Bursa Malaysia pulls back from seven-day winning streak as profit-taking drags market lower
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 5.55 points, or 0.35 per cent, to close at 1,581.05 from yesterday's close of 1,586.60.
The benchmark index opened 0.31 of-a-point firmer at 1,586.91, and moved between 1,575.79 and 1,595.31 throughout the day.
The broader market was negative, with decliners outpacing advancers 616 to 399, while 547 counters were unchanged, 1,002 untraded and 17 suspended.
Turnover declined to 2.40 billion units worth RM2.66 billion from 2.71 billion units worth RM3.07 billion yesterday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng views today's profit-taking positively as it allows the market to absorb the recent gains.
'The benchmark index maintains its bullish structure after breaking above 1,565 and tested 1,585. We believe that as long as the FBM KLCI holds above 1,565, the medium to long-term outlook remains positive, with 1,600 as the next upside target,' he told Bernama.
Hence, he expects the benchmark index to remain range-bound between the 1,565 support level and the 1,585-1,600 resistance area.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the local market is expected to extend its upward momentum, fuelled by growing optimism over US interest rate trend, which continues to underpin investor confidence and support risk appetite across key sectors.
'A Federal Reserve rate cut would likely benefit the Malaysian equity market. Lower US interest rates typically narrow the yield differential between US Treasuries and emerging market assets, reducing the relative appeal of US dollar-denominated instruments.
'This generally supports capital inflows into higher-yielding regional markets, including Malaysia, while also alleviating upward pressure on the US dollar,' he said.
Mohd Sedek added that a more accommodative US monetary policy could improve global risk sentiment, encouraging increased foreign participation in Malaysian equities-particularly in sectors exposed to external demand and trade recovery.
Among the heavyweights, Public Bank and CIMB added 1.0 sen to RM4.45 and RM7.20, respectively, while Maybank eased 2.0 sen to RM9.84, Tenaga Nasional fell 12 sen to RM13.68, and IHH Healthcare edged down 1.0 sen to RM6.90.
Of the most active counters, Tanco went up 1.5 sen to 72 sen, Oxford Innotech advanced 3.0 sen to 41 sen, Pharmaniaga slid 1.0 sen to 17.5 sen, MR D.I.Y. slipped 6.0 sen to RM1.54, and TWL was flat at 2.5 sen.
Across the broader market, the FBM Emas Index fell 43.26 points to 11,760.92, the FBMT 100 Index slipped 45.29 points to 11,543.72, the FBM Emas Shariah Index slumped 60.10 points to 11,708.45, the FBM 70 Index sank 86.43 points to 16,689.93, while the FBM ACE Index added 11.93 points to 4,666.54.
By sector, the Financial Services Index decreased 23.37 points to 18,050.53, the Plantation Index was 16.34 points lower at 7,581.65, while the Industrial Products and Services Index rose 0.43 of-a-point to 158.94, and the Energy Index perked up 1.85 points to 739.49.
The Main Market volume declined to 1.33 billion units valued at RM2.42 billion from Wednesday's 1.57 billion units valued at RM2.85 billion.
Warrants turnover dwindled to 683.46 million units worth RM100.19 million from 771.34 million units worth RM103.11 million previously.
The ACE Market volume increased to 391.12 million units worth RM142.13 million from 360.56 million units worth RM119.44 million yesterday.
Consumer products and services counters accounted for 243.09 million shares traded on the Main Market; industrial products and services (201.12 million), construction (116.46 million), technology (136.49 million), financial services (94.48 million), property (188.63 million), plantation (21.66 million), REITs (34.30 million), closed-end fund (8,400), energy (62.47 million), healthcare (97.95 million), telecommunications and media (49.12 million), transportation and logistics (22.57 million), utilities (60.99 million), and business trusts (23,900). — Bernama
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