There was a lack of follow-through buying support after the barometer index closed above the 1,500 psychological barrier, last seen in August 2022 on Monday, a dealer said.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research, Thong Pak Leng said shares on Bursa ended mostly lower due to a negative cue from global equities.
In addition, he said the FTSE Bursa Malaysia KLCI (FBM KLCI) finished lower largely due to profit-takings on YTL Power International Bhd and YTL Corporation Bhd.
He also noted that the key regional indices closed mixed due to mixed reactions to the delay in rate cuts in the US, with China and Hong Kong stocks ending marginally higher as bargain hunting emerged following the recent sell-off.
“Our positive outlook on Malaysian equities remains intact despite the sell-off, supported by the improving corporate earnings and the favourable local economic conditions.
“In addition, the increasing daily trade volume with average daily volume since early 2024 which is almost double last year’s average signifies a growing overall market interest, providing substantial potential for bargain hunters.
“Hence, we expect the FBM KLCI to stage a rebound soon and anticipate it to trend within the 1,480-1,490 range towards the weekend. We spot the immediate support at 1,475 followed by 1,465 and resistance at 1,500,” he told Bernama.
At 5pm, the FBM KLCI fell 12.03 points to 1,479.18 from yesterday’s close of 1,491.21.
The barometer index opened 2.72 points lower at 1,488.49 and moved between 1,478.03 and 1,492.53 throughout the morning session.
On the broader market, losers trounced gainers 885 to 218, while 383 counters were unchanged, 766 untraded, and 16 others suspended.
Turnover rose to 6.1 billion units worth RM3.62 billion from 5.23 billion units worth RM3.17 billion yesterday.
Regionally, Hong Kong’s Hang Seng Index gained 0.75% to 15,391.79, Shanghai Stock Exchange Composite Index gained 0.43% to 2,845.78, and South Korea’s Kospi was 0.17% up to 2,440.04.
Singapore’s Straits Times Index eased 0.11% to 3,138.82 and Japan’s Nikkei 225 eased 0.03% to 35,466.17.
Back home, heavyweights Maybank shed 3 sen to RM9.02, Public Bank eased 4 sen to RM4.31, CIMB slipped 9 sen to RM5.94, Tenaga Nasional fell 8 sen RM10.36, while Petronas Chemicals was flat at RM6.76.
Of the actives, Artroniq dropped 26.5 sen to 23 sen, Widad declined 30 sen to 19 sen, Fitters Diversified slid 1 sen to 4.5 sen, Dagang NeXchange shed 5.5 sen to 33 sen, while Minetech Resources was flat at 17 sen.
On another note, Bursa also saw volatile trading this morning, with several counters hitting limit up and limit down.
Rexit Bhd hit limit up to RM1.20 per share this morning, soaring 30.43%, while APB Resources Bhd hit limit down to RM1.75 per share, a 30 sen decline from yesterday’s close.
On the index board, the FBM Emas Index fell 98.7 points to 11,004.11, the FBM 70 Index dropped 123.24 points to 14,920.52, the FBMT 100 Index declined 87.16 points to 10,673.64, the FBM Emas Shariah Index decreased 78.8 points to 11,111.26, and the FBM ACE Index tumbled 261.83 points to 4,785.94.
Sector-wise, the financial services index dipped 88.18 points to 16,546.95, the property index shed 8.63 points to 879.73, the plantation index eased 48.02 points to 7,124.55, the industrial products and services index was 0.96 of-a-point easier at 172.4, and the energy index slipped 9.89 points to 840.04.
The Main Market volume increased to 3.68 billion units valued at RM3.14 billion from 3.32 billion units valued at RM2.73 billion yesterday.
Warrants turnover rose to 715.58 million units worth RM103.7 million from 584.38 million units worth RM66.07 million previously.
The ACE Market volume advanced to 1.68 billion shares valued at RM366.14 million versus 1.41 million shares valued at RM370.4 million yesterday.
Consumer products and services counters accounted for 554.83 million shares traded on the Main Market, industrial products and services (1.03 billion); construction (306.68 million); technology (392.81 million); SPAC (nil); financial services (164.41 million); property (543.31 million); plantation (31.5 million); REITs (19.58 million), closed/fund (72,500); energy (181.29 million); healthcare (88.36 million); telecommunications and media (80.83 million); transportation and logistics (91.1 million); and utilities (202.32 million).