KUALA LUMPUR, Feb 16 — The Kuala Lumpur stock market gave up early gains to close marginally lower today but the key index remained above the psychological 1,600-point level, despite the rally in Asian bourses, dealers said.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.93 points to 1,606.14 from 1,608.07 at yesterday’s close.

The index opened 3.97 points higher at 1,612.04 and moved between 1,605.4 and 1,613.01 throughout the day.

On the broader market, gainers trounced losers 748 to 523, while 400 counters were unchanged, 490 untraded and 11 others suspended.

Total volume was higher at 12.59 billion units worth RM5.78 billion compared with 10.02 billion units worth RM4.68 billion yesterday.

Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said regional markets recorded gains on growing expectations of higher inflation, especially as global central banks promised to keep rates low for a long time.

“Glove counters under the FBM KLCI such as Supermax and Hartalega, which dropped by 3.9 per cent and 1.8 per cent respectively, were a drag on the local bourse.

“The sentiment surrounding glove counters was dampened by expectations of the National Covid-19 Immunisation Programme which will be launched soon, stoking fears of weaker rubber glove demand after the nation has reached herd immunity,” he told Bernama today.

Nevertheless, Adam said the vaccine rollout would further encourage the reopening of various economic sectors, restore consumer sentiment, as well as boost Malaysia’s economic growth and resilience.

“On a sectoral basis, the Bursa Malaysia Energy Index was the largest gainer rising 3.1 per cent amid rising oil prices following a severe snow storm in the United States, which not only boosted power demand but also threatened oil production in Texas,” he said.

Among other heavyweights, Maybank increased two sen to RM8.14, Public Bank added one sen to RM4.22, PChem improved 19 sen to RM7.75, while Tenaga eased 28 sen to RM9.90 and Top Glove trimmed 11 sen to RM6.06.

Of the actives, Dagang NeXchange and Lambo were half-a-sen lower at 54 sen and three sen respectively, while DGB Asia rose five sen to 14.5 sen, ARBB improved three sen to 36.5 sen, and Dataprep jumped 16 sen to 42 sen.

On the index board, the FBM Emas Index gained 13.13 points to 11,750.00, the FBMT 100 Index expanded 6.38 points to 11,447.49, while the FBM Emas Shariah Index was 28.05 points lower at 13,182.15.

The FBM 70 rose 86.44 points to 15,438.29 and the FBM ACE increased 120.89 points to 11,352.13.

Sector-wise, the Financial Services Index added 73.79 points to 15,189.74, the Industrial Products and Services Index increased 2.48 points to 184.29, while the Plantation Index dipped 81.64 points to 7,114.26.

The Main Market volume improved to 7.68 billion shares worth RM4.64 billion from 6.93 billion shares worth RM3.65 billion recorded at yesterday’s close.

Warrants turnover was higher at 358.33 million units valued at RM55.32 million from 276.69 million units valued at RM34.38 million.

Volume on the ACE Market rose to 4.55 billion shares worth RM1.08 billion from 2.8 billion shares worth RM993.32 million previously.

Consumer products and services accounted for 675.36 million shares traded on the Main Market, industrial products and services (1.5 billion), construction (346.22 million), technology (2.57 billion), SPAC (nil), financial services (87.83 million), property (558.74 million), plantations (52.09 million), REITs (15.93 million), closed/fund (11,200), energy (1.5 billion), healthcare (79.12 million), telecommunications and media (82.81 million), transportation and logistics (144.37 million), and utilities (62.2 million). — Bernama