KUALA LUMPUR: Bursa Malaysia experienced a pullback today, closing lower following a four-day rally as investors engaged in profit-taking, according to an analyst. The market’s decline occurred despite generally positive performances in regional markets.
According to BERNAMA News Agency, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell by 10.89 points, or 0.66 per cent, ending the day at 1,623.28, down from Wednesday’s close of 1,634.17. The index opened higher at 1,636.14 and fluctuated between 1,622.75 and 1,639.55 throughout the trading session.
Market breadth was negative, with 641 decliners outnumbering 466 advancers. Additionally, 507 counters remained unchanged, with 792 untraded and 10 suspended. Turnover increased to 3.77 billion units valued at RM3.41 billion compared to 3.39 billion units valued at RM2.92 billion on the previous day.
UOB Kay Hian Wealth Advisors’ head of investment research, Mohd Sedek Jantan, noted that despite today’s decline, the FBM KLCI remains elevated compared to last week, a
s profit-taking followed a rally spurred by optimism regarding Donald Trump’s election victory. He highlighted the resilience of the Bursa Malaysia Technology Index, which reached a two-month high, buoyed by positive developments in the US election and subsequent market rally.
Mohd Sedek also indicated that the Federal Open Market Committee (FOMC) is set to announce its interest rate decision later today, with expectations that US Federal Reserve Chair Jerome Powell will maintain a data-dependent stance, seeking further clarity on Trump’s policy trajectory.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expressed optimism about the local market, despite some profit-taking, citing improving fundamentals in the local economy and corporate sector. Thong maintained a positive long-term outlook for the FBM KLCI, with a target range of 1,610-1,640.
Among heavyweight stocks, Public Bank rose by 1.0 sen to RM4.50, while Maybank, CIMB Group, and Tenaga Nasional each eased by 2.0 sen, and IHH He
althcare decreased by 1.0 sen. Active counters included 3Ren, which rose by 6.5 sen, and Inari Amertron, which climbed by 20 sen.
In terms of index performance, the FBM 70 Index declined by 127.18 points, the FBM Emas Index dropped by 81.29 points, and the FBMT 100 Index decreased by 81.81 points. Sector-wise, the Financial Services Index dipped by 19.89 points, while the Industrial Products and Services Index, Energy Index, and Plantation Index also experienced declines.
The Main Market volume increased to 1.87 billion units, with warrants turnover surging to 1.29 billion units. The ACE Market volume, however, saw a decrease to 601.38 million units. Consumer products and services, industrial products and services, and technology sectors were among the most actively traded.