KUALA LUMPUR, June 25 — Bursa Malaysia ended the day lower on continued selling in heavyweights, and in line with other stock markets across the region, as investors remained on the sidelines amidst the bearish economic outlook.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 13.43 points or 0.89 per cent to 1,489.20 from yesterday’s close of 1,502.63.
The index opened 8.19 points weaker at 1,494.40 and moved between 1,484.40 and 1,498.61 throughout the session.
On the broader market, losers thumped gainers 728 to 253, while 388 counters were unchanged, 593 untraded and 31 others suspended.
Total volume dwindled to 4.49 billion shares valued at RM2.49 billion compared to 5.39 billion shares worth RM2.60 billion yesterday.
A dealer said that investors were concerned over the International Monetary Fund’s (IMF) latest forecast on global economic growth, after revising it downward to a contraction of 4.9 per cent for 2020, lower than the 3.0 per cent fall it predicted earlier in April.
It also warned that public finances would deteriorate significantly as governments attempt to combat the fallout from the Covid-19 crisis.
“The Covid-19 pandemic has had a more negative impact on activity in the first half of 2020 than anticipated, and the recovery is projected to be more gradual than previously forecast,” the IMF said in its World Economic Outlook update.
On the local front, he said that the market was influenced by the World Bank’s latest Malaysia Economic Monitor report released earlier today, wherein the bank had lowered Malaysia’s economic outlook forecast for 2020 to -3.1 per cent from its projection of -0.1 per cent earlier in April.
Dragging the FBM KLCI down, TNB lost 16 sen to RM11.58, Axiata Group went down nine sen to RM3.39 while Petronas Chemicals shed 10 sen to RM6.33.
Maybank fell three sen to RM7.61 while Public Bank declined 10 sen to RM16.38.
Among actives, Vsolar rose 1.5 sen to 5.5 sen, NETX earned half-a-sen to 1.5 sen, AT Systematization was flat at nine sen, while Green Packet slipped 5.5 sen to 56.5 sen.
On the index board, the FBM Emas Index shed 97.76 points to 10,474.76, the FBMT 100 Index went down 94.89 points to 10,329.09, while the FBM 70 was 124.99 points lower at 12,826.25.
The FBM Emas Shariah Index decreased 114.15 points to 11,886.82 but the FBM ACE gained 40.37 points to 6,143.29.
Sector-wise, the Industrial Products and Services Index edged down 1.88 points to 133.61, the Plantation Index erased 90.96 points to 6,684.45 and the Financial Services Index dipped 84.73 points to 12,800.60.
Main Market volume narrowed to 2.44 billion shares worth RM2.08 billion from 2.90 billion shares worth RM2.15 billion yesterday.
Warrants turnover declined to 317.17 million units valued at RM64.42 million versus 329.88 million units valued at RM65.36 million yesterday.
Volume on the ACE Market decreased to 1.74 billion shares worth RM345.43 million from 2.15 billion shares worth RM381.23 million previously.
Consumer products and services accounted for 468.71 million shares traded on the Main Market, industrial products and services (516.12 million), construction (233.33 million), technology (200.39 million), SPAC (nil), financial services (28.30 million), property (170.14 million), plantations (43.47 million), REITs (15.31 million), closed/fund (30,000), energy (416.43 million), healthcare (53.04 million), telecommunications and media (168.77 million), transportation and logistics (92.27 million), and utilities (29.05 million). — Bernama
