The FBM KLCI has lost 40.29 points in the last three trading days.
KUALA LUMPUR: Bursa Malaysia reversed its early gains to close broadly lower, with over 900 stocks in the red, reflecting the continuous lack of confidence across the market.
The weaker performance was in sync with the downbeat regional market performance, weighed down by cautious sentiment ahead of the release of the US consumer price index data late yesterday.
At 5pm, the FBM KLCI slipped 14.34 points, or 0.91%, to 1,562.12 from Tuesday’s close of 1,576.46.
The FBM KLCI has lost 40.29 points in the last three trading days.
The benchmark index opened 5.87 points higher at 1,582.33 and rose to an intraday high of 1,586.21 in the early session before succumbing to selling pressure to hit an intraday low of 1,558.60 in late trading.
Market breadth was broadly negative, with losers thumping gainers 964 to 193, while 419 counters were unchanged, 799 untraded and 10 others suspended.
Turnover trimmed to 3.40 billion units valued at RM3.08bil against Tuesday’s 3.45 billion units valued at RM2.72bil.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said historically, Malaysian investors have displayed a more conservative risk appetite compared with their foreign counterparts, often avoiding equity markets during periods of heightened uncertainty.
“With persistent concerns over strong US economic data delaying policy easing and the geopolitical risks associated with a potential Donald Trump 2.0 administration, domestic investors are likely to remain cautious until global economic and policy conditions stabilise,” he told Bernama.
He said recent speculation regarding the US Commerce Department’s Bureau of Industry and Security added to the cautious sentiment, with reports suggesting that Asian semiconductor exporters may face stricter scrutiny and increased due diligence to prevent advanced chips from reaching Chinese customers like Huawei.
“If confirmed, these regulations would target the world’s largest semiconductor manufacturers, seeking to disrupt supply chains at the source.
“Although unverified, such developments have worsened sentiment, influencing investors’ risk assessments,” he added.
Malayan Banking Bhd
bank shed six sen to RM10.14, CIMB Group Holdings Bhd slipped 12 sen to RM7.85 and Tenaga Nasional Bhd dipped 32 sen to RM13.50.
