BURSA MALAYSIA ENDS WEEK ON SOFTER NOTE AMID REGIONAL WEAKNESS

By Abdul Hamid A Rahman

KUALA LUMPUR, Oct 31 (Bernama) -- Bursa Malaysia ended the week on a softer note, tracking the weaker performance of regional markets.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 5.05 points, or 0.31 per cent, to 1,609.15 from Thursday’s close of 1,614.20.

The benchmark index opened 4.31 points lower at 1,609.89 and moved between 1,607.66 and 1,615.10 throughout the trading session.

Market breadth was negative with 563 losers leading 470 gainers, while 510 counters were unchanged, 1,126 untraded, and 60 suspended.

Turnover improved to 3.55 billion units worth RM2.68 billion compared with 3.46 billion units worth RM2.62 billion on Thursday.

At the time of writing, Indonesia's IDX Composite Index slid 0.25 per cent to 8,163.88, Hong Kong’s Hang Seng Index sank 1.43 per cent to 25,906.65, China’s SSE Composite Index dipped 0.81 per cent to 3,954.79, and Singapore’s Straits Times Index was 0.20 per cent lower at 4,428.62.

IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the regional weakness was triggered by a sharp sell-off in major United States technology counters.

“Investor sentiment was further weighed down by comments from US Federal Reserve chair Jerome Powell, who played down the prospects of another interest rate cut in December, a move previously priced in by markets,” he told Bernama.

Meanwhile, Rakuten Trade Sdn Bhd's vice-president of equity research Thong Pak Leng said that the local market continues to demonstrate resilience as the FBM KLCI consolidates.

“The index appears to be stabilising, although stronger catalysts are needed to reignite buying momentum. Sustaining above the 1,600 level will be key to defending the current uptrend, while a firm breakout beyond 1,630 may signal the start of a new upward leg,” he added.

Among heavyweights, Maybank shed two sen to RM9.87, CIMB Group eased one sen to RM7.30, Tenaga Nasional lost four sen to RM13.28, while Public Bank was unchanged at RM4.22, and IHH Healthcare added five sen to RM8.25.

On the most active list, Perak Transit edged down 2.5 sen to 34 sen, Dagang NeXchange perked up 2.5 sen to 30.5 sen, Zetrix climbed three sen to 84.5 sen, Tanco inched up half-a-sen to 93.5 sen, and Ekovest was 1.5 sen lower at 33.5 sen.

Top gainers included Nestle which surged RM2.50 to RM113.00, Dufu Technology soared 30 sen to RM2.20, Sarawak Oil Palms rose 21 sen to RM3.73, United Plantations put on 16 sen to RM24.80, and KESM Industries advanced 11 sen to RM3.63.

Among the top losers, Chin Teck Plantations plummeted 70 sen to RM11.04, PPB Group sank 46 sen to RM11.14, Kuala Lumpur Kepong declined 38 sen to RM20.50, Malaysian Pacific Industries dropped 26 sen to RM30.00, and Hong Leong Bank dipped 24 sen to RM20.56.

-- BERNAMA