Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FTSE Bursa Malaysia KLCI (FBM KLCI) slid today as investors locked in profits due to the long weekend, despite the strong performance across the region.
“The benchmark index remains in a short-term consolidation phase this week, trading within a range of 1,574-1,602,” he said.
Thong said that although the index attempted to break through the 1,600 level, the move lacked strength.
“A decisive breakout with strong volume is needed to confirm renewed upside momentum, potentially opening the path toward the 1,620-1,650 zone.
“However, failure to clear this barrier convincingly may trigger profit-taking instead,” he told Bernama.
The US personal consumption expenditures (PCE) price index, the Federal Reserve’s (Fed) favoured gauge of inflation, will be released later tonight.
This data is closely monitored as it serves as a key guide for the Fed’s decision on interest rates.
At 5pm, FBM KLCI fell 11.95 points, or 0.75% to 1,575.12 from yesterday’s close of 1,587.07.
The index opened 0.24 of-a-point lower at 1,586.83 and moved between 1,572.24 and 1,587.30 throughout the day.
On the broader market, decliners trounced advancers 704 to 324, while 469 counters were unchanged, 1,100 untraded and 66 suspended.
Turnover improved to 3.08 billion units worth RM3.16 billion from 2.92 billion units worth RM2.92 billion yesterday.
On the home front, heavyweights Maybank shaved 5 sen to RM9.90, Public Bank edged down 1 sen to RM4.27, CIMB Group slid 2 sen to RM7.43, Tenaga Nasional sank 24 sen to RM13.20, while IHH Healthcare was flat at RM6.79.
For the most active counters, Genetec Technology tumbled 12.5 sen to 51 sen, Tanco Holdings eased 2 sen to 70.5 sen, and Reneuco and Zetrix AI shed 1 sen to 1.5 sen and 86 sen respectively, while Sime Darby added 12 sen to RM2.07.
On the index board, the FBM Emas Index dropped 77.75 points to 11,702.89, the FBMT 100 Index declined 78.72 points to 11,474.57, the FBM Emas Shariah Index fell 98.71 points to 11,649.08, the FBM 70 Index lost 75.95 points to 16,476.24, and the FBM ACE Index decreased 20.58 points to 4,722.02.
Sector-wise, the financial services index shrank 64.42 points to 18,111.02, the industrial products and services index eased 0.99 of-a-point to 162.22, the energy index shed 5.83 points to 740.22, and the plantation index slipped 17.45 points to 7,594.45.
The Main Market volume edged up to 1.75 billion units valued at RM2.89 billion from 1.74 billion units valued at RM2.70 billion yesterday.
Warrants turnover expanded to 923.30 million units worth RM143.49 million from 830.55 million units worth RM100.96 million previously.
The ACE Market volume increased to 405.71 million units worth RM131.93 million from 348.85 million units worth RM120.08 million yesterday.
Consumer products and services counters accounted for 301.78 million shares traded on the Main Market, industrial products and services (326.23 million), construction (141.14 million), technology (259.12 million), SPAC (nil), financial services (126.57 million), property (169.98 million), plantation (31.92 million), REITs (25.18 million), closed/fund (6,100), energy (154.71 million), healthcare (78.15 million), telecommunications and media (51.40 million), transportation and logistics (24.82 million), utilities (61.04 million), and business trusts (118,900).