Despite the overall decline, certain sectors posted notable gains, particularly technology, transportation and logistics, as well as industrial products, as seen in the Bursa Malaysia Sector Indices.
UOB Kay Hian Wealth Advisors head of investment research Sedek Jantan noted that losses were led by the property sector, as investors were disappointed by the absence of any major project announcements in Budget 2025.
“However, this dip is likely to be temporary, given the inclusion of measures such as tax relief for first-time homebuyers, an increase in the minimum wage, and RM12.8 billion in guarantees to support more than 57,000 first-time homebuyers.
“These provisions are expected to stimulate the property market, namely increase the purchasing power and home affordability in the medium-term,” he told Bernama.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the local market performance was in line with the mostly lower regional markets as investors approached the week cautiously.
He said this was due to several major US and Asian earnings reports looming and the need for more clarity on interest rate direction from key economies.
“On the domestic front, the benchmark index may continue trading sideways, influenced by global uncertainties and geopolitical risks.
“Investors are advised to exercise caution and be prepared for a breakout if new market-driving events occur,” he said.
As such, Thong said he anticipates the FTSE Bursa Malaysia KLCI (FBM KLCI) to remain sideways with an upside bias to the 1,640-1,660 range for the week.
At 5pm, the FBM KLCI eased 0.31 of a point, or 0.02% to 1,645.68 from Friday’s close of 1,645.99.
The benchmark index opened 0.72 of-a-point firmer at 1,646.71 and moved between 1,642.52 and 1,648.05 throughout the day.
On the broader market, decliners surpassed advancers 645 to 395, with 519 counters unchanged, 922 untraded, and 7 suspended.
Turnover widened to 3.02 billion units valued at RM2.19 billion versus 2.52 billion units worth RM2.16 billion last Friday.
Among the heavyweights, Maybank and Public Bank were flat at RM10.66 and RM4.57, respectively.
Meanwhile, CIMB Group added 5 sen to RM8.20, IHH Healthcare rose 1 sen to RM7.20 and Tenaga Nasional shed 4 sen to RM14.64.
As for the active counters, Cape EMS eased 0.5 sen to 32.5 sen, KHPT Holdings climbed 3 sen to 21 sen, Alpha IVF inched up 0.5 sen to 36.5 sen, Globetronics Technology put on 4.5 sen to 66 sen, and MyEG gave up 2 sen to 89 sen.
On the index board, the FBM Emas Index inched up 0.94 of-a-point to 12,368.47, the FBMT 100 Index perked 3.69 points to 12,071.26, and the FBM 70 Index garnered 27.31 points to 17,742.94.
Meanwhile, the FBM Emas Shariah Index eased 1.31 points to 12,275.64, and the FBM ACE Index lost 11.86 points to 5,108.94.
By sector, the financial services index put on 8.64 points to 19,477.2, the industrial products and services index climbed 0.68 of-a-point to 177.1, and the energy index rose 6.55 points to 861.08, but the plantation index fell 32.36 points to 7,241.17.
The Main Market volume increased to 1.39 billion units worth RM1.84 billion from Friday’s 1.19 billion units worth RM1.86 billion.
Warrants turnover surged to 1.11 billion units valued at RM171.12 million against 867.56 million units valued at RM147.5 million previously.
The ACE Market volume expanded to 512.6 million units worth RM173.23 million versus 452.73 million units worth RM154.12 million on Friday.
Consumer products and services counters accounted for 209.16 million shares traded on the Main Market, industrial products and services (376.73 million), construction (112.72 million), technology (253.45 million), SPAC (nil), financial services (71.27 million), property (174.95 million), plantation (17.51 million), REITs (16.5 million), closed/fund (333,900), energy (52.16 million), healthcare (35.93 million), telecommunications and media (19.87 million), transportation and logistics (20.06 million), utilities (31.85 million), and business trusts (20,500).