Apex Securities Bhd head of research Kenneth Leong said the FTSE Bursa Malaysia KLCI (FBM KLCI) formed another bearish candle as the key index retreated for the third straight session.
He said the lack of fresh catalysts while profit-taking was evident in more than half of the key index constituents.
“The market weakness was also in line with the negative performance across the regional markets,” he added.
Regionally, Japan’s Nikkei 225 slid 0.11% to 38,855.37, Hong Kong’s Hang Seng Index eased 0.03% to 18,821.16, South Korea’s Kospi shed 0.01% to 2,722.85, and Shanghai’s SSE Composite Index dipped 0.46% to 3,109.57.
“Technically, the FBM KLCI has formed another bearish candle as the key index extended its pullback mode.
“For now, we expect consolidation to take shape with the key index looking to defend the 1,600 level,” he told Bernama.
He added that the key focus remains on the ongoing flurry of corporate earnings releases.
“Investors also will be keeping a close tab on the release of the Beige Book by the US Federal Reserve tomorrow night that highlights the economic conditions of 12 Fed districts,” he added.
At 5pm, the FBM KLCI slid 2.45 points, or 0.15% to 1,615.82 from yesterday’s close of 1,618.27.
The benchmark index, which opened 2.38 points higher at 1,620.65, fluctuated between 1,612.96 and 1,622.93 throughout the trading session.
On the broader market, decliners outnumbered gainers 824 to 352, with 518 counters unchanged, 730 untraded, and 33 others suspended.
Turnover declined to 4.86 billion units worth RM3.79 billion from yesterday’s 5.64 billion units worth RM3.92 billion.
Among the heavyweights, Public Bank shed 1 sen to RM4.12, IHH Healthcare slipped 9 sen to RM6.20, Maybank was flat at RM9.99, while Tenaga Nasional gained 4 sen to RM13.26, and CIMB added 1 sen to RM6.91.
Among the actives, ACE Market debutante Smart Asia Chemical climbed 6 sen to 46 sen, GHL Systems gained 4 sen to RM1.05, JCY International was down 2 sen to 49.5 sen, Dagang NeXchange declined 1 sen to 46 sen, and AHB Holdings fell 5 sen to 15 sen.
On the index board, the FBM Emas Index lost 36.1 points to 12,311.02, the FBMT 100 Index decreased by 33.59 points to 11,910.7, the FBM Emas Shariah Index slipped 56.44 points to 12,569.57, the FBM ACE Index fell 60.36 points to 5,489.56, and the FBM 70 Index tumbled 113.02 points to 17,690.72.
Sector-wise, the financial services index shaved off 26.4 points to 17,631.94, the industrial products and services index inched down 0.77 of-a-point to 195.72, the energy index slipped 6.96 points to 992.45, and the plantation index slid 12.42 points to 7245.66.
The Main Market volume shrank to 2.83 billion units worth RM3.32 billion from 3.29 billion units worth RM3.33 billion yesterday.
Warrants turnover dipped to 1.03 billion units valued at RM151.06 million from 1.2 billion units valued at RM191.64 million.
The ACE Market volume dwindled to 997.14 million shares worth RM320.67 million from 1.14 billion shares worth RM400.33 million.
Consumer products and services counters accounted for 667.76 million shares traded on the Main Market, industrial products and services (408.91 million), construction (221.99 million), technology (490.83 million), SPAC (nil), financial services (129.49 million), property (286.1 million), plantation (31.35 million), REITs (11.66 million), closed/fund (33,400), energy (130.58 million), healthcare (130.49 million), telecommunications and media (49.31 million), transportation and logistics (157.87 million), utilities (114 million), and business trusts (470,000).