Berjaya Research Sdn Bhd head of research Kenneth Leong said that while the pullback below the 1,600-level reflected near-term profit-taking, the downside might be cushioned by potential quick bargain-hunting activities amid the attractive valuations and stable macroeconomic environment.
“Still, foreign fund flows will remain a key swing factor, with investors closely monitoring shifts in global risk appetite.
“On the economic front, investors will also be keeping a close watch on Malaysia’s monthly export and import data, which is expected to be released tomorrow,” he told Bernama.
Leong said technically, the FTSE Bursa Malaysia KLCI (FBM KLCI) has formed a bearish candle to close marginally below the 1,600 psychological level.
At 5pm, the FBM KLCI slipped 12.77 points to 1,598.93 from yesterday’s close of 1,611.70.
The index opened 4.84 points weaker at 1,606.86, and traded between 1,597.41 and 1,606.86 throughout the day.
The broader market was negative with decliners leading gainers 515 to 494, while 509 counters were unchanged, 1,118 untraded and seven suspended.
Turnover narrowed to 2.56 billion units worth RM2.52 billion from 3.13 billion units worth RM3.16 billion yesterday.
Among the heavyweights, Maybank fell 6 sen to RM9.88, Public Bank eased 5 sen to RM4.25, Tenaga dropped 16 sen to RM13.28, and IHH decreased 5 sen to RM7.31, while CIMB was flat at RM7.32.
As for the actives, Pharmaniaga was 1 sen higher at 28.5 sen, SNS increased 5 sen to 62.5 sen, and McLean bagged 3 sen to 49.5 sen. VS Industry eased 0.5 sen to 55 sen, and Bumi Armada slid 1 sen to 34 sen.
Top losers were Nestle, which fell RM2.90 to RM95.00, followed by ChinTeck, which shed 16 sen to RM9.90. Dutch Lady fell 16 sen to RM27.20, Petronas Chemicals declined 12 sen to RM4.33, and Ralco trimmed 8.5 sen to 91 sen.
Among the top gainers, Allianz climbed 38 sen to RM18.88, Hong Leong Industries rose by 34 sen to RM13.94, and Formosa gained 21 sen to RM1.66, while Ajinomoto bagged 20 sen to RM13.50 and Scientex increased by 16 sen to RM3.39.
On the broader market, the FBM Emas Index fell 56.09 points to 11,887.90, the FBMT 100 Index shed 59.99 points to 11,640.25, and the FBM Emas Shariah Index lost 21.30 points to 11,915.10.
The FBM 70 Index climbed 59.64 points to 16,679.74, while the FBM ACE Index was 21.65 points lower at 4,871.68.
By sector, the industrial products and services index slipped 0.86 of a point to 166.69, the financial services index lost 145.18 points to 18,096.96, the plantation index decreased 1.63 points to 7,732.57, while the energy index gained 2.31 points to 753.05.
The Main Market volume decreased to 1.57 billion units, valued at RM2.26 billion, from 1.92 billion units, valued at RM2.89 billion yesterday.
Warrants turnover reduced to 641.29 million units, valued at RM107.66 million, from 860.43 million units, valued at RM137.02 million previously.
The ACE Market volume increased to 354.40 million, worth RM145.66 million, from 343.55 million, worth RM133.36 million yesterday.
Consumer products and services counters accounted for 199.97 million shares traded on the Main Market, industrial products and services (291.87 million), construction (91.06 million), technology (236.38 million), financial services (94.31 million), property (146.86 million), plantation (31.14 million), REITs (23.75 million), closed/fund (270,800), energy (149.45 million), healthcare (199.41 million), telecommunications and media (24.94 million), transportation and logistics (35.62 million), utilities (47.42 million), and business trusts (1,100).