KUALA LUMPUR: The FTSE Bursa Malaysia KLCI (FBM KLCI) closed 0.12 point higher today after erasing losses on last-minute buying in heavyweights, mainly Top Glove and Hartalega.
The index, which opened 3.12 points higher at 1,400.34, moved between 1,388.80 and 1,411.08.
Market breadth was negative with losers surpassing gainers 616 to 345, while 327 counters were unchanged, 585 untraded and 35 others suspended.
Turnover was lower at 7.01 billion units worth RM4.04 bil after hitting a record high of 9.59 billion units worth RM5.1 bil yesterday.
AxiCorp chief market strategist Stephen Innes said the market was looking for opportunities to de-risk, as investors shifted bias to selling mode, primarily triggered by US Federal Reserve chair Jerome Powell’s more sober economic tone.
Powell was very concerned with liquidity conditions leading to increased bankruptcy and more unemployment.
“These comments seem to be echoing around the globe as every economy is in a similar predicament.
“Fingers crossed for some positive retail sales data out of China tomorrow. Otherwise, we could rally to close the week on a negative tone,” he added.
Global markets turned jittery after Powell warned of a gloomy economic outlook, with the Dow Jones Index Average losing 517 points, clinging precariously above the 23,000 level which marked a decline of almost 1,000 points over the last two days.
Among the heavyweight counters, Top Glove and Hartalega continued their rally, adding 99 sen and 33 sen each to RM10.30 and RM9.19 respectively, amidst a surge in global demand for rubber gloves from the medical sector.
IHH Healthcare added 12 sen to RM5.47 and Tenaga rose six sen to RM12.16.
On the other hand, MISC lost 25 sen to RM7.80 and CIMB was nine sen lower at RM3.41.
As for the actives, integrated education services Eduspec went up half-a-sen to two sen, Minetech edged down one sen to 25 sen, Key Alliance dropped half-a-sen to nine sen, and Careplus increased 10 sen to 92.5 sen.
On the index board, the FBM Emas Index depreciated 18.40 points to 9,807.55, the FBMT 100 Index declined 13.88 points to 9,661.62, the FBM Emas Shariah Index added 17.58 points to 11,052.35, the FBM ACE improved 15.39 points to 5,306.51, and the FBM 70 was 77.48 points easier at 11,876.33.
Sector-wise, the Financial Services Index lost 42.67 points to 12,215.15, the Industrial Products and Services Index inched down 0.73 point to 119.49 and the Plantation Index shrank 67.06 points to 6,180.43.
Main Market volume declined to 4.09 billion shares worth RM3.32 bil from 4.15 billion shares worth RM3.54 bil yesterday.
Warrants turnover increased to 484.88 million units valued at RM121.97 mil compared with 422.80 million units worth RM104.86 mil on Wednesday.
Volume on the ACE Market dropped to 2.43 billion shares worth RM603.29 mil versus 5.02 billion shares worth RM1.45 bil previously.
Consumer products and services accounted for 472.19 million shares traded on the Main Market, industrial products and services (1.25 billion), construction (361.81 million), technology (469.71 million), SPAC (nil), financial services (55.70 million), property (284.46 million), plantations (66.63 million), REITs (5.42 million), closed/fund (92,000), energy (509.70 million), healthcare (141.03 million), telecommunications and media (313.89 million), transportation and logistics (131.28 million), and utilities (29.76 million). – May 14, 2020, Bernama
