Bursa ends lower on banking drag, bucks regional trend despite higher trading volume
KUALA LUMPUR, May 29 — Bursa Malaysia bucked the regional trend to settle lower on Thursday, as selling pressure in selected banking heavyweights dampened sentiment, in the absence of fresh domestic catalysts coupled with an unexciting batch of corporate earnings releases, said an analyst.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 4.50 points, or 0.29 per cent, to 1,518.98 from Wednesday's close of 1,523.48.
The benchmark index opened 2.12 points higher at 1,525.60 and fluctuated between 1,518.38 and 1,526.94 throughout the day.
In the broader market, decliners beat gainers 478 to 466, while 460 counters were unchanged, 982 untraded and 110 suspended.
Turnover expanded to 3.30 billion units worth RM2.22 billion compared with Wednesday's 2.50 billion units worth RM2.03 billion.
Apex Securities Bhd head of research Kenneth Leong expects that the key index may attempt to find stability above the 1,500 level on the back of potential bargain hunting, going forward.
'Still, we believe that any potential gains could be capped by the resumption of foreign funds outflow.
'Looking ahead, investors will be keeping a close watch on the second reading of the US first-quarter 2025 gross domestic product data to be released later tonight,' he told Bernama.
Domestically, Leong said the key focus remains on the ongoing corporate earnings releases.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the release of the latest US Federal Reserve (Fed) minutes proved pivotal.
'The Fed's reaffirmation of its cautious stance—highlighting persistent inflationary pressures and resilient US macroeconomic data—has effectively tempered market expectations for a near-term rate cut.'
'This recalibration in rate outlook translated into upward pressure on global yields, a dynamic to which Malaysia's banking-heavy benchmark index remains acutely sensitive,' he told Bernama.
Among heavyweights, Maybank gained three sen to RM9.87 and CIMB increased one sen to RM6.88. Public Bank and Tenaga Nasional fell two sen each to RM4.31 and RM14.08 respectively, while IHH Healthcare was flat at RM6.91.
As for active stocks, Permaju inched down half-a-sen to one sen and Nationgate dropped 14 sen to RM1.44, while Velesto and NexG added one sen each to 18.5 sen and 37.5 sen respectively. MYEG was flat at 89 sen.
On the index board, the FBM Emas Index slid 14.84 points to 11,382.33, the FBM ACE Index rose 42.82 points to 4,592.16, but the FBMT 100 Index fell 19.34 points to 11,142.02.
The FBM Emas Shariah Index lost 9.68 points to 11,365.83 while the FBM 70 Index perked up 25.65 points to 16,332.31.
By sector, the Financial Services Index slipped 64.33 points to 17,893.57, the Industrial Products and Services Index edged up 0.32 of-a-point to 153.02, the Energy Index put on 1.67 points to 708.18, while the Plantation Index added 1.40 points to 7,293.95.
The Main Market volume improved to 1.56 billion units valued at RM1.93 billion against Wednesday's 1.34 billion units valued at RM1.80 billion.
Warrants turnover swelled to 1.37 billion units worth RM164.04 million from 815.91 million units worth RM113.60 million previously.
The ACE Market volume advanced to 364.60 million shares worth RM120.88 million from 346.43 million shares worth RM119.44 million yesterday.
Consumer products and services counters accounted for 354.51 million shares traded on the Main Market, industrial products and services (317.02 million), construction (98.30 million), technology (235.43 million), SPAC (nil), financial services (70.33 million), property (170.33 million), plantation (14.93 million), REITs (88.90 million), closed/fund (2,700), energy (150.03 million), healthcare (36.24 million), telecommunications and media (56.54 million), transportation and logistics (15.65 million), utilities (34.86 million), and business trusts (23,400). — Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
4 hours ago
- Malay Mail
Company director loses RM137,200 in fake govt tender scam in Kemaman
CHUKAI, June 1 — A company director lost RM137,200 after falling victim to a syndicate offering a fictitious government tender. Kemaman police chief Supt Mohd Razi Rosli said the 52-year-old man was contacted via WhatsApp on May 13 by someone posing as a representative of a public university in Kelantan, offering a tender to supply 20 air-conditioning units and a power generator. 'To gain the victim's trust, the suspect sent four purchase orders allegedly issued by the secretary-general of the Higher Education Ministry, along with contact details of a supposed supplier,' he said in a statement today. The victim believed the offer and made seven bank transfers to an account under the name Gertrude Chee over a five-day period starting May 27. He later discovered the tender was a scam. The case is being investigated under Section 420 of the Penal Code for cheating. Police urge the public to verify any tender offers with the relevant authorities before making financial transactions. — Bernama
Free Malaysia Today
4 hours ago
- Free Malaysia Today
Accepting Tengku Zafrul into PKR opens door to uncertainty, says Rafizi
Former PKR deputy president Rafizi Ramli said the criticisms levelled by Umno leaders against Tengku Zafrul Aziz were valid and deserve the attention of the unity government's leaders. KUALA LUMPUR : Accepting Tengku Zafrul Aziz into PKR will open the door to uncertainty in the cooperation among the unity government's components, says former party deputy president Rafizi Ramli. He said nothing in the draft unity government agreement, drawn up before its formation, forbids its components' leaders from joining other parties. 'This will need to be discussed among unity government components because this is a grey area. '(However, accepting Tengku Zafrul) should be avoided because it opens the door to uncertainty. 'Where do you draw the line when Umno leaders criticise (the move)?' he told reporters in Ampang today. When asked if PKR should also be open to its leaders moving to other parties, should it accept Tengku Zafrul into its ranks, Rafizi said the party's top leaders should come forward to explain the party's stance. He said the criticisms levelled by Umno leaders against Tengku Zafrul were valid and deserve the attention of the unity government's leaders. Earlier, Umno secretary-general Asyraf Wajdi Dusuki said it is 'very inappropriate for any party in the unity government to arbitrarily accept members from other allied parties'. 'This is to prevent causing disharmony among the parties in the unity government. This could lead to continuous prejudice and suspicion among grassroots members about the level of loyalty, sincerity and honesty that we have,' he said. Umno's legal bureau has also been asked to look into the implications of Tengku Zafrul's exit from the party in terms of the party hopping law and on his status as senator. The party's information chief, Azalina Othman Said, said while Umno respects a person's right to make political choices, Cabinet appointments are based on the party represented instead of one's individual capacity. She said while the prime minister chairs the national unity council, Cabinet ministers are appointed as the party's representatives. On Friday, Tengku Zafrul said he had submitted his resignation as an Umno member as well as from all party posts. He said he had informed PKR president Anwar Ibrahim and secretary-general Fuziah Salleh of his intention to join PKR.
Free Malaysia Today
4 hours ago
- Free Malaysia Today
No official discussions on Tengku Zafrul's PKR application yet, says PM
Prime Minister Anwar Ibrahim praised Tengku Zafrul Aziz, saying he had handled well his duties as investment, trade and industry minister. PETALING JAYA : There have been no official discussions on Tengku Zafrul Aziz's application to join PKR, says Prime Minister Anwar Ibrahim. However, he said Tengku Zafrul's position as investment, trade and industry minister would not be affected. 'We have not discussed anything yet. Let him fulfil his haj first. We don't need unhealthy speculation,' he said. Anwar praised Tengku Zafrul, saying he had handled his duties as minister well. 'We have hundreds of billions in investments, much of them managed by him with the Malaysia External Trade Development Corporation, his ministry and the government,' he said. Yesterday, Tengku Zafrul said he had decided to leave his fate as a Cabinet minister to Anwar, following his exit from Umno. He reiterated that his decision to leave Umno was not easy, but was made after careful consideration of various factors. 'I would like to focus on my haj pilgrimage, and I leave the matter entirely to the wisdom of the prime minister,' he said. Tengku Zafrul was recently urged by Umno Youth chief Dr Akmal Saleh to step down from the Cabinet after deciding to leave Umno. Yesterday, Umno president and deputy prime minister Ahmad Zahid Hamidi also urged Anwar to ensure that Umno retains its quota of seven ministers in the Cabinet. With Tengku Zafrul's exit from Umno, the party is left with six members in the Cabinet – Zahid, Mohamad Hasan, Johari Ghani, Khaled Nordin, Zambry Abdul Kadir and Azalina Othman Said.
