BURSA Malaysia concluded the session on a broadly weaker note, although it recovered from its intraday low. The market experienced selling pressure across various sectors, contributing to a higher number of decliners than gainers.

The negative sentiment prevailing in the market hindered follow-through buying support, especially after the barometer index closed above the psychologically significant 1,500 level, last observed in August 2022, on Monday, a dealer said.

The barometer index initiated the trading day 2.72 points lower at 1,488.49, fluctuating between 1,478.03 and 1,492.53 during the morning session.

In the broader market, losers outnumbered gainers significantly, with a ratio of 885 to 218. Additionally, 383 counters remained unchanged, 766 were untraded, and 16 others were suspended.

Total turnover saw an increase, reaching 6.10 billion units valued at RM3.62 billion, compared to the previous day’s 5.23 billion units worth RM3.17 billion.

Rakuten Trade equity research vice-president Thong Pak Leng said shares ended mostly lower due to negative cue from global equities while the FBM KLCI finished lower largely due to profit-takings on YTL Power International Bhd and YTL Corporation Bhd.

He noted that the key regional indices closed mixed due to mixed reactions to the delay in rate cuts in the US, with China and Hong Kong stocks ending marginally higher as bargain hunting emerged following the recent sell-off.

“Our positive outlook on Malaysian equities remains intact despite the sell-off, supported by the improving corporate earnings and the favourable local economic conditions.

“In addition, the increasing daily trade volume with average daily volume since early 2024 which is almost double last year’s average signifies a growing overall market interest, providing substantial potential for bargain hunters.

“Hence, we expect the FBM KLCI to stage a rebound soon and anticipate it to trend within the 1,480 to 1,490 range towards the weekend. We spot the immediate support at 1,475 followed by 1,465 and resistance at 1,500,” he said.

Regionally, Hong Kong’s Hang Seng Index gained 0.75% to 15,391.79, Shanghai Stock Exchange Composite Index gained 0.43% to 2,845.78, and South Korea’s Kospi was 0.17% up to 2,440.04.

Singapore’s Straits Times Index eased 0.11% to 3,138.82 and Japan’s Nikkei 225 eased 0.03% to 35,466.17.

Back home, heavyweights Maybank shed three sen to RM9.02, Public Bank eased four sen to RM4.31, CIMB slipped nine sen to RM5.94, Tenaga Nasional fell eight sen RM10.36, while Petronas Chemicals was flat at RM6.76.

Of the actives, Artroniq dropped 26.5 sen to 23 sen, Widad declined 30 sen to 19 sen, Fitters Diversified slid one sen to 4.5 sen, Dagang NeXchange shed 5.5 sen to 33 sen, while Minetech Resources was flat at 17 sen.

On another note, Bursa Malaysia also saw volatile trading this morning, with several counters hitting limit up and limit down.

Rexit Bhd hit a limit up to RM1.20 per share this morning, soaring 30.43%, while APB Resources Bhd hit a limit down to RM1.75 per share, a 30 sen decline from yesterday’s slose.

On the index board, the FBM Emas Index fell 98.70 points to 11,004.11, the FBM 70 Index dropped 123.24 points to 14,920.52, the FBMT 100 Index declined 87.16 points to 10,673.64, the FBM Emas Shariah Index decreased 78.80 points to 11,111.26, and the FBM ACE Index tumbled 261.83 points to 4,785.94.

Sector-wise, the Financial Services Index dipped 88.18 points to 16,546.95, the Property Index shed 8.63 points to 879.73, the Plantation Index erased 48.02 points to 7,124.55, the Industrial Products and Services Index was 0.96 of a point easier at 172.40, and the Energy Index slipped 9.89 points to 840.04.

The Main Market volume increased to 3.68 billion units valued at RM3.14 billion from 3.32 billion units valued at RM2.73 billion yesterday.

Warrants turnover rose to 715.58 million units worth RM103.70 million from 584.38 million units worth RM66.07 million previously.

The ACE Market volume advanced to 1.68 billion shares valued at RM366.14 million versus 1.41 million shares valued at RM370.40 million yesterday.

Consumer products and services counters accounted for 554.83 million shares traded on the Main Market, industrial products and services (1.03 billion); construction (306.68 million); technology (392.81 million); SPAC (nil); financial services (164.41 million); property (543.31 million); plantation (31.50 million); REITs (19.58 million), closed/fund (72,500); energy (181.29 million); healthcare (88.36 million); telecommunications and media (80.83 million); transportation and logistics (91.10 million); and utilities (202.32 million). – Bernama, January 18, 2024.