KUALA LUMPUR, June 5 ― Bursa Malaysia ended easier today in line with the subdued performance of regional indices, weighed down by the decline in the consumer products and services counters led by Nestle and Fraser & Neave (F&N).
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 5.51 points to end the day at 1,556.33 from 1,561.84 at Thursday’s close.
The index, which opened 0.67 of-a-point weaker at 1,561.17 this morning, moved between 1,547.57 and 1,564.13 throughout the day.
The overall market breadth was negative with decliners outpacing advancers 615 to 427, while 415 counters were unchanged, 445 untraded and 19 others suspended.
Total volume increased to 8.67 billion shares worth RM6.19 billion from 8.02 billion shares worth RM6.03 billion on Thursday.
Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the FBM KLCI was lower today after experiencing sharp gains during the past few days.
“From the price-to-earnings (PE) valuation standpoints, the FBM KLCI seems to be on the high side with PE ratio hovering around 20 times, which is higher than plus-one standard deviation of 17 times,” he told Bernama today, adding that technical readings also seemed to indicate the key index was in an overbought condition.
“Therefore, we can expect a correction to happen in the immediate term,” he said.
Meanwhile, Nestle declined RM3.10 to RM137.30 while F&N receded 98 sen to RM31.52.
Regionally, Japan’s Nikkei eased 0.33 per cent to 22,620.84, while Hong Kong’s Hang Seng Index expanded 0.17 per cent to 24,366.3 and Singapore’s Straits Times rose 0.7 per cent to 2,726.17.
Among the heavyweights, Maybank eased 11 sen to RM8.08, Tenaga shed six sen to RM11.96, Public Bank declined 18 sen to RM17.32, Petronas Chemicals trimmed 27 sen to RM6.70, and IHH Healthcare slipped four sen to RM5.55.
Of the actives, Hibiscus Petroleum added two sen to 68 sen, Aco increased eight sen to 34.5 sen, Careplus improved nine sen to RM1.63 and KNM gained half-a-sen to 25.5 sen.
On the index board, the FBM Emas Index was 39.98 points weaker at 10,930.78, the FBMT 100 Index eased 38.34 points to 10,792.24, the FBM ACE reduced 69.37 points to 5,852.53, and the FBM 70 fell 48.13 points to 13,391.84.
However, the FBM Emas Shariah Index increased 2.67 points to 12,307.1.
Sector-wise, the Financial Services Index declined 157.68 points to 13,726.02, the Industrial Products and Services Index slipped 2.7 points to 139.05, and the Plantation Index lost 40.86 points to 6,787.02.
Main Market volume rose to 5.55 billion shares worth RM4.98 billion from 4.73 billion shares worth RM4.86 billion on Thursday.
Warrants turnover improved to 696.23 million units valued at RM195.45 million from 648.82 million units worth RM191.67 million yesterday.
Volume on the ACE Market decreased to 2.41 billion shares worth RM1.01 billion from 2.63 billion shares worth RM972.00 million previously.
Consumer products and services accounted for 1.1 billion shares traded on the Main Market, industrial products and services (672.28 million), construction (720.05 million), technology (306.96 million), SPAC (nil), financial services (66.41 million), property (638.85 million), plantations (143.55 million), REITs (12.18 million), closed/fund (nil), energy (1.45 billion), healthcare (125.86 million), telecommunications and media (145.81 million), transportation and logistics (115.51 million), and utilities (40 million). ― Bernama