BURSA MALAYSIA ENDS WEEK ON SOFTER NOTE, CI BELOW KEY 1,600 LEVEL

By Zufazlin Baharuddin

KUALA LUMPUR, Nov 15 (Bernama) -- Bursa Malaysia ended the week on a softer note, with the key index closing at its intraday low, in the absence of buying catalysts amid regional weakness as global economic uncertainties and geopolitical concerns kept investors edgy. 

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) shed 8.24 points to close at 1,592.44 from yesterday’s close of 1,600.68.

The benchmark index, which opened 0.75 of-a-point higher at 1,601.43, hit an intraday high of 1,604.51 in the early session before losing steam to move downwards throughout the rest of the trading session. 

The market breadth was negative with decliners trouncing gainers 563 to 378, while 501 counters were unchanged, 1,020 untraded and 21 suspended.

Turnover slid to 2.68 billion units valued at RM2.65 billion versus 3.14 billion units worth RM2.69 billion on Thursday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said strong selling in MR DIY and MISC as well as profit-taking in plantation stocks dragged the index lower. 

“The local benchmark index was influenced by global economic uncertainties, concerns over US policy impacts, and sector-specific selling pressure,” he told Bernama.

Meanwhile UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said, despite the market weakness, both Malaysia and the US continue to report healthy economic data.

“For instance, Malaysia's gross domestic product grew by 5.3 per cent in the third quarter of 2024, underscoring robust economic growth. In the US, recent data showed a decline in new unemployment claims, suggesting a resilient labour market.

“Initial jobless claims dropped by 4,000 to a seasonally adjusted 217,000 for the week ending November 9, indicating that October’s slower job growth may have been an anomaly,” he said.

Moving forward, he said the focus shifts to the upcoming US retail sales report (scheduled to be released tonight), which is expected to demonstrate sustained growth and provide further clarity on consumer sentiment in the world's largest economy.  

Among the heavyweights, MR DIY dived 28 sen to RM1.82, MISC trimmed 35 sen to RM7.60, Maxis slid eight sen to RM3.44, CIMB decreased one sen to RM8.19, while Maybank added six sen to RM10.36. 

As for the active stocks, newly listed Metro Healthcare gained half-a-sen to 25.5 sen, Bumi Armada bagged 3.5 sen to 53.5 sen, Cape EMS added 1.5 sen to 39.5 sen, PUC climbed half-a-sen to four sen, while 3REN was unchanged at 40.5 sen.

On the index board, the FBM Emas Shariah Index lost 86.55 points to 12,023.30, the FBM Emas Index dropped 40.12 points to 12,105.32, and the FBMT 100 Index shed 39.68 points to 11,806.20, while the FBM ACE Index rose 17.57 points to 5,147.16 and the FBM 70 Index gained 18.60 points to 17,818.88.

Sector-wise, the Industrial Products and Services Index edged up 0.42 of-a-point to 168.27, the Energy Index eased 0.12 of-a-point to 827.17, the Plantation Index declined 58.01 points to 7,626.18, while the Financial Services Index increased 62.60 points to 19,156.84.

The Main Market volume narrowed to 1.33 billion units worth RM2.39 billion against Thursday’s 1.81 billion units valued at RM2.43 billion.

Warrants turnover tumbled to 811.06 million units valued at RM98.18 million from 1.02 billion units worth RM128.34 million previously.  

The ACE Market volume expanded to 534.84 million units worth RM163.10 million compared with 306.31 million units valued at RM121.64 million yesterday.

Consumer products and services counters accounted for 262.00 million shares traded on the Main Market, industrial products and services (265.93 million), construction (65.05 million), technology (139.13 million), SPAC (nil), financial services (83.48 million), property (136.24 million), plantation (62.32 million), REITs (12.13 million), closed/fund (19,500), energy (161.82 million), healthcare (43.96 million), telecommunications and media (27.08 million), transportation and logistics (35.60 million), utilities (41.30 million), and business trusts (812,300).    

-- BERNAMA