Bursa Malaysia Edges Higher On Selective Buying In Banking Heavyweights
By Nurunnasihah Ahmad Rashid
KUALA LUMPUR, Nov 3 (Bernama) -- Bursa Malaysia’s key index finished marginally higher, supported by selective buying in banking heavyweights, although the broader market remained subdued amid continued selling in technology stocks.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said overall market sentiment remained cautious, with investors reluctant to take fresh positions amid persistent external uncertainties.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 2.34 points or 0.14 per cent to 1,621.85 from yesterday’s close of 1,619.51.
The benchmark index opened 1.25 points higher at 1,620.76 and fluctuated between an intraday low of 1,616.19 and a high of 1,625.88 throughout the day.
In the broader market, losers led gainers 652 to 403, while 502 counters were unchanged, 1,166 untraded, and 11 suspended.
Turnover trimmed to 2.63 billion units valued at RM2.64 billion from 2.65 billion units worth RM2.10 billion yesterday.
Regional equities were mostly lower as the continued sell-off in semiconductor stocks reflected concerns over substantial artificial intelligence investments and their potential returns, Thong said.
He said Brent crude oil, meanwhile, had rebounded to US$105 a barrel following reports of US strikes on Iran’s Qeshm Island, raising fresh concerns over West Asia’s stability despite renewed diplomatic efforts that had triggered a sharp decline in oil prices on Monday.
“Back home, we believe cautious investor sentiment is likely to persist as external uncertainties continue to overshadow domestic fundamentals.
“The weakness in technology stocks and subdued market participation also suggest that investors remain reluctant to increase exposure ahead of several important events,” he told Bernama.
Among the heavyweight stocks, Maybank and CIMB were six sen higher at RM10.04 and RM6.98, respectively, while Public Bank added two sen to RM4.81. Tenaga Nasional slipped 14 sen to RM13.16, and IHH Healthcare dropped nine sen to RM7.76.
In active trade, Nexgram inched up half a sen to six sen, Aizo bagged 2.5 sen to seven sen, AirAsia perked up 1.5 sen to 46 sen, and Ni Hsin eased 1.5 sen to 32.5 sen, while GIIB was half a sen lower at 49.5 sen.
Fraser & Neave led the top gainers, putting on 92 sen to RM21.20, United Plantations rose 58 sen to RM29.88, RHB Bank and AMMB rose 21 sen each to RM7.71 and RM6.48, respectively, and Hong Leong Bank improved 16 sen to RM21.34.
Among the top losers, Nestle shed 24 sen to RM95.88, Malaysian Pacific Industries decreased 28 sen to RM39.50, Petronas Dagangan sank 50 sen to RM19.28, Kelington dipped 33 sen to RM8.17, and Mi Technovation fell 10 sen to RM6.20.
On the index board, the FBM Emas Index slid 3.97 points to 12,068.32 while the FBM Top 100 Index edged up 0.56 of a point to 11,879.85.
The FBM Mid 70 Index slumped 68.68 points to 17,318.90, the FBM Emas Shariah Index erased 56.62 points to 12,044.91, and the FBM ACE Index slid 23.95 points to 5,319.04.
Sector-wise, the Industrial Products and Services Index eased 1.19 points to 177.58, the Energy Index shed 9.89 points to 827.00, the Financial Services Index jumped 147.51 points to 18,716.91, and the Plantation Index increased 67.42 points to 8,769.65.
The Main Market volume was slightly higher at 1.47 billion units worth RM2.41 billion from 1.45 billion units worth RM1.88 billion yesterday.
Warrants turnover declined to 790.10 million units worth RM91.37 million against 877.58 million units worth RM102.50 million previously.
The ACE Market volume expanded to 364.33 million units valued at RM136.10 million from 322.03 million units valued at RM110.72 million on Monday.
Meanwhile, consumer products and services counters accounted for 244.26 million shares traded on the Main Market, industrial products and services (360.10 million), construction (132.04 million), technology (238.67 million), financial services (99.14 million), property (86.72 million), plantation (18.23 million), real estate investment trusts (14.94 million), closed-end fund (557,700), energy (81.41 million), healthcare (96.97 million), telecommunications and media (29.56 million), transportation and logistics (47.22 million), utilities (28.61 million), and business trusts (13,500).
-- BERNAMA