Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying
By Rosemarie Khoo Mohd Sani and Fatin Umairah Abdul Hamid
KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79.
The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session.
The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended.
Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said trading interest appeared to be shifting towards smaller-cap technology and construction stocks, suggesting that investors remain willing to take selective positions despite cautious broader market sentiment.
“Looking ahead, external developments are likely to dictate the near-term direction, with investors keeping a close watch on the Strait of Hormuz situation and Friday’s United States inflation data,” he told Bernama.
Thong said a stronger-than-expected US inflation reading could reinforce expectations of a Federal Reserve (Fed) rate hike, keep US Treasury yields elevated, potentially weighing further on regional equities.
Against this backdrop, he expects the FBM KLCI to remain in consolidation mode, with a cautious bias.
“Holding above the 1,710 level should preserve near-term stability, while a recovery towards 1,715-1,720 is needed to restore stronger momentum.
“On the downside, a break below 1,710 could see the index retesting the psychological 1,700 level. Hence, we expect the benchmark index to trend within the 1,700-1,730 range for the rest of the week,” he added.
Across the region, he said major indices retreated as investors locked in profits following the recent advance.
Sentiment was also tempered by higher oil prices and firmer US Treasury yields, which reinforced concerns over inflation and the prospect of tighter monetary policy, said Thong.
Among the heavyweights, Maybank shed 4.0 sen to RM10.54, Public Bank was flat at RM5.00, CIMB eased 2.0 sen to RM7.98, Tenaga gained 6.0 sen to RM13.90, IHH Healthcare slid 6.0 sen to RM7.84, while Gamuda added 21 sen to RM4.80.
Among actives, Zetrix AI rose 3.5 sen to 30.5 sen, HHRG lost 2.0 sen to 18.5 sen, Cuscapi put on 1.0 sen to 5.5 sen, and GIIB inched up 1.5 sen to 53.5 sen. ACE-Market debutant GTA Holdings slipped 1.5 sen to 33.5 sen with 83.91 million shares traded.
Among the top gainers, United Plantations advanced RM1.10 sen to RM33.30, Nestle improved 26 sen to RM94.16, Solarvest jumped 25 sen to RM3.55, Vitrox increased 24 sen to RM9.28, and Sam Engineering leapt 23 sen to RM4.57.
As for the top losers, Malayan Cement dipped 51 sen to RM5.52, Hong Leong Industries fell 34 sen to RM17.06, Petronas Gas erased 26 sen to RM17.44, KPJ Healthcare slid 11 sen to RM2.61, and Mentiga shrank 10 sen to 57.5 sen.
On the index board, the FBM Mid 70 Index rose 50.05 points to 17,826.91 and the FBM ACE Index climbed 13.92 points to 5,272.23.
The FBM Emas Index improved 10.54 points to 12,671.03, the FBM Top 100 Index firmed 6.64 points to 12,473.69, and the FBM Emas Shariah Index garnered 40.30 points to 12,450.83.
Sector-wise, the Financial Services Index dipped 41.27 points to 20,147.47 while the Plantation Index surged 87.95 points to 9,476.63.
The Industrial Products and Services Index perked up 0.46 of a point to 187.42 and the Energy Index was 9.56 points higher at 818.77.
The Main Market volume increased to 2.76 billion units valued at RM2.80 billion compared with 2.08 billion units worth RM2.14 billion on Monday.
Warrants turnover slipped to 749.45 million units worth RM117.20 million versus 849.55 million units valued at RM114.67 million yesterday.
The ACE Market volume declined to 616.21 million units valued at RM226.13 million from 665.26 million units worth RM196.54 million previously.
Consumer products and services counters accounted for 261.07 million shares traded on the Main Market, industrial products and services (255.19 million), construction (149.64 million), technology (1.58 billion), financial services (80.06 million), property (123.06 million), plantation (47.25 million), real estate investment trusts (16.33 million), closed-end fund (28,600), energy (85.77 million), healthcare (57.41 million), telecommunications and media (28.52 million), transportation and logistics (43.28 million), utilities (37.95 million), and business trusts (117,600).
-- BERNAMA