BURSA Malaysia finished lower today on last-minute selling in heavyweights.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) moved in positive territory earlier but profit-taking in index-linked counters emerged in the last 10 minutes of trading, pushing the key index to settle at its intraday low.
At 5pm, the FBM KLCI fell 1.48 points to end at 1,595.70 compared with Wednesday’s close of 1,597.18.
The barometer index moved between 1,595.70 and 1,602.38 throughout the day, after opening 3.92 points better at 1,601.10.
On the broader market, losers outpaced gainers 465 to 445 with 440 counters unchanged, 903 untraded and 27 others suspended.
Total turnover decreased to 3.32 billion units worth RM2 bil from 3.54 billion units worth RM2.42 bil on Wednesday.
Speaking to Bernama, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the index ended flattish after a roller coaster trading session.
“The benchmark index retreated after hitting an intraday high of 1,602.38 when investors began to take profits,” he said.
Thong said China hinted that it would loosen its monetary policy further and the bond market dialled back bets on aggressive interest rate hikes from the US Federal Reserve causing the Shanghai’s SSE Composite Index to jump 1.22%.
Back home, the FBM KLCI trended in a tight range today due to lack of buying support.
“Market sentiments are still cautious despite the persistent net inflow from foreign funds which topped RM6.9 bil year to date.
“Hence, we expect the FBM KLCI to remain in consolidation mode and hovering within the 1,585-1,600 range towards the weekend,” he added.
Heavyweights Maybank slid 1 sen to RM8.83, CIMB lost 14 sen to RM5.14, both Public Bank and Petronas Chemicals were flat at RM4.67 and RM10.26, but IHH Healthcare increased 8 sen to RM6.52.
Of the actives, Pappajack rose 4 sen to 52.5 sen, Sapura Energy ticked up half-a-sen to 4 sen, MNC Wireless slipped half-a-sen to 3.5 sen, while Key Alliance and Permaju were flat at 1 sen and 8.5 sen. – April 14, 2022
