Kuala lumpur: Bursa Malaysia pared most of its earlier losses to close marginally lower as profit-taking was offset by selective buying in heavyweights, amid cautious sentiment in regional markets, a dealer said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 2.03 points, or 0.13 percent, to close at 1,588.21 from Tuesday’s close of 1,590.24. The benchmark index opened 2.21 points lower at 1,588.03, and moved between 1,583.40 and 1,591.04 throughout the day.
According to BERNAMA News Agency, the broader market was negative with decliners outpacing advancers 647 to 376, while 487 counters were unchanged, 1,084 untraded, and 16 suspended. Turnover narrowed to 2.55 billion units worth RM2.50 billion from 2.60 billion units worth RM2.74 billion on Tuesday. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan noted that the broader market sentiment remained guarded ahead of policy signals from the US Federal Reserve’s Jackson Hole Economic Policy Symposium later this week.
Mohd Sedek emphasized that sector rotation was evident, with industrials outperforming due to a rally in petrochemicals, while plantations and consumer cyclicals also showed strength. This indicated resilient domestic demand amid external policy uncertainty. Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng viewed the day’s profit-taking as a healthy correction, allowing the market to digest the recent strong uptrend.
Thong Pak Leng stated that the FBM KLCI is holding well above the key 1,585 support mark, setting the stage for further gains. He anticipated that, barring any external shocks, the benchmark index would trade within the 1,570 to 1,600 range throughout the week. Among the heavyweights, Maybank and Public Bank remained flat, Tenaga Nasional declined, CIMB fell, while IHH Healthcare rose slightly.
On the broader market, the FBM Emas Index decreased 29.58 points, the FBMT 100 Index shed 29.35 points, the FBM Emas Shariah Index gave up 32.06 points, the FBM 70 Index dropped 106.51 points, and the FBM ACE Index slipped 13.77 points. By sector, the Financial Services Index slid 20.36 points, the Plantation Index garnered 46.12 points, the Industrial Products and Services Index perked up 1.61 points, and the Energy Index eased 0.93 of-a-point.
In terms of volume, the Main Market volume dipped slightly, while warrants turnover improved. However, the ACE Market volume declined. Consumer products and services counters accounted for a significant portion of shares traded on the Main Market, alongside industrial products, construction, technology, and other sectors.