The Borneo Post

Bursa Malaysia ends below 1,400mark, risk-off mode triggers selling

Bursa Malaysia struggled to stay above the 1,400 level yesterday as negative sentiment and risk off mode persist amid the banking sector woes.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 3.10 points, or 0.22 per cent, to end at its intraday low of 1,396.60 compared to Friday’s close of 1,399.70.

The market bellwether opened 1.25 points higher at 1,400.95 and hit intraday high of 1,404.65 in the early morning session.

The broader market was negative with decliners outpacing gainers 576 to 280, while 411 counters were unchanged, 1,005 untraded and 24 others suspended.

Turnover, however, rose to 3.37 billion units valued at RM1.72 billion from 2.99 billion units worth RM1.91 billion at last Friday’s close.

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the market saw a volatile trading day as investors remained wary that the global banking crisis would worsen.

“The key regional markets ended mixed on renewed concerns over more defaults by the US and European banks while the cost of insuring against default is reaching threatening levels.

“Back home, we are still cautious and believe the nearterm direction of the local market is still very much dependent on global and regional volatility,” he told Bernama.

Nonetheless, the cheap valuations of the benchmark index may provide the opportunity to pick up stocks at lower levels.

“We anticipate the FBM KLCI to trend within the 1,395-1,410 range for the week,” he noted.

Among Bursa Malaysia heavyweights, IHH eased five sen to RM5.74, Sime Darby Plantation was six sen lower at RM4.17, Tenaga Nasional fell 14 sen to RM9.40 and CIMB shed three sen to RM5.16.

Public Bank dipped one sen to RM3.89 and Petronas Dagangan slipped 32 sen to RM20.66.

Conversely, both Petronas Chemicals and Petronas Gas gained 15 sen and 38 sen to RM6.82 and RM16.50, respectively.

Meanwhile, among the actives, Sapura Energy was down half-a-sen to four sen, Computer Forms dropped 4.5 sen to 23 sen, while AT Systematization and Zen Tech were flat at one sen and two sen, respectively.

On the index board, the FBM Emas Index decreased 24.16 points to 10,234.02, the FBMT 100 Index fell 21.42 points to 9,930.41, the FBM Emas Shariah Index went down 31.73 points to 10,567.48, the FBM 70 Index trimmed 26.08 points to 13,271.64, and the FBM ACE Index declined 86.87 points to 5,216.95.

Business

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2023-03-28T07:00:00.0000000Z

2023-03-28T07:00:00.0000000Z

https://epaper.theborneopost.com/article/282480008049306

Borneo Post