Bursa Malaysia snaps two-day winning streak to end marginally lower

KUALA LUMPUR, May 15 — Bursa Malaysia ended trading at an intraday low today, snapping a two-day winning streak as investors hesitated to make significant moves ahead of the upcoming US economic report.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.65 points or 0.17 per cent to 1,603.23 compared to yesterday’s close of 1,605.88.

The barometer index opened 0.13 of-a-point easier at 1,605.75 and reached an intraday high of 1,607.64 during the late morning session.

On the broader market, decliners led advancers 579 to 574, with 475 counters unchanged, 740 untraded, and 23 others suspended.

Turnover increased to 6.20 billion units worth RM4.69 billion from 4.69 billion units worth RM3.19 billion on Tuesday.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the US consumer price index (CPI) data slated for release later today is pivotal for the Federal Reserve’s (Fed) future interest rate decisions.

“Doubts arose due to yesterday’s stronger-than-anticipated US producer price index (PPI) data, casting uncertainty on the Fed’s potential rate cut timeline,” he told Bernama.

Mohd Sedek said, from a technical perspective, the benchmark FBM KLCI demonstrated resilience by remaining above the 1,600 mark, underpinned by a consistent accumulation of blue-chip stocks.

Hence, he anticipates the index to fluctuate between 1,600 and 1,614 this week, with support levels remaining stable at 1,575 and 1,560, and resistance at 1,614 and 1,635.

Among heavyweights, Maybank was flat at RM9.88, Public Bank slid two sen to RM4.15, CIMB dipped one sen to RM6.78, Tenaga Nasional lost four sen to RM12.40, and Petronas Chemicals slipped 16 sen to RM6.81.

As for the actives, Top Glove surged 30 sen to RM1.26, Sin-Kung Logistics added one sen to 14 sen, Supermax Corp soared 21.5 sen to RM1.08, Careplus firmed 7.5 sen to 38 sen, and MY E.G. Services put on five sen to RM1.03.

On the index board, the FBM Emas Index advanced 47.56 points to 12,184.69, the FBMT 100 Index rose 51.35 points to 11,792.52, the FBM Emas Shariah Index gained 58.36 points to 12,390.70, and the FBM 70 Index soared 363.98 points to 17,412.22, while the FBM ACE Index slipped 38.72 points to 5,285.69.

Sector-wise, the Financial Services Index lost 21.40 points to 17,509.68, the Industrial Products and Services Index edged down 1.06 points to 192.40, and the Plantation Index dipped 49.72 points to 7,384.87, but the Energy Index grew by 0.06 of-a-point to 985.93.

The Main Market volume surged to 4.10 billion units worth RM4.25 billion from 2.49 billion units worth RM2.62 billion yesterday.

Warrants turnover fell to 720.47 million units valued at RM88.20 million from Tuesday’s closing of 997.69 million units valued at RM167.0 million.

The ACE Market volume expanded to 1.37 billion shares worth RM331.67 million from 1.2 billion shares worth RM397.07 million previously.

Consumer products and services counters accounted for 626.71 million shares traded on the Main Market, industrial products and services (667.83 million), construction (245.85 million), technology (312.22 million), SPAC (nil), financial services (130.01 million), property (437.94 million), plantation (32.52 million), REITs (15.27 million), closed/fund (93,400), energy (130.57 million), healthcare (1.38 billion), telecommunications and media (24.26 million), transportation and logistics (33.44 million), utilities (58.73 million), and business trusts (512,600). — Bernama