Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said today’s profit-taking is a healthy correction, allowing the market to consolidate its recent rally and build a stronger foundation for a more sustainable uptrend.
However, he said the key regional indices’ performance was mostly upbeat in tandem with the broadly positive tone from Wall Street, as investors anticipate a data-heavy week and earnings releases that may shed light on the impact of US president Donald Trump’s trade policies.
“Attention is turning to the Bank of Japan’s upcoming policy meeting tomorrow, with the central bank widely anticipated to maintain current interest rates on May 1 amid persistent global uncertainties and strong inflation readings,” he told Bernama.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Sedek Jantan viewed the market’s retreat today as a healthy consolidation phase rather than a signal of deteriorating sentiment, particularly in light of the still-constructive market backdrop.
“Profit-taking emerged in export-oriented stocks following strong performance in recent sessions – a natural recalibration as investors locked in gains.
“Conversely, consumer-focused counters (consumer and telecommunications) displayed resilience, staging a modest rebound after prior softness, suggesting early signs of sector rotation and portfolio realignment amid shifting economic signals,” he said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 6.03 points to 1,515.56 from yesterday’s close of 1,521.59.
The benchmark index opened 0.61 of-a-point lower at 1,520.98 and climbed to its intraday high of 1,524.50 during the mid-morning session and thereafter trended downwards to hit an intraday low of 1,515.56 at closing.
Market breadth was negative with decliners thumping gainers 506 to 405, while 450 counters were unchanged, 1,079 untraded, and 117 suspended.
Turnover improved to 3.04 billion units valued at RM1.81 billion against yesterday’s 2.61 billion units valued at RM1.74 billion.
Among the heavyweights, Maybank shed 4 sen to RM9.95, Public Bank and IHH Healthcare slid 2 sen each to RM4.43 and RM6.87,respectively, while Tenaga Nasional gained 4 sen to RM13.64, and CIMB rose 3 sen to RM7.02.
As for the actives, NexG gave up 3 sen to 34 sen, ACE debutant WTEC Group slipped 1.5 sen to 23.5 sen, Notion VTec declined 2.5 sen to 67 sen, while Tanco was unchanged at 88 sen, and Chemlite Innovation increased 2 sen to 23 sen.
On the index board, the FBM Emas Index fell 26.39 points to 11,274.41, the FBMT 100 Index dipped 26.81 points to 11,044.96, the FBM Emas Shariah Index lost 30.59 points to 11,117.73, and the FBM ACE Index shed 11.99 points to 4,618.10, while the FBM 70 Index gained 29.64 points to 15,904.98.
Across sectors, the financial services index decreased 63.21 points to 18,100.11, the industrial products and services index shaved 0.69 of-a-point to 148.92, the plantation index tumbled 61.27 points to 7,162.35, while the energy index rose 2.39 points to 677.96.
The Main Market volume narrowed to 1.26 billion units worth RM1.57 billion against yesterday’s 1.31 billion units worth RM1.55 billion.
Warrants turnover expanded to 1.46 billion units valued at RM140.98 million from 1.03 billion units valued at RM91.46 million previously.
The ACE Market volume jumped to 322.42 million units worth RM98.94 million compared to 274.96 million units worth RM90.13 million yesterday.
Consumer products and services counters accounted for 148.58 million shares traded on the Main Market, industrial products and services (157.06 million), construction (87.46 million), technology (272.82 million), SPAC (nil), financial services (66.76 million), property (176.41 million), plantation (12.93 million), REITs (17.32 million), closed/fund (3,400), energy (164.95 million), healthcare (52.95 million), telecommunications and media (29.52 million), transportation and logistics (26.78 million), utilities (45.32 million), and business trusts (10,900).