KUALA LUMPUR, June 4 ― Bursa Malaysia remained easier at mid-morning, dragged down by selling in index-linked counters led by Axiata, amid the weaker global sentiment.
At 11.06am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) was 5.29 points lower at 1,650.02 after fluctuating between 1,649.68 and 1,655.89.
Axiata dragged the composite index down by 1.117 points after declining seven sen to RM4.61 with 373,300 shares transacted.
Overall, there were 353 losers to 228 gainers, while 318 counters were unchanged, 983 untraded and 27 others suspended.
Turnover stood at 634.03 million units worth RM505.96 million.
Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the local equity market saw bargain hunting among the foreign investors yesterday, with foreign funds recording net purchases amounting to RM231.49 million.
However, local institutional investors and local retailers reported net sales of RM220.01 million and RM11.47 million respectively.
“Values among our listed companies may have emerged, enticing them to come in especially those with clear earnings visibility and business model.
“Nonetheless, it is still too early to tell whether the accumulation by the foreign investors can be sustainable especially in the face of external uncertainty brought by the ongoing trade conflict between the US and China,” he told Bernama.
Typically, Mohd Afzanizam said demand for safe-haven securities, such as government bonds, would prevail as fund managers shifted their asset allocation towards the risk-free assets.
Of actives, Lambo was flat at 5.5 sen, Sapura Energy inched up half-a-sen to 29.5 sen and Impiana Hotels shed half-a-sen to 3.5 sen.
Among index-linked counters, CIMB rose six sen to RM5.35, but Public Bank erased 10 sen to RM23.44 and Petronas Chemicals shed half-a-sen to RM8.29.
Both Maybank and Tenaga were flat at RM8.99 and RM12.86, respectively.
The FBM Emas Index lost 25.31 points to 11,566.11, the FBMT 100 Index decreased 26.43 points to 11,431.67, the FBM Emas Shariah Index gave up 37.75 points for 11,752.48, and the FBM Ace eased 22.92 points to 4,197.56.
However, the FBM 70 bagged 8.85 points to 14,161.47.
Sector-wise, the Financial Services Index perked up 11.51 points to 16,841, the Plantation Index fell 33.38 points to 6,899.78, while the Industrial Products and Services Index was 0.49 of-a-point lower at 159.14.
Bursa Malaysia will only trade for half a day today and will be closed for the next two days in conjunction with the Hari Raya Aidilfitri celebrations.
Market operations will resume on Friday, June 7. ― Bernama
