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FBM KLCI ends lower on profit taking
Published on: Wednesday, June 12, 2019

KUALA LUMPUR: Bursa Malaysia ended lower weighed down by profit taking in heavyweight stocks despite a better performance on regional bourses, a dealer said. 

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) finished 4.27 points lower at 1,651.20 from 1,655.47 at 5pm on Monday.

The barometer index, which opened 0.33 point better at 1,655.80 on Tuesday morning, moved between 1,649.81 and 1,657.36 throughout the session.

However, market breadth was positive as gainers led losers 455 to 348, with 401 counters unchanged, 683 untraded and 25 others suspended.

Turnover decreased to 2.24 billion units worth RM2.03 billion from 2.28 billion units valued at RM1.79 billion recorded on Monday.

A dealer said Bursa Malaysia opened higher, but turned lower after 10 minutes of trading, weighed down by selling in Tenaga and financial stocks.

He said Bursa Malaysia shares were overbought, tempering the upside potential over the near term.

“The overall outlook is still murky as the unresolved US-China tariff war remains the biggest impediment and will continue to leave sentiment on the wary side.

“Sentiment also remains fragile as investors look to the G-20 summit in Japan as the next way-station in the trade dispute between the world’s two largest economies that has convulsed risk assets,” the dealer said.

Meanwhile, Asian shares were mostly higher on Tuesday led by mainland China shares, which soared on news that Beijing had eased financing rules to boost local government spending on public works and after US President Donald Trump shelved plans to impose tariffs on Mexican imports and saying he expected to meet with Chinese leader Xi Jinping.

Regionally, the Singapore Straits Times Index bagged 0.58 per cent to 3,205.72, Japan’s Nikkei was 0.33 per cent higher at 21204.28, Hong Kong’s Hang Seng rose 0.76 per cent to 27,789.34, South Korea’s Kospi gained 0.59 per cent to 2,111.81 and Shanghai’s SSE soared 2.58 per cent to 2,925.72.

Among heavyweights, Maybank slipped five sen to RM8.99, Public Bank shed two sen to RM23.48, Tenaga fell 28 sen to RM12.48, Petronas Chemicals eased one sen to RM8.37 while CIMB rose four sen to RM5.32.

Of the actively-traded stocks, Ekovest slid two sen to 83 sen, Iskandar Waterfront City and Lambo added half-a-sen each to 94.5 sen and six sen respectively, DWL Resources eased half-a-sen to 63.5 sen and Bumi Armada was flat at 21 sen.

The FBM Emas Index shed 12.97 points to 11,629.39, the FBMT 100 Index decreased 18.25 points to 11,478.87 and the FBM Emas Shariah Index slipped 11.79 points to 11,840.43.

The FBM 70 increased 23.73 points to 14,378.83 and the FBM Ace rose 23.30 points to 4,404.20.

Sector-wise, the Financial Services Index dropped 42.34 points to 16,863.87, the Industrial Products & Services Index eased 0.13 point to 160.61 while the Plantation Index improved 6.44 points to 6,888.45.

Main Market volume increased to 1.53 billion shares valued at RM1.89 billion from 1.52 billion shares worth RM1.64 billion on Monday.

Warrants turnover reduced to 451.36 million units valued at RM94.19 million from 493.48 million units worth RM102.69 million.

Volume on the ACE Market fell to 260.95 million shares valued at RM43.87 million from 267.10 million shares worth RM51.27 million.

Consumer products and services accounted for 210.74 million shares traded on the Main Market, industrial products and services (195.63 million), construction (327.86 million), technology (100.78 million), SPAC (nil), financial services (41.11 million), property (229.61 million), plantation (36.61 million), REITs (13.55 million), closed/fund (nil), energy (245.65 million), healthcare (23.71 million), telecommunications and media (49.21 million), transportation and logistics (36.45 billion), and utilities (20.92 million). – Bernama



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