KUALA LUMPUR: Bursa Malaysia closed broadly lower today with losses led by key index-linked counters such Petronas Chemicals and CIMB as investors remained jittery on the outlook.
At the close, the FTSE Bursa Malaysia KLCI (FBM KLCI) dropped 11.82 points, or 0.79%, to 1,472.16, after opening 6.66 points lower at 1,477.33.
On the regional markets, Hong Kong’s Hang Seng Index rose 0.45% to end at 19,486.87, the Shanghai Composite Index fell 0.73% to 2,515.86 and the Korea Composite Stock Price Index was 1.96% lower at 1,710.70 points.
Singapore’s Straits Times Index slipped 1.82 points to end at 2,731.81.
“We are catching up on selling as shares here did not decline as much as other regional markets like Singapore did last Friday,” OSK Research director/research head, Chris Eng, told Bernama today.
Singapore’s benchmark Straits Times Index fell 3.23% last Friday to 2,733.63 points, while the FBM KLCI slipped 19.32 points, or 1.3%, to 1,483.98.
Bursa Malaysia’s Finance Index fell 118.53 points to 14,022.46, Plantation Index declined 76.34 points to 7,162.79 and the Industrial Index dropped 11.92 points to 2,733.97.
The FBM Emas Index shed 83.99 points to 10,073.97, FBM Mid 70 Index dipped 99.1 points to 11,000.97 and the FBM Ace fell 42.03 points to 3,784.04.
Losers outstripped gainers by 580 to 207 with 253 counters unchanged and 448 others untraded.
A total of 853.772 million shares worth RM1.672 billion were traded, down from 958.9 million shares valued at RM2.19 billion traded last Friday.
Some of the regional markets saw a rebound, mainly on speculation that the US Federal Reserve may announce measures to stimulate the economy.
However, OSK Research, in its report, said many European countries and the US had limited room to manoeuvre, as they were saddled with large budget deficits and still anemic growth rates.
“With ratings agencies now more vigilant in their credit ratings and fixed income investors jittery when it comes to new bond issues, the governments of these countries are faced with tough decisions on whether or not to abandon expansionary policies to rein in government debt and deficits, or continue with those that spur economic development.
“Given the twin threats of high bond yields and slowing gross domestic product growth, we feel that these countries have limited room to manoeuvre, which is what made us turn bearish,” said OSK Research.
HwangDBS Vickers Research said against a wobbly backdrop, the inclination to sell stocks would gather pace as the country approached the holiday-shortened trading period next week.
Shares that bucked the trend included Niche Capital, which added 20.5 sen to 44 sen, Tradwinds jumped 15 sen to RM9.15 and Shell rose 12 sen to RM10.26.
The top losers were Fraser & Leave, Lafarge Malayan Cement and Batu Kawan, which fell 36 sen, 33 sen and 30 sen to RM17.50, RM6.97 and RM15.60 respectively.
Of the most active stocks, Malayan United perked four sen to 20 sen, Axiata slipped two sen to RM4.98 and Petronas Chemicals declined 16 sen to RM6.24.
In heavyweights, Maybank inched up one sen to RM8.64, CIMB dipped 16 sen to RM7.77, Maxis added six sen to RM5.41 and Tenaga Nasional dropped six sen to RM5.49.
Volume on the Main Market shed to 672.468 million shares valued at RM1.647 billion from 777.02 million shares valued at RM2.16 billion last Friday.
Turnover on the ACE Market rose to 106.445 million units worth RM16.983 million from 104.28 million units worth RM19.93 million previously.
Warrants declined to 72.379 million shares valued at RM7.216 million from 75.86 million units valued at RM6.58 million last Friday.
Consumer products accounted for 31.629 million shares traded on the Main Market, industrial products 120.566 million, construction 36.583 million, trade and services 256.801 million, technology 12.54 million, infrastructure 16.23 million, finance 71.363 million, hotels 453,100, properties 86.776 million, plantation 31.554 million, mining 17,100, REITs 6.508 million and closed/fund 99,500.