BURSA MALAYSIA ENDS AT INTRADAY LOW, IN SYNC WITH REGIONAL DOWNTREND

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Nov 21 (Bernama) -- Bursa Malaysia ended at its intraday low today, following a downturn in regional markets.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 9.50 points or 0.59 per cent to close at 1,588.68 from yesterday’s close of 1,598.18.

The benchmark index, which opened 1.63 points higher at 1,599.81, moved between 1,588.68 and 1,599.94 during the trading session.

The broader market was negative, with decliners leading gainers 675 to 371 while 461 counters remained unchanged, 959 untraded, and 23 suspended.

Turnover improved to 3.44 billion units valued at RM2.50 billion versus 2.72 billion units valued at RM2.44 billion yesterday.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the FBMKLCI ended the day with a sharp decline, driven by a last-minute sell-off in utility stocks, keeping the index below the critical psychological level of 1,600.

“Banking stocks provided some support with a recovery from yesterday’s losses, but this was insufficient to offset the broader weakness,” he told Bernama. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI moved within a tight range as investors remained cautious and reluctant to take long positions due to a lack of buying catalysts.

“Major Asian indices are facing considerable challenges due to a combination of economic and geopolitical pressures. The United States Federal Reserve’s tight monetary policy, aimed at curbing inflation, has elevated borrowing costs, suppressing economic activity among consumers and businesses.

“Simultaneously, geopolitical tensions and trade barriers have further heightened market instability, disrupting global trade flows and negatively impacting emerging markets,” he said. 

On the local front, Thong anticipates that the FBM KLCI will likely remain under selling pressure, trending within the range of 1,585-1,610 towards the end of the week.

“Key support lies at 1,585, which, if breached, could lead to a further decline. Macro factors such as corporate earnings growth and economic improvements will be critical in reversing market sentiment. 

“Without significant buying interest or positive catalysts, the index could remain in a consolidation phase,” Thong added. 

Among the heavyweights, Maybank added 8.0 sen to RM10.20, Public Bank eased 1.0 sen to RM4.40, Tenaga Nasional slid 50 sen to RM13.80, IHH Healthcare was 9.0 sen down at RM7.17, while CIMB was flat at RM8.21. 

As for the active stocks, Zen Tech International edged up half-a-sen to 1.5 sen, MY E.G. put on 3.0 sen to 91 sen, V.S Industry shed 4.0 sen to RM1.05, MQ Technology inched down half-a-sen to 11.5 sen, while Perdana Petroleum was flat at 28.5 sen.

-- BERNAMA