Kuala Lampur:Bursa Malaysia: The stock market ended lower on Wednesday, affected by profit-taking in selected heavyweights and weaker sentiment towards petrochemical stocks due to declining oil prices, according to an analyst. The FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 7.07 points, or 0.42%, to 1,676.43 from the previous close of 1,683.50.
According to BERNAMA News Agency, the index opened 1.31 points lower at 1,682.19 and fluctuated between 1,675.15 and 1,685.37 throughout the trading session. The market showed a nearly even breadth, with 549 losers compared to 519 gainers, while 577 counters remained unchanged, 1,226 were untraded, and 27 were suspended. Turnover decreased to 3.20 billion units worth RM2.99 billion from Tuesday's 3.57 billion units valued at RM3.15 billion.
Mohd Sedek Jantan, director of investment strategy and country economist at IPPFA Sdn Bhd, noted that crude oil prices fell following U.S. President Donald Trump's comments about "very good" talks with Iranian representatives at the United Nations, raising hopes for de-escalation and easing the geopolitical risk premium on oil prices. He also mentioned that investors were cautious ahead of an anticipated meeting between Trump and Chinese President Xi Jinping, as the outcome could impact global trade sentiment and economic growth.
Kenneth Leong, head of research at Berjaya Research Sdn Bhd, told Bernama that the market index is expected to remain range-bound in the near term as investors seek more clarity on developments in West Asia. Among heavyweights, Maybank rose two sen to RM10.14, Public Bank dropped one sen to RM4.83, CIMB added three sen to RM7.93, and Tenaga Nasional gained four sen to RM13.14.
Among active counters, Zetrix AI fell two sen to 18.5 sen, Jaks Resources lost half a sen to 16.5 sen, V.S Industry rose two sen to 25 sen, Velesto Energy declined one sen to 23 sen, and Capital A decreased 1.5 sen to 25.5 sen. Top gainers included Malaysian Pacific Industries, up RM1.38 to RM44.58, and Nestle, up 34 sen to RM89.50. Meanwhile, top losers included Dutch Lady, which fell 50 sen to RM30.40.
The FBM Mid 70 Index fell 10.60 points to 17,833.80, while the FBM Emas Index decreased 36.79 points to 12,477.35. The FBM Top 100 Index dropped 40.28 points to 12,267.60, and the FBM Emas Shariah Index fell 6.16 points to 12,320.22, while the FBM ACE Index rose 58.30 points to 5,247.41.
Sector performance saw the Industrial Products and Services Index gaining 0.05 of a point to 184.95, the Energy Index rising 5.80 points to 50.45, while the Financial Services Index and Plantation Index both experienced declines. Main Market volume narrowed to 1.95 billion units worth RM2.67 billion, with decreased turnover in warrants and the ACE Market as well.