KL shares lower on lack of buying support

KUALA LUMPUR, Feb 24 — Share prices on Bursa Malaysia closed lower today with interest subdued due to lack of buying support in the absence of clear signals from overseas equity markets.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended at 1,828.68, down 2.06 points, after moving between 1,826.53 and 1,833.80 throughout the day.  

Losers led gainers 446 to 432, with 283 counters unchanged, 456 untraded and 17 others suspended.

Volume rose to 3.06 billion shares, worth RM2.08 billion, from 2.98 billion shares, worth RM2.39 billion, recorded on Friday.

Inter Pacific Securities Sdn Bhd Head of Research Pong Teng Siew said the benchmark index moved within a tight range and failed to break the resistance level of 1,830.

“If the barometer index managed to break the 1,830-level, it will suggest that the index was ready to move up,” he told Bernama.

Pong said small-capitalised stocks dominated today’s trading, with stocks in the construction, plantation and consumers doing quite well.

“We can see that buyers are not participating aggressively in the market with foreign investors reducing their holdings gradually.

“That explains why the local bourse hardly move today,” he added.

Meanwhile, on the scoreboard, the Finance Index fell 1.19 points to 16,563.16, the Industrial Index decreased 16.69 points to 3,118.13 but the Plantation Index rose 58.09 points to 8,799.96.

The FBM Emas Index dropped 16.49 points for 12,651.37, FBMT100 Index declined 13.27 points to 12,312.74, the FBM 70 eased 12.45 points to 13,801.01 while the FBM Ace rose 101.36 points to 6,805.49.

Among actives, Luster Industries rose two sen to 13.5 sen, Minetech Resources added half-a-sen to 20.5 sen while Asia Bioenergy lost one sen to 14.5 sen.

Of the heavyweights, Maybank fell one sen to RM9.75, Tenaga Nasional added four sen to RM12.04 and CIMB earned two sen to RM7.09.

Main Market volume fell to 2.20 billion units, worth RM1.88 billion, from 2.21 billion units, worth RM2.19 billion, registered on Friday.

Turnover on the ACE market improved to 821.66 million shares, valued at RM188.18 million, from 731.46 million shares, valued at RM193.1 million, recorded previously.

Warrants decreased to 30.78 million units, worth RM2.92 million, from 32.77 million units worth RM3.03 million, transacted on Friday.

Consumer products accounted for 101.02 million shares traded on the Main Market, industrial products 782.63 million, construction 89.14 million, trade and services 715.85 million, technology 42.04 million, infrastructure 22.08 million, SPAC 90.57 million, finance 40.54 million, hotels 371,500, properties 264.72 million, plantations 34.78 million, mining 2,000, REITs 19.14 million and closed/fund 15,500. — Bernama