Bursa Malaysia Ends Lower On Profit-Taking In Financial Counters
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 8.14 points, or 0.53 per cent, to 1,526.16 from Monday's close of 1,534.30.
KUALA LUMPUR, May 27 (Bernama) -- Bursa Malaysia ended lower as profit-taking in financial services counters weighed on the market, amid cautious sentiment across the regional market.
In the broader market, decliners outpaced gainers 575 to 338, with 474 counters unchanged, 1,008 untraded and 17 suspended.
The benchmark index opened 0.94 of-a-point higher at 1,535.24, and fluctuate between 1,521.93 and 1,535.41 throughout the day.
This came despite comments earlier today from Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, who suggested the United States may revise its proposed tariffs on Malaysian exports to a lower baseline of 10 per cent—a notable development that nevertheless failed to significantly lift market sentiment, he told Bernama.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the FBM KLCI extended its downtrend, weighed by continued foreign fund outflows for a sixth straight session, as investors remained risk-averse amid unresolved global trade tensions.
'This caution persisted despite constructive signals from European markets and limited cues from Wall Street, where investors were processing Trump's decision to defer the implementation of 50 per cent tariffs on European Union (EU) goods from June 1 to July 9,' he added.
Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key Asian markets ended mostly lower as investors are cautiously awaiting the latest developments on Trump's trade war.
'Market participants are growing uneasy as Trump's unpredictable policy announcements and proposed tax cut extensions undermine confidence in the US economy and drive US Treasury yields higher.
'On the domestic front, Malaysian equities remain attractive, supported by undervaluation, stronger corporate earnings, and an improving economic backdrop,' he added.
Nevertheless, the FBM KLCI is likely to stay in a consolidation phase in the near term, as cautious sentiment prevails amid rising global uncertainties, said Thong.
'We expect the index to trade within the 1,520–1,550 range this week,' he said.
Among heavyweight counters, Maybank shed seven sen to RM9.85, Public Bank dropped three sen to RM4.38, CIMB lost six sen to RM6.90, and IHH Healthcare erased one sen to RM6.90, while Tenaga Nasional was flat at RM14.
As for active stocks, Permaju dropped one sen to two sen, Sinaran Advance plunged seven sen to three sen, SFP Tech fell 1.5 sen to 20.5 sen, Velesto eased half-a-sen to 16.5 sen, while Tanco put on one sen to RM1.01.
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