SPI Asset Management managing partner Stephen Innes said the combination of rising US bond yields and reduced expectations for interest rate cuts in the US, to a large degree, has dampened local optimism.
“Unsurprisingly, local investors are reacting cautiously to developments in China as there is still a high degree of uncertainty that boosting China’s stock markets will positively affect the economy via the wealth-creating channel,” he told Bernama.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.64 points to end at 1,512.98 from yesterday’s close of 1,511.34.
The barometer index opened 1.03 points easier at 1,510.31 and moved between 1,508.99 and 1,513.98 throughout the day.
Advancers led decliners 513 to 452 on the broader market, while 431 counters were unchanged, 853 untraded, and nine others suspended.
Turnover declined to 3.09 billion units valued at RM2.17 billion from 3.22 billion units worth RM2.12 billion yesterday.
Among the heavyweights, TNB and Hong Leong Bank both advanced 4 sen to RM10.78 and RM19.24, respectively, IHH Healthcare rose 3 sen to RM6.17, Petronas Chemicals went up 6 sen to RM6.74, Maybank slid 1 sen to RM9.31, while Public Bank and CIMB fell 2 sen each to RM4.39 and RM6.21, respectively.
As for the actives, Wentel gained 2 sen to 28 sen, Velesto went up 0.5 sen to 25.5 sen, MRCB was 1 sen higher at 60.5 sen, TWL Holdings was flat at 4 sen, Widad gave up 1 sen to 11.5 sen, and Reneuco shed 1.5 sen to 8 sen.
On the index board, the FBM Emas Index improved by 21.75 points to 11,234.97, the FBMT 100 Index expanded by 16.05 points to 10,899.22, the FBM 70 Index jumped 39.83 points to 15,160.53, the FBM Emas Shariah Index increased 32.09 points to 11,268.68, and the FBM ACE Index rose 4.67 points to 4,708.06.
Sector-wise, the property index added 5.68 points to 907.64, the plantation index climbed 18.13 points to 7,174.34, and the energy index added 8.98 points to 878.65.
The financial services index slipped 18.93 points to 16,961.31 and the industrial products and services index perked up 0.67 of-a-point to 172.5.