Bursa Malaysia retreats from 6.5-month high, KLCI down 7.68 points

A view of the bursa stock market exchange board in RHB Investment Bank in Kuala Lumpur February 6, 2018. — Picture Ahmad Zamzahuri
A view of the bursa stock market exchange board in RHB Investment Bank in Kuala Lumpur February 6, 2018. — Picture Ahmad Zamzahuri

KUALA LUMPUR, July 14 — Bursa Malaysia reversed earlier gains, during which the FBM KLCI rallied to its highest level in 6.5 months, to close in the negative territory amidst profit-taking.

Investors were seen booking profits across almost all sectors, including the healthcare sector, which have rallied in recent times mainly due to a strong demand for stocks of glove makers.

The FTSE Bursa Malaysia KLCI (FBM KLCI) hit its highest level of 1,617.36 earlier before sharply reversing the uptrend to end the day 7.68 points lower at 1,598.75 compared with yesterday’s close of 1,606.43.

The market bellwether sank to an intraday low of 1,577.33 about half an hour before the trading session ended.

Market breadth remained negative as losers trounced gainers 770 to 304, while 393 counters were unchanged, 487 untraded and 22 others suspended.

Total volume declined to 8.76 billion shares worth RM8.22 billion from 9.55 billion units valued at RM5.70 billion on Monday.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said major Asian stock markets were in a sea of red today.

The Nikkei 225 was 0.87 per cent lower at 22,587.01, Hang Seng Index declined 1.14 per cent to 25,477.89 and KOSPI Composite Index decreased 0.11 per cent to 2,183.61, while the Shanghai SE Composite Index dropped 0.83 per cent to 3,414.62.

“Jitters were sparked by Sino-American tensions and concern over the economic impact of rising Covid-19 cases,” he told Bernama.

The White House’s decision to reject nearly all Chinese maritime claims in the South China Sea has caused worries among the investors.

Locally, he said any further sell-off in banking stocks could drag the local bourse lower as the sector constitutes more than 20 per cent in terms of the FBM KLCI’s total market capitalisation.

Investors are also keeping their eyes on the Organisation of the Petroleum Exporting Countries’ (OPEC) meeting, scheduled tomorrow, to discuss the next phase of production cuts amidst the growing Covid-19 cases.

Healthcare heavyweights Top Glove’s shares declined by 84 sen to RM23.16 after hitting its new high of RM25.16, while Hartalega ended at RM17.00, down 90 sen, after reaching its highest level of RM18.86.

CIMB was nine sen lower at RM3.71, Maybank dropped three sen to RM7.86, while RHB Bank lost four sen to RM5.01.

In contrast, PChem rose nine sen to RM6.31 and TNB added 12 sen to RM11.44.

Of the most active, PDZ dipped 6.5 sen to 17 sen, Careplus went up 27 sen to RM1.76 and Comfort Gloves was 41 sen better at RM3.84.

On the index board, the FBM Emas Index was 65.98 points lower at 11,252.84, the FBMT 100 Index decreased 60.13 points to 11,114.92 and the FBM Emas Shariah Index dipped 76.08 points to 12,923.94.

The FBM 70 lost 102.16 points to 13,905.78 and the FBM ACE dropped 87.72 points to 7,159.79.

Sector-wise, the Financial Services Index declined 58.24 points to 13,493.46, the Plantation Index improved 137 points to 6,846.65 and the Industrial Products and Services Index eased 0.74 of-a-point to 138.15.

Main Market volume narrowed to 4.20 billion units worth RM6.45 billion from 4.33 billion units worth RM4.66 billion yesterday.

Warrants turnover fell to 1.16 billion shares valued at RM539.57 million versus 1.91 billion shares valued at RM609.48 million previously.

Volume on the ACE Market, however, increased slightly to 3.4 billion units worth RM1.23 billion vis-a-vis 3.3 billion units worth RM436.25 million.

Consumer products and services accounted for 505.35 million shares traded on the Main Market, industrial products and services (1.12 billion), construction (217.84 million), technology (493.51 million), SPAC (nil), financial services (44.92 million), property (314.81 million), plantations (52.19 million), REITs (12.97 million), closed/fund (69,000), energy (277.91 million), healthcare (238.81 million), telecommunications and media (108.39 million), transportation and logistics (780.37 million), and utilities (39.74 million). — Bernama

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