KUALA LUMPUR: Share prices on Bursa Malaysia continued their downtrend in the late session today before ending on an easier note following further selling pressure, although some bargain hunting managed to cap some of the losses, dealers said.
The benchmark index FBM Kuala Lumpur Composite Index lost 24.85 points or 1.66% to 1,472.14 with heavy losses mostly seen in key heavyweights led by CIMB, IOI Corporation and Tenaga.
However, gains in heavyweights like Gamuda, UEM Land and DiGi managed to recover some of the losses compared with the morning trading session.
The Finance Index erased 252.21 points to 14,055.85, the Plantation Index declined 173.48 points to 7,097.5 and the Industrial Index slipped 51.01 points to 2,656.59.
The FBM Emas Index dropped 179.21 points to 10,048.74, FBM Ace Index decreased 111.39 points to 3,727.51, FBMT100 was 166.97 points lower at 9,877.19 and the FBM Mid 70 Index was down by 185.66 points to 10,919.77.
Losers outnumbered gainers by 828 to 159 while 179 counters were unchanged, 325 untraded and 44 others suspended.
Turnover declined to 1.896 billion shares worth RM3.598 billion from yesterday’s close of 1.937 billion shares worth RM3.612 billion.
Kenanga Investment Bank Bhd Associate director Chan Ken Yew said the local bourse somewhat rebounded in the afternoon session along with regional markets, supported by the bargain hunting activities in some heavyweights.
“However, it is still early to say as the market is still volatile,” he told Bernama here today.
In its research note yesterday, the investment bank said it had yet to revise its year-end market target of 1,640 but cited that there were clear risks of further steep falls, amid the uncertain global economic climate.
The local bourse has been down since last week as investors reacted negatively to the US debt deals which prompted international rating agencies to downgrade the country’s credit rating, signalling greater economic uncertainties across the globe.
Among active stocks, Ranhill, which resumed its trading during the afternoon session, closed 13.5 sen higher at 88 sen following news of a proposed takeover by a consortium of investors including its chief executive Hamdan Mohamad.
Meanwhile, Axiata Group shed five sen to RM4.94 and Sanichi Technology was unchanged at eight sen.
As for heavyweights, Maybank slipped eight sen to RM8.55, CIMB lost 20 sen to RM8.10, Sime Darby was 10 sen lower at RM8.85 and Petronas Chemicals fell 11 sen to RM6.32.
IOI Corporation lost 21 sen to RM4.47, Tenaga was 24 sen lower at RM5.70, Gamuda gained 14 sen to RM3.34, UEM Land was up four sen to RM2.20 and DiGi rose 12 sen to RM29.52.
Volume on the Main Market edged up to 1.521 billion shares, valued at RM3.549 billion, from yesterday’s 1.502 billion shares valued at RM3.545 billion.
Turnover on the ACE Market declined to 250.202 million shares, worth RM36.183 million, against 269.845 million units, worth RM48.435 million, registered yesterday.
Warrants also slipped to 117.475 million units, worth RM10.804 million, compared with yesterday’s 156.008 million shares, valued at RM15.768 million.
Consumer products accounted for 51.673 million shares traded on the Main Market, industrial products 256.011 million, construction 155.661 million, trade and services 522.526 million, technology 31.106 million, infrastructure 23.131 million, finance 196.875 million, hotels 1.547 million, properties 208.77 million, plantation 58.753 million, mining 273,800, REITs 10.296 million and closed/fund 295,600.