KUALA LUMPUR, Sept 27 — Bursa Malaysia ended the week lower as most blue chip stocks were under selling pressure due to global economic anxiety and the lack of fresh local catalysts to act as a market drivers.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined 8.86 points or 0.55 per cent to 1,584.14 compared to yesterday’s close of 1,593.00 after trading between 1,583.45 to 1,592.05 throughout the day.
The index opened 2.76 points lower at 1,590.24.
The market breadth between losers and gainers widened to 482 and 287 respectively, with 432 counters unchanged, 800 untraded and 71 others suspended.
Turnover stood at 1.88 billion shares worth RM1.32 billion.
An analyst told Bernama that heavyweight stocks, especially financial-related counters as well as government-linked, will be the first to react to uncertainties in the equity market.
Citing Maybank, Petronas-related counters and Sime Darby Plantation as examples, she said that the key index was dragged down by the companies’ performance due to their higher weightage in the composite index.
"A strong new catalyst is needed to push the market for it to be on the positive track in the coming weeks. If not, it will continue to trade sideways, coupled with the global economic downtrend.
“With Malaysian bonds being retained in the FTSE World Government Bond Index (WGBI) watchlist until the next review in March 2020, it will be a challenge to minimise foreign outflow," she said.
At the close, Maybank and Petronas Gas slipped 10 sen to RM8.60 and RM16.48, respectively, Sime Darby Plantation fell eight sen to RM4.80 while Petronas Chemicals gained one sen to RM7.53 due to last minute buying.
On other financial heavyweights, Public Bank slipped six sen to RM20.04, CIMB Group weakened five sen to RM5.01, Hong Leong Financial erased 28 sen to RM16.10 and AMMB lost five sen to RM4.11.
Even though the heavyweights might be able to weather through the downtrend, the analyst said small capital indices, especially those under ACE market would be under intense pressure due to sell offs.
At close, the Financial Services Index dropped 125.90 points to 15,357.46 while FBM ACE declined 0.7 per cent to 4,552.83.
"If the trend continues to be on the sideways, the index could slip further to below 1,580 points. The immediate resistance level now is viewed at 1,595 points," she said.
As for the actives, MNC Wireless eased 2.5 sen to 8 sen, Bumi Armada declined 1.5 sen to 33.5 sen and MTAG fell half-a-sen to 13.5 sen.
The FBM Emas Index slipped 65.27 points to 11,205.89, the FBMT 100 Index contracted 65.72 points to 11,038.61 and the FBM Emas Shariah Index was 56.46 points lower at 11,761.17.
The FBM 70 fell 99.29 points to 13,930.71.
Sector-wise, Plantation Index shed 50.58 points to 6,723.57 and the Industrial Products & Services Index was 0.16 point lower at 153.13.
Main Market volume decreased to 1.14 billion units worth RM1.18 billion from yesterday’s 1.94 billion units worth RM1.47 billion.
Meanwhile, warrants turnover increased to 335.30 million worth RM82.87 million from 319.63 million units worth RM70.77 million on Thursday.
Volume on the ACE Market increased to 404.66 million shares worth RM57.46 million from 397.30 million shares worth RM69.40 million yesterday.
Consumer products and services accounted for 136.83 million shares traded on the Main Market, industrial products and services (193.48 million), construction (82.67 million), technology (80.01 million), SPAC (nil), financial services (26.20 million), property (62.61 million), plantations (15.12 million), REITs (20.00 million), closed/fund (20,100), energy (304.35 million), healthcare (22.70 million), telecommunications and media (147.77 million), transportation and logistics (33.92 million) and utilities (13.18 million). — Bernama
