KUALA LUMPUR, Sept 18 — Bursa Malaysia extended the earlier downtrend to close lower today as investors’ risk appetite was weighed down by cautious market sentiment, said a dealer.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.81 points easier at 1,599.49 against yesterday’s close of 1,604.30 and moved between 1,594.09 and 1,599.57 throughout the day.
The index opened 4.73 points lower at 1,599.57.
Overall, market breadth was negative with losers led gainers 480 to 339, while 416 counters were unchanged, 736 untraded and 15 others suspended.
Turnover fell to 1.98 billion units worth RM1.60 billion from Tuesday’s close of 2.73 billion units worth RM2.18 billion.
Regional peers also posted bearish trend with Japan’s Nikkei 225 declining 0.18 per cent to 21,960.71 while Hong Kong’s Hang Seng gave up 0.13 per cent to 26,754.12 and Singapore’s Straits Times Index dropped 0.42 per cent to 3,169.75.
Phillip Capital Management senior vice president (Investment) Datuk Dr Nazri Khan Adam Khan said the FBM KLCI cautiously traded on the sidelines as investors awaited the outcomes from Federal Reserve (Fed) two-day meeting, due later today, on monetary policy for more precise signals before diving into the market.
“Asia-Pacific stocks, including FBM KLCI struggled for direction, as attention turned to the Fed’s policy decision when it is expected to trim rates.
“Besides, the prolonged trade war has seen an increasing number of US and China businesses shifting their manufacturing out of China to escape the tit-for-tat tariffs imposed on imported products,” he told Bernama.
Another analyst said stocks in the energy sector on Bursa Malaysia were mostly in red throughout the day as global crude oil prices pulled back, following Saudi Arabia Energy Minister Prince Abdulaziz bin Salman’s announcement that the Kingdom’s crude oil production could return to normal as early as the end of the month.
Oil prices retreated sharply after skyrocketed on Monday, following a strike on Saudi Arabian oil production facilities during the weekend.
“Energy-related stocks on Bursa Malaysia that contracted today included Petronas Chemical which lost eight sen to RM7.69, Hibiscus Petroleum eased 2.5 sen to 99.5 sen, and Petron Malaysia Refining dropped 14 sen to RM5.62,” said the analyst.
Among the heavyweights, Maybank rose five sen to RM8.70, Public Bank was flat at RM20.16, and TNB erased two sen to RM13.60.
The FBM Emas Index declined 22.22 points to 11,229.47, the FBMT 100 Index was 21.48 points weaker at 11,133.75 and the FBM Emas Shariah Index eased 2.06 points to 11,861.70.
The FBM Ace shed 1.94 points to 4,531.03, but the FBM 70 rose 22.73 points to 14,002.18.
Sector-wise, the Financial Services Index eased 105.27 points to 15,450.05 and the Plantation Index dropped 9.10 points to 6,825.09, while the Industrial Products and Services fell 0.56 of a point to 154.58.
Main Market volume contracted to 1.18 billion shares worth RM1.43 billion from 1.92 billion shares worth RM2.02 billion yesterday.
Warrants turnover narrowed to 334.11 million units worth RM72.68 million from 534.27 million units worth RM108.77 million.
Volume on the ACE Market, however, rose to 469.55 million shares worth RM94.49 million from 272.25 million shares worth RM54.10 million previously.
Consumer products and services accounted for 168.70 million shares traded on the Main Market, industrial products and services (221.01 million), construction (65.42 million), technology (74.31 million), SPAC (nil), financial services (30.25 million), property (70.98 million), plantations (13.69 million), REITs (11.50 million), closed/fund (2,000), energy (350.52 million), healthcare (20.54 million), telecommunications and media (107.78 million), transportation and logistics (25.82 million), and utilities (15.98 million). — Bernama