Bursa Malaysia ends lower on profit-taking

KUALA LUMPUR: Bursa Malaysia retreated from yesterday’s gains to close lower today, due to persistent profit-taking in consumer products counters, and in line with most regional peers, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 8.28 points or 0.5% to finish at 1,562.27 from 1,570.55 at yesterday’s close.

The benchmark index opened 1.70 points lower at 1,568.85, the highest level for the day, and dipped to its intraday low of 1,556.17 in the early afternoon session.

On the broader market, losers thumped gainers 538 to 289, with 373 counters unchanged, 765 untraded and 17 others suspended.

Volume rose to 2.34 billion shares worth RM1.74 billion from 2.03 billion shares worth RM1.41 billion on Monday.

A dealer said Asian stock markets traded lower in the early session today, driven by emerging concerns over negative trade developments as US President Donald Trump said he will be reinstating tariffs on steel and aluminium imports from Brazil and Argentina.

On Monday, Trump tweeted: “Brazil and Argentina have been presiding over a massive devaluation of their currencies, which is not good for our farmers. Therefore, effective immediately, I will restore the tariffs on all steel and aluminium that is shipped into the US from those countries.”

Investors were also concerned over the continued uncertainty in the US-China trade deal front, driven by emerging tensions between the world’s two largest economies last week after Trump signed two pieces of legislation supporting protesters in Hong Kong, with a spokesman for the Chinese foreign ministry saying Friday that Beijing will take “strong counter-measures” against Washington.

On the local bourse, heavyweights Maybank was flat at RM8.51, Public Bank fell 10 sen to RM19.46, TNB and Petronas Chemicals dipped six sen each to RM13.02 and RM7.04, respectively, while CIMB went down four sen to RM5.14.

Of the actives, Ekovest rose two sen to 79.5 sen, Khee San advanced six sen to 36.5 sen, Sapura Energy perked up half-a-sen to 27.5 sen while PUC eased half-a-sen to four sen.

The FBM Emas Index improved 43.42 points to 11,136.27, the FBMT 100 Index increased 40.30 points to 10,949.60, the FBM Ace was up 45.96 points at 4,800.26, the FBM Emas Shariah Index put on 69.84 points to 11,662.34 and the FBM 70 decreased 36.18 points to 13,841.70.

Sector-wise, the Industrial Products & Services Index eased 1.03 points to 149.40, the Financial Services Index slipped 84.35 points to 15,232.82 and the Plantation Index slid 23.43 points to 7,132.83.

Main Market volume improved to 1.47 billion shares worth RM1.54 billion from Monday’s 1.22 billion shares worth RM1.18 billion.

Warrants turnover went up to 287.14 million units valued at RM57.28 million from 240.89 million units valued at RM48.06 million yesterday.

Volume on the ACE Market rose to 580.88 million units worth RM142.0 million from 571.38 million units worth RM179.80 million.

Consumer products and services accounted for 230.36 million shares traded on the Main Market, industrial products and services (242.07 million), construction (246.53 million), technology (91.98 million), SPAC (nil), financial services (38.55 million), property (173.84 million), plantations (40.87 million), REITs (7.0 million), closed/fund (51,100), energy (307.25 million), healthcare (19.12 million), telecommunications and media (29.09 million), transportation and logistics (21.81 million), and utilities (17.03 million). - Bernama