KUALA LUMPUR: Weak market sentiment on the back of bleak prospects for a US-China trade deal has dragged Bursa Malaysia to close lower today, with the key index retreating from its two-day winning streak.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 4.17 points to finish at 1,601.14 from 1,605.31 at close yesterday. It opened 3.89 points weaker at 1,601.42 in early trade.
The barometer index moved in choppy trading and went down to a low of 1,598.32 earlier in the day on selling in heavyweights, making the FBM KLCI fragile and struggling to stay above the 1,600 level.
The composite index was mainly dragged down by losses in Petronas Chemicals which contributed 2.123 points. The oil and gas stock fell 15 sen to RM7.21 with 4.96 million shares changing hands.
However, on the broader market, gainers outnumbered losers 426 to 411, while 409 counters were unchanged, 762 untraded and 16 others suspended.
Volume increased to 2.90 billion shares worth RM1.98 billion from 2.68 billion shares worth RM1.63 billion on Tuesday.
Phillip Capital Management senior vice president (investment) Datuk Dr Nazri Khan Adam Khan said the trade talks should bring on euphoria and a definite conclusion to the market despite the development from the US-China talks remaining fluid.
“Although many investors remain cautious, pending more concrete evidence to surface, we stay positive and welcome any events as both parties are close to signing the deal.
“As such, we reckon on the local bourse, there will be some buying activities on the strong fundamental sectors, but the benchmark FBM KLCI should see some headwinds at the current level as the markets are susceptible to the slightest of negative news flow,” he told Bernama.
Asian markets tumbled as sentiment was weighed by US-China trade talks after President Donald Trump threatened higher tariffs on Chinese goods if Beijing refuses to agree to a deal.
Regionally, Japan’s Nikkei fell 0.62% to 23,148.57, Hong Kong’s Hang Seng Index slid 0.75% to 26,889.61, South Korea’s Kospi slipped 1.30% to 2,125.32, while Singapore’s Straits Times Index shed 0.28% to 3,229.78.
Among heavyweights on Bursa, Tenaga gave up 10 sen to RM13.66, Public Bank lost eight sen to RM19.92, and IHH eased one sen to RM5.44.
Maybank rose two sen to RM8.67 while CIMB was flat at RM5.38.
Alam Maritim, which has returned to the black in the third quarter, was the most actively traded stock today, rising three sen to 13 sen with 122.93 million shares done.
Other actives, Fintec and Sapura Energy were flat at eight sen and 29.5 sen respectively, Bumi Armada and Tiger Synergy added 1.5 sen each to 54.5 sen and nine sen respectively, while Ekovest bagged 3.5 sen to 81.5 sen.
The FBM Emas Index was 2.78 points easier at 11,366.47, the FBMT 100 Index shed 4.52 points to 11,175.51, and the FBM Ace fell 7.82 points to 4,943.45.
However, the FBM Emas Shariah Index recovered 2.18 points to 11,897.91, and the FBM 70 chalked up 95.41 points to 14,179.55.
Sector-wise, the Financial Services Index trimmed 18.33 points to 15,642.06, the Industrial Products & Services Index slipped 1.10 points to 152.2 but the Plantation Index surged 119.26 points to 7,083.09.
Main Market volume widened to 1.94 billion shares worth RM1.77 billion compared with 1.74 billion shares valued at RM1.43 billion transacted on Tuesday.
Warrants turnover decreased marginally to 314.27 million units worth RM67.36 million versus yesterday’s 330.88 million units valued at RM67.96 million.
Volume on the ACE Market improved to 648.42 million units worth RM135.86 million compared with 608.59 million units valued at RM131.48 million previously.
Consumer products and services accounted for 184.58 million shares traded on the Main Market, industrial products and services (291.05 million), construction (185.54 million), technology (203.28 million), SPAC (nil), financial services (32.26 million), property (253.19 million), plantations (30.12 million), REITs (5.39 million), closed/fund (5,000), energy (632.96 million), healthcare (12.79 million), telecommunications and media (32.88 million), transportation and logistics (33.56 million), and utilities (11.94 million). - Bernama
