BURSA MALAYSIA EXTENDS DECLINE ON GLOBAL EQUITY SELL-OFF 

By Karina Imran

KUALA LUMPUR, Oct 24 (Bernama) -- Bursa Malaysia continued its downtrend to close lower today for the fourth day running, in line with regional peers due to a broad global equity sell-off, said an analyst. 

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 9.30 points or 0.57 per cent, to end at its intraday low of 1,632.23  from Wednesday's close of 1,641.53.

The benchmark index opened 2.48 points lower at 1,639.05 and hit its intraday high of 1,643.08 in the early session. 

Market breadth was negative, with decliners trouncing advancers 712 to 312, while 514 counters were unchanged, 964 untraded, and nine suspended.

Turnover fell to 2.64 billion units valued at RM2.28 billion versus 3.24 billion units valued at RM2.64 billion yesterday.  

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the negative performance in local bourse and regional markets was mainly due to US election uncertainties. 

"Concerns over a tight presidential race and slower rate cuts also weighed on Wall Street. As uncertainties grow and volatility escalates in global equities, we recommend investors stay vigilant. 

“We believe the recent sell-off in the local market offers an opportunity for investors to engage in bargain hunting, especially for blue-chip stocks at lower levels," he told Bernama. 

Therefore, Thong anticipates the benchmark index to trade between 1,630 and 1,640 towards the weekend.

Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan noted that defensive sectors, such as utilities, showed a mixed performance today, while healthcare stocks led the gainers. 

In addition, the Technology Index ended its six-day rally with a 0.80 per cent drop, mirroring the poor performance of the technology sector on Wall Street as it has been under pressure due to rising Treasury yields, which have negatively impacted growth-oriented stocks globally. 

"In the absence of fresh catalysts, the FBM KLCI is likely to remain range-bound for the rest of the week. Key drivers, such as US economic data and corporate earnings, will continue to shape the market direction. 

"Investor sentiment is expected to stay cautious, particularly with uncertainties surrounding the upcoming general elections in Japan and the US," he said. 

Among the heavyweights, Maybank declined four sen to RM10.58, Public Bank trimmed three sen to RM4.52, CIMB Group slipped five sen to RM8.13, and Tenaga Nasional gave up six sen to RM14.36, but IHH Healthcare soared 20 sen to RM7.41.

As for active counters, Fitters Diversified eased half-a-sen to 3.5 sen, Capital A inched down one sen to 98 sen, and Niche Capital Emas perked up one sen to 19.5 sen. 

Meanwhile, BSL Corp and Ingenieur Gudang were flat at three sen and 5.5 sen, respectively. 

On the index board, the FBM Emas Index sank 68.55 points to 12,299.70, the FBM 70 Index fell 107.35 points to 17,748.31, the FBMT 100 Index dipped 69.57 points to 12,001.63, and the FBM Emas Shariah Index slipped 42.44 points to 12,244.55, but the FBM ACE Index garnered 15.56 points to 5,110.94.

By sector, the Financial Services Index dived 108.99 points to 19,407.57, the Energy Index was 2.76 points easier to 859.03, the Plantation Index slid 8.06 points to 7,280.11, and the Industrial Products and Services Index shed 1.44 points to 175.82.

The Main Market volume dipped to 1.65 billion units worth RM2.07 billion from Wednesday's 1.84 billion units worth RM2.34 billion.

Warrants turnover declined to 669.84 million units valued at RM97.08 million from 1.01 billion units valued at RM173.07 million previously.

The ACE Market volume slipped to 329.30 million units worth RM113.53 million versus 379.20 million units worth RM128.85 million yesterday.

Consumer products and services counters accounted for 250.86 million shares traded on the Main Market, industrial products and services (648.79 million), construction (86.66 million), technology (140.37 million), SPAC (nil), financial services (75.38 million), property (144.12 million), plantation (42.03 million), REITs (11.61 million), closed/fund (252,700), energy (88.68 million), healthcare (45.31 million), telecommunications and media (26.37 million), transportation and logistics (28.46 million), utilities (65.61 million), and business trusts (34,300).

-- BERNAMA