Late selling pressure drags Bursa Malaysia into the red

The Sun

10-06-2025

KUALA LUMPUR: Bursa Malaysia closed marginally lower on Tuesday, with the benchmark index slipping 0.16 per cent, reversing earlier gains as mild selling pressure emerged in the final hour of trading.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 2.46 points to 1,516.95 from Monday's close of 1,519.41.
The benchmark index opened 0.30 of-a-point higher at 1,519.71 this morning, and subsequently moved between 1,516.23 and 1,522.43 throughout the day.
On the local bourse, decliners beat gainers 441 to 437, while 533 counters were unchanged, 958 untraded and 11 suspended.
Turnover expanded to 2.72 billion units worth RM2.09 billion compared with yesterday's 2.61 billion units worth RM1.84 billion.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI closed lower today, however, despite the late-session pullback, sectoral leadership remained consistent, with consumer, telecommunications, and plantation counters continuing to provide relative strength.
'The weakness in the broader index was largely attributed to cautious investor positioning ahead of further developments in the ongoing US-China trade negotiations, now entering their second day.
'While initial commentary from both sides has been constructive, market participants are taking a wait-and-see approach, with risk appetite tempered by uncertainty over the outcome and timeline of any potential tariff relief,' he told Bernama.
Commenting on market activity, Mohd Sedek noted that local institutional flows remained supportive, but were insufficient to offset profit-taking toward the close.
'Foreign investors continued to reduce exposure, marking the 15th consecutive day of net outflows, although with signs of moderation in selling intensity,' he added.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng, meantime, said that the brokerage firm maintained its weekly FBM KLCI target at the 1,500 to 1,530 range while the market awaits fresh drivers.
'We advise investors to explore opportunities in domestically driven sectors like utilities, real estate, and financials, which are often more resilient to trade shocks,' he added.
Among the heavyweights, Maybank shed two sen to RM9.66, Tenaga Nasional and CIMB lost four sen each to RM14.24 and RM6.85, respectively, while Public Bank was unchanged at RM4.26.
The top losers in the broader market were led by Nestle, which slid 74 sen to RM75.0, followed by Ayer Holdings which trimmed 40 sen to RM7.20, Allianz erased 28 sen to RM19.12, and Dutch Lady dipped 20 sen to RM29.50.
Among the most active stocks, MYEG was half-a-sen better at 95.0 sen, NexG eased one sen to 36 sen, Tanco lost 2.5 sen to 96.5 sen, while Harvest Miracle and Main Market debutant Paradigm REIT were flat at 18 sen and RM1.0, respectively.
Meanwhile, 99 Speed Mart Retail Holdings Bhd, in an amended filing with Bursa Malaysia, clarified that the Employees Provident Fund (EPF) had acquired six million shares in the minimart chain operator on June 4 and not 421.79 million shares or a 5.02 per cent stake as previously disclosed on Monday.
The retirement fund emerged as a substantial shareholder in 99 Speed Mart after acquiring an additional 0.07 per cent stake in the company, which raised the former's stake in 99 Speed Mart to 5.02 per cent, beyond the 5.0 per cent threshold required to be deemed a substantial shareholder.
At closing today, 99 Speed Mart share price rose 4.29 per cent or 9.0 sen to RM2.19 with 11.67 million shares traded.