Bursa Malaysia ends lower on brisk selling

 Publish date: Wed, 7 Aug 2019, 6:15 PM

KUALA LUMPUR: Bursa Malaysia ended lower on brisk-selling activities in the broader market, especially in heavyweights, led by Genting and Public Bank.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 0.44 per cent or 7.09 points to end at 1,604.7 from Tuesday’s close of 1,611.79.
The key index, which opened 0.69 point easier at 1,611.1, moved between 1,602.8 and 1,611.48 throughout the day.
On the broader market, losers outstripped gainers 499 to 313, while 402 counters remained unchanged, 674 untraded and 19 others suspended.
Trading was brisk with turnover increasing to 2.57 billion units worth RM2.56 billion versus 3.13 billion units worth RM2.62 billion on Tuesday.
Overall market sentiment was also dented by the ongoing the US-China trade war.
Phillip Capital Management senior vice-president (investment) Datuk Dr Nazri Khan Adam Khan said the uncertainty over the trade dispute had a short-term effect on the Malaysian market, resulted in falling ringgit and oil prices, and most investors pulling out of the market to the sidelines.
“We are not surprised to see volatile swings to occur based on the rationale that the retailers are buying on bargain, while institutional investors are building cash reserves.
“As the trade war intensifies, we expect the domestic market volatility to elevate amid concerns over a potential retaliation by the US to worsen the situation,” he said.
Nazri Khan said the FBM KLCI is expected to stage an oversold rebound from the 1,600 strong psychological support, driven by bargain-hunting and oversold situation after a week of selling amidst the US-China trade volatility.
“Overall, there could be a short-term upside for the FBM KLCI from an oversold rebound and bargain-hunting on dips despite warning bells getting louder on the external front,” he added.
Bursa Malaysia’s heavyweights, Genting Malaysia gave up 43 sen to RM3.18, Genting Bhd lost 47 sen to RM6.18, Public Bank went down 32 sen to RM21.28, Petronas Chemicals shed eight sen to RM7.29, and Hartalega dropped one sen to RM5.04.
Maybank added one sen to RM8.60, IHH Healthcare advanced seven sen to RM5.75, Axiata appreciated six sen to RM4.89, while TNB and CIMB were flat at RM13.84 and RM5.06, respectively.
As for the actives, KNM was one sen higher at 39.5 sen, Eduspec increased 1.5 sen to 6.5 sen, while Netx, Bumi Armada and Impiana Hotels were each half-a-sen higher at two sen, 22 sen and three sen.
The FBM Emas Index shaved off 33.09 points to 11,359.4, the FBMT 100 Index discounted 31.06 points to 11,195.61, while the FBM Emas Shariah Index went up 31.05 points to 11,836.16.
The FBM 70 was 36.56 points higher at 14,185.85 and the FBM Ace reduced by 39.72 points at 4,578.14.
Sector-wise, the Financial Services Index gave up 30.28 points to 15,781.11, the Plantation Index advanced 49.17 points to 6,629.32 and the Industrial Products and Services Index inched down 0.94 of-a-point to 150.9.
 - Bernama
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