KUALA LUMPUR, July 4 ― Bursa Malaysia’s morning trading session ended lower with the key index falling by 0.34 per cent due to the absence of buying catalysts, in line with the slightly weaker performance on regional markets.
At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.80 points to 1,391.09 from 1,395.89 at yesterday’s close.
The key index opened 2.33 points lower at 1,393.56 this morning and moved between 1,388.85 and 1,396.33 throughout the session.
The broader market was also negative as decliners beat gainers 389 to 298, while 358 counters were unchanged, 1,200 untraded and 27 others suspended.
Turnover stood at 1.34 billion units worth RM718.72 million.
In a note today, Malacca Securities Sdn Bhd said although yesterday’s gains may provide room for further near-term upsides, buying could still be selective despite many of the heavyweights making large strides.
“We believe that the near-term focus will revolve around the state elections which will provide further impetus for the recovery of the key index and the lower liners,” it said.
Commodities-wise, Brent crude oil staged a mild pullback towards US$75 (RM349) per barrel, while the crude palm oil (CPO) price surged above RM3,900 per tonne following the smaller-than-expected soybean plantings in the United States.
“The plantation sector is expected to head higher in tandem with the sharp rebound in CPO prices.
“We reckon that the technology sector may continue to leverage on the strong performance on Nasdaq overnight. The utilities sector will be supported by moderating coal prices,” it added.
Among the heavyweights, CIMB added five sen to RM5.21, Tenaga Nasional edged up one sen to RM9.11, Maybank slid five sen to RM8.70, Public Bank lost three sen to RM3.91, and IHH Healthcare declined eight sen to RM5.80.
Of the actives, KNM went down half-a-sen to 8.5 sen, Sarawak Consolidated weakened one sen to 46 sen, Farm Fresh shrank 15 sen to RM1.04 while Jade Marvel and Velesto Energy were flat at 22.5 sen and 22 sen, respectively.
On the index board, the FBM Emas Index contracted 28.01 points to 10,244.54, the FBMT 100 Index lessened 30.38 points to 9,943.92, the FBM Emas Shariah Index trimmed 23.45 points to 10,511.43, the FBM 70 Index was 24.62 points lower at 13,507.01, and the FBM ACE Index pulled down 23.68 points to 5,091.90.
Sector-wise, the Financial Services Index dwindled 34.47 points to 15,483.61, the Industrial Products and Services Index narrowed 0.84 of-a-point to 158.06, the Energy Index shaved 2.01 points to 786.13.
The Plantation Index climbed 30.58 points to 6,858.06. ― Bernama