Bursa Malaysia Ends Lower On Profit-taking In Plantation Stocks
By Abdul Hamid A Rahman
KUALA LUMPUR, Sept 4 (Bernama) -- Bursa Malaysia ended lower on the final trading day of the week, weighed down by the plantation sector as investors locked in gains following its recent strong performance.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 7.03 points 1,708.10, compared with yesterday’s close of 1,715.13.
The benchmark index opened 1.39 points lower at 1,713.74 and fluctuated between 1,704.86 and 1,715.20 throughout the day.
The broader market was negative with losers outnumbering gainers 568 to 523, while 596 counters were unchanged, 1,085 untraded and 19 suspended.
Turnover expanded to 4.33 billion units valued at RM2.98 billion from 3.90 billion units valued at RM3.21 billion on Thursday.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the FBM KLCI closed lower, dragged down by weakness in the plantation sector as investors took profit following the sector’s strong recent performance.
“The pullback was largely anticipated and appears to reflect a combination of profit-taking and valuation consolidation rather than a deterioration in the crude palm oil (CPO) outlook.
“November CPO futures remain firm at around RM4,897 per tonne, up about 22 per cent year-to-date, maintaining a supportive earnings backdrop for plantation companies,” he said.
Mohd Sedek added that the weakness was more consistent with valuation digestion after a strong run, with underlying commodity fundamentals continuing to support plantation earnings.
Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that the local bourse remained cautious as persistent geopolitical uncertainties and elevated commodity prices were likely to keep investors selective.
“Resilient economic fundamentals and selective bargain hunting should help cushion the downside, although persistent foreign selling may limit the pace of any recovery,” he told Bernama.
Among the heavyweights, Maybank and Public Bank both eased two sen to RM10.56 and RM4.98, respectively, Tenaga Nasional slipped six sen to RM13.62, while CIMB Group added one sen to RM8.00, and IHH Healthcare shed four sen to RM7.95.
On the most active list, Zetrix AI rose 1.5 sen to 25.5 sen, Cuscapi slid half a sen to 4.5 sen, Salutica perked up four sen to 15.5 sen, Ingenieur Gudang was flat at 4.5 sen, while Notion Vtec soared 17 sen to 68.5 sen.
Among the top gainers, Fraser & Neave Holdings rose 38 sen to RM24.76, Nestle garnered 36 sen to RM94.84, Critical Holdings jumped 17 sen to RM2.04, and Vitrox Corporation advanced 16 sen to RM9.16.
Among the top losers, United Plantations declined 96 sen to RM32.06, Petronas Gas decreased 36 sen to RM17.26, while Petronas Dagangan, LPI Capital and Hong Leong Bank each slipped 22 sen to RM20.16, RM13.22 and RM23.66, respectively.
On the index board, the FBM ACE Index increased 29.81 points to 5,217.47, while the FBM Emas Index sank 57.89 points to 12,625.45, the FBMT 100 Index dropped 62.18 points to 12,429.26, the FBM Emas Shariah Index slumped 81.87 points to 12,360.70, and the FBM 70 Index dipped 136.08 points to 17,769.20.
Sector-wise, the Financial Services Index declined 45.34 points to 20,161.49, the Plantation Index tumbled 156.10 points to 9,337.92, the Industrial Products and Services Index shed 0.20 of a point to 186.96, and the Energy Index eased 4.41 points to 805.62.
The Main Market volume rose to 3.05 billion units valued at RM2.69 billion compared with 2.39 billion units valued at RM2.88 billion on Thursday.
Warrants turnover declined to 856.32 million units worth RM132.80 million versus 995.66 million units worth RM132.91 million previously.
The ACE Market volume trimmed to 426.28 million units valued at RM157.20 million from 515.65 million units valued at RM199.58 million yesterday.
Consumer products and services counters accounted for 327.77 million shares traded on the Main Market, industrial products and services (314.16 million), construction (79.99 million), technology (1.83 billion), financial services (79.25 million), property (117.67 million), plantation (50.19 million), real estate investment trusts (13.85 million), closed-end fund (151,400), energy (91.79 million), healthcare (48.02 million), telecommunications and media (16.51 million), transportation and logistics (35.80 million), utilities (50.79 million), and business trusts (23,200).
-- BERNAMA