FBM KLCI closes higher but broader market weak
KUALA LUMPUR: Bursa Malaysia ended higher today but the broader market remained weak as retail investors' confidence faded coupled with the stronger ringgit hurting technology counters.
At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.32 points to 1,720.68 from Monday's close of 1,718.36.
The index opened 0.47 of-a-point stronger at 1,718.83 and moved between 1,716.45 and 1,722.73 throughout the day.
Market breadth was negative with losers thrashing gainers 683 to 239 while 373 counters were unchanged, 589 untraded and 21 others suspended.
Volume increased to 2.27 billion units worth RM2.36 billion from 1.97 billion units worth RM2.14 billion yesterday.
Inter-Pacific Securities Sdn Bhd Head of Research Pong Teng Siew told Bernama that retail investors' confidence was dampened by the losses on some leading penny stocks and small-cap counters.
He said the situation was made worse by the strengthening of the ringgit which is hurting technology stocks.
"Ringgit strengthening is not helpful for the technology stock," he said.
Topping the losses list among technology counters, MPI shed 34 sen to RM13.20 and Vitrox lost 23 sen to RM4.98.
Among heavyweights, TNB perked six sen to RM14.88, while Maybank and Public
Bank were flat at RM9.21 and RM20.32, respectively.
Sime Darby lost two sen to RM8.97 and Petronas Chemicals shed five sen to RM7.23.
Of the actives, Sumatec slipped half-a-sen to five sen and Trive Property lost one sen to seven sen, while DGB Asia was flat at 14 sen.
Berjaya Corp and Palette Multimedia added one sen each to 40 sen and 31.5 sen, respectively.
On the scoreboard, the FBM Emas Index erased 17.78 points to 12,364.88, the FBMT 100 Index lost 9.64 points to 12,024.98 and the FBM Ace fell 71.57 points to 6,336.59.
Sector-wise, the Finance Index shed 37.529 points to 15,937.73, while the Plantation Index edged up 30.68 points to 7,919.31 and the Industrial Index was 16.67 points higher at 3,160.64.
The Main Market volume rose to 1.52 billion units worth RM2.23 billion from Monday's 1.20 billion units worth RM2.01 billion.
Volume on the ACE Market narrowed to 512.22 million shares valued at RM107.85 million from yesterday's 543.14 million shares valued at RM106.4 million.
Warrants volume increased to 228.39 million worth RM27.78 million from 222.64 million units worth RM22.61 million previously.
Consumer products accounted for 65.61 million shares traded on the Main Market, industrial products (299.31 million), construction (75.3 million), trade and services (633.68 million), technology (225.44 million), infrastructure (9.24 million), SPAC (821,500), finance (41.86 million), hotels (2.65 million), properties (141.55 million), plantations (15.62 million), mining (115,500), REITs (12.39 million), and closed/fund (8,000).
The physical price of gold as at 5pm stood at RM164.89 per gramme, down RM1.84 from RM166.73 at 5pm yesterday. — Bernama