Bursa Malaysia falls but stays above the 1,690 level

Bursa Malaysia managed to stay above the support level of 1,690 despite being weighed down by China’s disappointing services sector data, profit-taking activity as well as the overnight fall in crude oil prices. — Bernama pic
Bursa Malaysia managed to stay above the support level of 1,690 despite being weighed down by China’s disappointing services sector data, profit-taking activity as well as the overnight fall in crude oil prices. — Bernama pic

KUALA LUMPUR, July 3 — Bursa Malaysia managed to stay above the support level of 1,690 despite being weighed down by China’s disappointing services sector data, profit-taking activity as well as the overnight fall in crude oil prices.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) finished at its intra-day high of 1,690.05, although the key index was 0.95 of-a-point, or 0.06 per cent, lower compared with yesterday’s close of 1,691.0.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the mild downtrend on the local exchange was also in line with its regional peers’ performance, as investors turned jittery amid trade uncertainty.

China’s Caixin/Markit services purchasing managers’ index (PMI) fell from 52.7 in May to 52.0 in June, the weakest level in four months.

Transaction volume was higher at 3.01 billion units worth RM1.82 billion compared with 2.82 billion units worth RM2.56 billion yesterday.

Market breadth stayed negative with losers overtaking gainers by 456 to 395, while 420 counters were unchanged, 569 untraded and 19 others suspended.

The barometer index moved between 1,683.24 and 1,690.05 throughout the day. 

Regionally, Singapore Straits Times Index trimmed 0.09 per cent to 3,367.80, Japan’s Nikkei was 0.53 per cent easier at 21,638.16 and Hong Kong’s Hang Seng Index weakened 0.07 per cent to 28,855.14.

Meanwhile, commenting on the performance of banking blue chips which dominated the fall within the FBM KLCI’s 30 counters, Leong said it was merely a mild pull-back due to the recent gains seen in the sector.

“For instance, we have seen CIMB in the recovery mode since one or two weeks ago, so the decline seen today was normal; it was just a mild pull-back,” he told Bernama when contacted.

At the closing bell, CIMB remained the top decliner among the finance-linked heavyweights, losing eight sen to RM5.36, followed by Maybank which fell one sen to RM8.97, Hong Leong Bank which erased four sen to RM19.10 and RHB Bank which shed two sen to RM5.77.

Meanwhile, on the outlook for the local stock market, Asia-Pacific senior vice president (investment) Datuk Dr Nazri Khan Adam Khan projected the FBM KLCI would trend higher on optimism over the US-China trade dispute, especially ahead of the US’ Independence Day holiday (July 4).

“On the domestic front, Malaysia’s digital economy continues attracting interest from international investors, which is in line with the initiative by the government to establish the country as the technology and digital hub in Asean,” he said.

Of the actives, Sumatec added 2.5 sen to 3.5 sen while KNM shed half-a-sen to 29.5 sen and its warrant was flat at 13 sen.

Borneo Oil and Sapura Energy were unchanged at 4.5 sen and 30.5 sen, respectively.

Carlsberg topped the losers list, erasing 46 sen to RM25.50, while Chin Teck slumped 26 sen to RM6.54, BAT fell 14 sen to RM28.80, Time Dotcom was 13 sen weaker at RM8.97 and Guan Chong slipped 12 sen to RM3.45.

The FBM Emas Index slid 5.68 points to 11,935.07, the FBMT 100 Index gave up 6.85 points to 11,777.22 and the FBM 70 shrank 9.62 points to 14,867.52.

The FBM Emas Shariah Index was 7.25 points higher at 12,326.01 and the FBM Ace gained 60.75 points to 4,583.64.

Sector-wise, the Financial Services Index contracted 38.35 points to 16,810.96 and the Industrial Products & Services Index slipped 0.73 of-a-point to 162.28. However, the Plantation Index advanced 11.66 points to 6,952.53.

Main Market volume widened to 2.30 billion shares worth RM1.67 billion from 2.03 billion shares worth RM2.38 billion yesterday.

Warrants turnover, however, narrowed to 346.48 million valued at RM72.34 million from 423.88 million units valued at RM77.01 million.

Volume on the ACE Market improved to 361.58 million shares worth RM74.08 million versus 358.50 million shares worth RM103.32 million.

Consumer products and services accounted for 244.66 million shares traded on the Main Market, industrial products and services (230.85 million), construction (112.92 million), technology (137.25 million), SPAC (nil), financial services (37.80 million), property (95.99 million), plantation (9.03 million), REITs (17.22 million), closed/fund (19,000), energy (1.19 billion), healthcare (31.22 million), telecommunications and media (73.47 million), transportation and logistics (102.04 million) and utilities (14.13 million). — Bernama