Bursa ends higher on late buying, despite weak regional sentiment
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KUALA LUMPUR: Bursa Malaysia’s benchmark index rebounded on late buying to finish higher after falling into negative territory at midday, amid dampened sentiment in the regional markets stemming from weaker US consumer confidence data.
UOB Kay Hian Wealth Advisors head of investment research Sedek Jantan said investors expressed concern over a sharp decline in the US Consumer Confidence Index, which unexpectedly dropped to 98.7 in September 2024 from a revised 105.6 in the preceding month.
“This decline marked the largest fall since August 2021 and prompted a more defensive stance from investors, as worries grew about the potential for another Federal Reserve (Fed) rate cut in November 2024,” he told Bernama.
However, Wall Street continued to achieve record highs, even with lingering concerns about a potential economic slowdown following last week’s larger-than-expected rate cut by the Fed.
“Investors are now focused on upcoming US economic indicators, including new home sales and weekly jobless claims, to gain further insights into the health of the economy.
“The momentum from Wall Street, combined with sustained foreign fund inflows driven by expectations of further rate cuts, should provide support for the local market,” he said.
Sedek stated that the robust buying support on Wall Street is expected to spill over to local stocks, especially small-cap companies.
The FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.01 points, or 0.18%, to settle at 1,673.38 from yesterday’s close of 1,670.37.
The FBM KLCI, which opened 3.69 points higher at 1,674.06, moved between 1,665.19 and 1,675.73 throughout the day.
However, market breadth was negative, with decliners outnumbering gainers by 790 to 397, while 473 counters were unchanged, 857 untraded, and 18 suspended.
Turnover increased to 3.59 billion units worth RM3.29 billion from yesterday’s 3.51 billion units worth RM3.1 billion.
Among Bursa Malaysia heavyweights, Maybank fell 4 sen to RM10.70, Public Bank dropped 5 sen to RM4.63, CIMB eased 1 sen to RM8.28 and Tenaga Nasional slid 2 sen to RM15.02, while IHH Healthcare gained 3 sen to RM7.14.
As for the active counters, Top Glove Corp weakened 10 sen to 99 sen, VS Industry lost 6 sen to RM1.05, Globetronics Technology garnered 2.5 sen to 73.5 sen, 99 Speed Mart Retail inched up 3 sen to RM2.19, and MyEG Services was flat at 90 sen.
On the index board, the FBM Emas Index fell 38.02 points to 12,484.04, the FBM Emas Shariah Index dipped 23.23 points to 12,366.10, the FBMT 100 Index edged down 30.87 points to 12,184.50, the FBM 70 Index dropped 241.87 points to 17,575.77, and the FBM ACE Index reduced 52.98 points to 5,131.68.
By sector, the plantation index grew by 74.86 points to 7,252.94 and the industrial products and services index inched up 0.48 of-a-point to 177.69, but the financial services index tumbled 84.56 points to 19,643.81 and the energy index eased 7.32 points to 870.69.
The Main Market volume surged to 2.11 billion units worth RM3.02 billion from yesterday’s 1.57 billion units worth RM2.79 billion.
Warrant turnover slipped to 1.06 billion units valued at RM133.57 million from 1.58 billion units valued at RM194.65 million previously.
The ACE Market volume widened to 410.42 million units worth RM134.84 million from 364.94 million units worth RM119.39 million.
Consumer products and services counters accounted for 290.74 million shares traded on the Main Market, industrial products and services (610.56 million), construction (200.69 million), technology (269.45 million), SPAC (nil), financial services (98.37 million), property (199.44 million), plantation (20.15 million), REITs (11.26 million), closed/fund (46,500), energy (85.51 million), healthcare (179.28 million), telecommunications and media (44.64 million), transportation and logistics (29.56 million), utilities (65.55 million), and business trusts (1.1 million).
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