Bursa Malaysia ends in the red tracking bearish regional bourses

KUALA LUMPUR: Bursa Malaysia ended in the red today on weaker demand as traders track the bearish sentiment in regional stock markets, amid the sharp losses on Wall Street overnight.

The FTSE Bursa Malaysia KLCI (FBM KLCI) finished 6.31 points lower at 1,635.31 from Monday’s close of 1,641.62.

After opening 13.15 points weaker at 1,628.47, the index moved between 1,626.93 and 1,643.88 throughout the day.

A dealer said growing concerns over the global growth outlook pushed US stocks sharply lower for the second consecutive day, coupled with recent gloomy data releases in China and the eurozone.

Furthermore, he said investors turned cautious ahead of the outcome of the two-day US Federal Open Market Committee meeting, starting today.

“Some bargain hunting emerged at the eleventh hour today in telecommunications and banking stocks, however, the FBM KLCI struggled to remain in the positive territory,“ he added.

On Wall Street, the S&P 500 fell 2.1% at 2,545, its lowest finish since October 9, 2017, while the Dow Jones Industrial Average also ended 2.1% lower and the Nasdaq Composite shed 2.2%.

Among regional stocks, Singapore’s Straits Times Index fell 1.9% tot 3,055.07, Jakarta Composite Index declined 0.12% to 6,081.87 and Hong Kong’s Hang Seng Index was 1.05% weaker at 25,814.25.

Market breadth on Bursa Malaysia was negative with 700 losers and 222 gainers, while 292 counters remained unchanged, 691 untraded and 24 others suspended.

Total volume increased to 2.26 billion units worth RM1.90 billion from 1.46 billion units worth RM1.17 billion on Monday.

Among heavyweights, Maybank fell eight sen to RM9.22, Public Bank gained four sen to RM24.26, Tenaga declined 22 sen to RM12.70 and Petronas Chemicals lost three sen to RM9.15.

Of actives, VS Industry shed 16.5 sen to 65.5 sen, Bumi Armada gave up half-a-sen to 15.5 sen and MYEG lost six sen to 81.5 sen.

The FBM Emas Index was 94.97 points lower at 11,163.07, the FBMT 100 Index fell 82.15 points to 11,080.31, the FBM 70 declined 249.52 points to 12,698.45, the FBM Emas Shariah Index erased 119.68 points to 11,068.25 and the FBM Ace Index dipped 73.76 points to 4,189.11.

Sector-wise, the Financial Services Index gave up 99.72 points to 17,020.06, the Plantation Index decreased 71.19 points to 6,487.91 and the Industrial Products and Services Index eased 1.18 points to 164.26.

Main Market volume rose to 1.55 billion shares worth RM1.78 billion from 1.01 billion shares worth RM1.09 billion on Monday.

Warrants turnover increased to 431.78 million units worth RM91.67 million from 256.86 million units worth RM56.88 million previously.

Volume on the ACE Market was higher at 272.16 million shares worth RM34.25 million from 198.75 million shares worth RM30.02 million.

Consumer products and services accounted for 152.11 million shares traded on the Main Market, industrial products and services (390.76 million), construction (72.60 million), technology (194.33 million), SPAC (7.05 million), financial services (34.93 million), property (94.71 million), plantations (27.93 million), REITs (11.09 million), closed/fund (nil), energy (405.48 million), healthcare (41.94 million), telecommunication and media (30.90 million), transportation and logistics (70.35 million), and utilities (25.55 million).— Bernama