KUALA LUMPUR, March 23 — Bursa Malaysia’s key index finished at its intra-day low today for the second consecutive day, losing 1.32 per cent, while the broader market sentiment remained bearish.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slumped below 1,600 points and lost 21.44 points to 1,595.20 points. Yesterday, it also finished at the day’s low of 1,616.73.

The index opened 0.05 of-a-point better at 1,616.78, which turned out to be its highest for the day.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said Tuesday wreaked havoc across Asian markets, including the FBM KLCI, on investor jitters over the sanctions imposed on Chinese officials by the United States, the European Union, Britain and Canada for alleged human rights abuses against Uyghur Muslims in Xinjiang.

On the broader market, losers thumped gainers 860 to 315, while 420 counters were unchanged, 615 untraded and 11 others suspended.

Total volume fell to 7.05 billion shares worth RM4.04 billion from 7.57 billion shares worth RM3.99 billion yesterday.

Adam noted that this was the first coordinated Western action against Beijing under new US President Joe Biden.

"At the same time, investors refrained from making big bets ahead of the upcoming Congressional testimony by US Federal Reserve chair Jerome Powell and Treasury secretary Janet Yellen, whereby comments on the rise of bond yields are highly anticipated,” he told Bernama.

Another reason for today’s sombre mood was the drop in oil prices amid ample supply on concerns that new pandemic curbs as well as slow vaccine rollouts in Europe would slow a recovery in fuel demand.

Among the sectors, the Bursa Malaysia Transportation and Logistics Index was the biggest laggard with a 1.8 per cent drop as Malaysia Airports Holdings Bhd continued to record a decline today to the tune of six per cent amid the situation regarding Turkey’s central bank.

Meanwhile, of the top losers among heavyweights, Top Glove lost nine sen to RM5.05, PChem fell 28 sen to RM7.92, Axiata erased 11 sen at RM3.69, PBBank was four sen easier at RM4.18 and Genting dipped 19 sen to RM5.17.

As for the active counters, BJCorp advanced four sen at 26.5 sen, Widad added 7.5 sen to 51 sen, Macpie lost 10 sen to 41 sen while its warrants lost two sen to 7.5 sen, and Dynacia reduced 2.5 sen to 12 sen.

On the index board, the FBM Emas Index dipped 131.82 points to 11,729.12, the FBMT 100 slid 135.35 points to 11,403.87, and the FBM Emas Shariah decreased 150.53 points to 13,020.89.

The FBM 70 reduced 114.94 points to 15,510.07 while the FBM ACE erased 141.05 points to 10,511.61.

Sector-wise, the Financial Services Index declined 141.21 points to 15,285.22, the Plantation Index fell 15.20 points to 7,135.20 and the Industrial Products and Services Index lost 2.66 of-a-point to 190.22.

Main Market volume grew to 4.45 billion shares worth RM3.25 billion versus 4.11 billion shares worth RM2.95 billion yesterday.

Warrants turnover rose to 291.59 million units valued at RM47.12 million from 260.68 million units worth RM41.47 million.

Volume on the ACE Market shrank to 2.31 billion shares worth RM742.79 million from 3.20 billion shares valued at RM1 billion previously. 

Consumer products and services accounted for 880.27 million shares traded on the Main Market, industrial products and services (1.51 billion), construction (183.24 million), technology (713.80 million), SPAC (nil), financial services (79.14 million), property (283.43 million), plantations (31.96 million), REITs (6.82 million), closed/fund (22,800), energy (432.6 million), healthcare (45.24 million), telecommunications and media (39.72 million), transportation and logistics (207.77 million), and utilities (35.80 million). — Bernama