At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 4.48 points to 1,490.57, its intraday high, compared with yesterday’s close of 1,495.05.
The benchmark index opened 6.47 points weaker at 1,488.58 and hit a low of 1,483.01 during the mid-morning session.
Market breadth was negative with 399 losers against 367 gainers, while 451 counters were unchanged, 1,018 not traded, and nine others suspended.
Total turnover decreased to 1.91 billion units worth RM1.35 billion from 2.85 billion units worth RM1.59 billion yesterday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the key regional indices ended higher as investors took the opportunity to bargain hunt for stocks following heavy sell-down yesterday.
“Back home, we believe the performance of the local bourse will remain steady as foreign funds continue to accumulate local equities,” he said.
“As such, we anticipate the FBM KLCI to trend higher, within the 1,490 to 1,510 range for the remainder of the week, with immediate resistance at 1,500 followed by 1,530, and support at 1,460,” he told Bernama.
Analysing the FBM KLCI’s historical data, CGS-CIMB Securities Sdn Bhd noted that its performance tended to be negative in August, averaging -0.3% month-on-month returns over the past 10 years.
The stockbroking firm said this month, investors’ attention will be on the release of Malaysia’s second quarter (Q2 2022) gross domestic product (GDP) on Aug 12 and Malaysia’s July consumer price index on Aug 26.
“The market will also be closely watching the Q2 results season — in particular, how the labour shortage, rising raw material costs, higher minimum wage, and supply chain issues affect corporate earnings.
“Also in focus will be the latest development on 5G deals between telecommunications companies and Digital Nasional Bhd, tourist arrivals figures and progress of the intake of new foreign workers following the lifting of the temporary ban on Indonesian workers to Malaysia on Aug 1,” CGS-CIMB said in a note today.
Among heavyweights, both Maybank and Public Bank lost five sen each to RM8.83 and RM4.61, respectively, CIMB fell two sen to RM5.23, while Petronas Chemicals rose five sen to RM8.90, and IHH Healthcare was flat at RM6.42.
Of the actives, both Borneo Oil and Zen Tech were flat at 2.5 sen and 3.5 sen, respectively, Green Packet gained a sen to six sen, while PUC eased half-a-sen to 2.5 sen, and Top Glove slid one sen to 97 sen.