KUALA LUMPUR: Bursa Malaysia closed broadly lower yesterday, in tandem with the weaker performance in regional bourses as cautious sentiment following geopolitical tensions in the Middle East weighed on investors’ risk appetite.
At 5pm, the FBM KLCI eased 5.18 points to 1,438.96 from last Friday’s close of 1,444.14.
The key index, which opened 1.22 points better at 1,445.36, moved between 1,436.5 and 1,446.12 throughout the day.
Market breadth was negative with decliners thumping advancers 597 to 284, while 451 counters were unchanged, 1,022 untraded and 24 others suspended.
Turnover decreased to 3.09 billion units worth RM1.92bil from 3.22 billion units worth RM1.80bil last Friday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the local market was subdued, as selling pressure mounts across the region as escalated conflicts in the Middle East continue to hurt investor sentiment.
He said the ongoing conflict sent shockwaves through the oil markets, intensifying the existing uncertainties that were already looming over the United States interest hike and global economic outlook.
“As for the local stock market, sentiment may be cautious, given the increasing market risks and volatility in the global markets. Nevertheless, we believe the valuations of the FBM KLCI remain attractive and hold potential for investors,” he told Bernama.
Thong said, considering the trading pattern of the benchmark index, it is likely to enter a consolidation phase until fresh catalysts emerge.
Consequently, the FBM KLCI is expected to trade within the 1,430 and 1,450 range for the week, with immediate support at 1,430 and resistance at 1,460, he added.
Similarly, the key regional markets were also in negative territory due to the same factors.
Singapore’s Straits Times Index declined 0.69% to 3,163.89, Japan’s Nikkei 225 dropped 2.03% to 31,659.03, and Hong Kong’s Hang Seng Index fell 0.97% to 17,640.36, while China’s SSE Composite dipped 0.46% to 3,073.81.
Among the heavyweights, CIMB Group
Holdings Bhd shed five sen to RM5.61, Tenaga Nasional Bhd lost seven sen to RM9.95, IHH Healthcare Bhd slipped one sen to RM5.95, while both Malayan Banking Bhd and Public Bank Bhd were flat at RM8.98 and RM4.17, respectively.
Of the actives, Classita Holdings Bhd slipped one sen to six sen, Asdion Bhd bagged three sen to six sen, and Compugates Holdings Bhd inched up half-a-sen to 1.5 sen.
