Bursa’s key index ends below 1,600 support level

For banking counters, Public Bank erased 12 sen to RM4.71, Maybank shed 9 sen to RM9.90, CIMB eased 5 sen to RM7.15, AMMB Holdings slipped 16 sen to RM6.19, and RHB Bank went down 12 sen to RM7.20. 

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the equities broker remained cautious, as the sharp sell-off in the domestic market and the FTSE Bursa Malaysia KLCI (FBM KLCI)’s fall below the 1,600-point level suggested that near-term selling pressure had yet to subside.

Nevertheless, he noted that the correction had brought valuations of selected Malaysian blue-chip stocks to more attractive levels, particularly companies with strong fundamentals, resilient earnings and sustainable dividend yields.

“We believe that this presents opportunities for gradual accumulation once selling pressure begins to ease, rather than signalling a deterioration in the broader domestic economic outlook,” he told Bernama.

For the remainder of the week, Rakuten Trade expects the benchmark index to remain volatile, with immediate support at 1,590, followed by 1,580, while a recovery above the 1,600–1,610 range would be necessary to restore market confidence.

“As such, we anticipate the FBM KLCI to trade within the 1,580–1,610 range this week, with selective bargain hunting potentially cushioning further downside,” said Thong.

At 5pm, the FBM KLCI trimmed 12.01 points, or 0.74%, to 1,595.75 from Friday’s close of 1,607.76.

The benchmark index, which opened 3.58 points lower at 1,604.18, moved between 1,593.37 and 1,604.65 throughout the trading session.

On the broader market, decliners outnumbered gainers 741 to 322, while 482 counters were unchanged, 1,299 untraded and 35 suspended.

Turnover fell to RM2.49 billion units worth RM2.38 billion from last Friday’s 3.13 billion units worth RM3.27 billion.

Among other heavyweights, Press Metal jumped 18 sen to RM6.68, YTL Power advanced 11 sen to RM5.26, SD Guthrie improved 3 sen to RM5.72, while TNB gave up 2 sen to RM12.98 and IHH Healthcare shaved off 10 sen to RM7.90.

Of the active stocks, Ni Hsin put on 2.5 sen to 44.5 sen, V.S Industry and MAG Holdings were flat at 34 sen and 15.5 sen, respectively, Zetrix AI and JAKS Resources edged down 0.5 sen each to 5 sen and 14 sen, respectively, and Top Glove slid 1 sen to 89 sen. 

Among the top gainers, Nestle garnered 58 sen to RM89.90, Ayer Holdings increased 25 sen to RM7.85, Kuala Lumpur Kepong gained 16 sen to RM20.16, and Petronas Dagangan climbed 14 sen to RM19.78.

The top losers included United Plantations, which slid 36 sen to RM30.24, Allianz Malaysia shrank 34 sen to RM19.46, Hong Leong Financial Group erased 28 sen to RM17.56, and Hong Leong Bank was 20 sen easier at RM21.10.

On the index board, the FBM Mid 70 Index decreased 92.19 points to 17,133.74, the FBM Emas Shariah Index dipped 45.68 points to 11,874.19, the FBM Emas Index fell 82.57 points to 11,909.69, the FBM Top 100 Index sank 81.55 points to 11,705.22, while the FBM ACE Index slipped 37.76 points to 5,393.29.

Sector-wise, the industrial products and services index added 1.31 points to 174.10, the energy index climbed 2.56 points to 823.56, the plantation index gained 20.49 points to 8,653.37, while the financial services index slumped 260.85 points to 18,490.97.

The Main Market volume narrowed to 1.54 billion units worth RM2.15 billion from last Friday’s 1.80 billion units worth RM2.97 billion.

Warrants turnover tumbled to 508.75 million units worth RM54.41 million from 837.33 million units worth RM112.66 million previously.

The ACE Market volume decreased to 443.64 million units valued at RM176.10 million from 493.41 million units valued at RM184.73 million on Friday.

Meanwhile, consumer products and services counters accounted for 216.19 million shares traded on the Main Market, industrial products and services (328.95 million), construction (175.21 million), technology (296.69 million), financial services (101.52 million), property (97.73 million), plantation (24.70 million), real estate investment trusts (11.23 million), closed-end fund (33,000), energy (69.28 million), healthcare (110.45 million), telecommunications and media (27.02 million), transportation and logistics (51.72 million), utilities (30.82 million), and business trusts (90,500).