.62 billion from 2.06 billion units worth RM1.73 billion yesterday.

Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said today’s market traded in a narrow range as volatility concerns continued to dominate global investment sentiment.

“Major central banks around the world have been cutting their interest rates of late. On a positive note, it is a good step as the local economic growth would stabilise.

“However, on the other spectrum, it transmits a strong sentiment that the global market is quite wobbly at the current juncture,“ he told Bernama.

As for investments, Mohd Afzanizam said the situation had caused risk aversion to seep in, leading to sector rotation from equities to bonds as investors seek refuge against the global economic uncertainty.

He added that investors were also waiting for further direction from the US central bank’s annual Jackson Hole symposium this week, where central banks are expected to introduce further measures to boost growth.

The US Federal Reserve chairman Jerome Powell is expected to kick off the symposium Friday, during which he will address the challenges facing monetary policy, including interest rates cut.

On the local bourse, heavyweights IHH, Maybank and Sime Darby Bhd decreased two sen to RM5.66, RM8.53 and RM2.09, respectively, Dialog reduced four sen to RM3.47 while CIMB Group declined 11 sen to RM5.07.

Of the active stocks, Meridian shed 2.5 sen 9.0 sen, Lambo and MNC Wireless both fell half-a-sen to 5.5 sen and 7.5 sen respectively, Excel Force and AirAsia X slipped one sen to 65.5 sen and 19.5 sen respectively.

The FBM Emas Shariah Index dipped 45.09 points to 11,833.67, the FBM Emas Index slid 47.29 points to 11,302.39, the FBMT 100 Index lost 48.68 points to 11,136.08, the FBM Ace eased 2.01 points to 4,606.17 while the FBM 70 was 27.50 points lower at 14,155.74.

Sector-wise, the Financial Services Index decreased by 93.46 points to 15,512.16, the Industrial Products and Services Index was marginally lower by 0.37 of-a-point at 149.64 and the Plantation Index fell 10.60 points to 6,750.77.

Main Market volume declined to 1.27 billion units worth RM1.47 billion from 1.48 billion units worth RM1.59 billion yesterday.

Warrants turnover expanded to 418.17 million units worth RM92.27 million compared with 312.23 million units worth RM74.91 million.

Volume on the ACE Market, meanwhile, increased to 303.94 million units valued at RM50.73 million against 261.25 million units valued at RM59.11 million.

Consumer products and services accounted for 326.08 million shares traded on the Main Market, industrial products and services (149.11 million), construction (60.36 million), technology (157.98 million), SPAC (nil), financial services (28.87 million), property (136.28 million), plantations (15.27 million), Reits (16.85 million), closed/fund (nil), energy (229.75 million), healthcare (20.10 million), telecommunications and media (69.59 million), transportation and logistics (52.03 million), and utilities (11.81 million).

The physical price of gold as at 5.00pm stood at RM194.74 per gramme, down 62 sen from RM195.36 at 5.00pm yesterday. — Bernama

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