Bursa Malaysia Closes Lower Amid Global Economic Concerns
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Bursa Malaysia ended lower, tracking the global equity sell-off driven by concerns over a potential global economic slowdown. $FTSE Bursa Malaysia KLCI Index (.KLSE.GI)$ declined by 6.41 points, or 0.38%, closing at 1,670.24, after opening lower at 1,662.65. The index fluctuated within a range of 1,662.22 to 1,675.53 throughout the trading day. The weaker sentiment stemmed from disappointing U.S. data, with investors adopting a risk-off stance as global growth worries loomed large.
Market Breadth and Turnover
• Losers vs. Gainers: The market breadth remained weak, with 813 counters ending in the red against 307 gainers, while 438 counters were unchanged.
• Volume and Turnover: The total turnover was higher at 3.04 billion units valued at RM2.89 billion, compared to the previous day’s 2.98 billion units valued at RM2.94 billion.
Sectoral Performance
• Key Sector Movements
• $Bursa Telecommunications & Media (0063I.BMS)$ Index was the only sector that closed in positive territory, buoyed by strong fundamentals and dividend-yielding stocks, suggesting investor preference for defensive sectors amid the sell-off.
• $Bursa Finance Services (0010I.BMS)$ Index dipped by 18.86 points to 19,643.15, with $PBBANK (1295.BMS)$ and $CIMB (1023.BMS)$ among the key contributors to the decline, each losing 4 sen.
• $Bursa Energy (0061I.BMS)$ Index fell sharply by 18.86 points to 897.72, reflecting weakness in global energy prices.
• On a positive note, $Bursa Plantation (0025I.BMS)$ Index rose by 3.81 points to 7,251.84, helped by selective buying in plantation stocks.
Key Stock Performances
• Heavyweight stocks: Among the heavyweights, $MAYBANK (1155.BMS)$ gained 10 sen to RM10.80, while $PBBANK (1295.BMS)$ and $CIMB (1023.BMS)$ fell by 4 sen to RM4.76 and RM8.21, respectively. $TENAGA (5347.BMS)$ remained flat at RM14.90.
• Active Counters: $TWL (7079.BMS)$ was flat at 2.5 sen, while $VTC (0319.BMS)$ dropped 1 sen to 58.5 sen. Other actively traded counters like $CEB (5311.BMS)$ and $ELRIDGE (0318.BMS)$ also recorded slight declines, ending the day at 35.5 sen and 42.5 sen, respectively.
Index Board Performance
Market Breadth and Turnover
• Losers vs. Gainers: The market breadth remained weak, with 813 counters ending in the red against 307 gainers, while 438 counters were unchanged.
• Volume and Turnover: The total turnover was higher at 3.04 billion units valued at RM2.89 billion, compared to the previous day’s 2.98 billion units valued at RM2.94 billion.
Sectoral Performance
• Key Sector Movements
• $Bursa Telecommunications & Media (0063I.BMS)$ Index was the only sector that closed in positive territory, buoyed by strong fundamentals and dividend-yielding stocks, suggesting investor preference for defensive sectors amid the sell-off.
• $Bursa Finance Services (0010I.BMS)$ Index dipped by 18.86 points to 19,643.15, with $PBBANK (1295.BMS)$ and $CIMB (1023.BMS)$ among the key contributors to the decline, each losing 4 sen.
• $Bursa Energy (0061I.BMS)$ Index fell sharply by 18.86 points to 897.72, reflecting weakness in global energy prices.
• On a positive note, $Bursa Plantation (0025I.BMS)$ Index rose by 3.81 points to 7,251.84, helped by selective buying in plantation stocks.
Key Stock Performances
• Heavyweight stocks: Among the heavyweights, $MAYBANK (1155.BMS)$ gained 10 sen to RM10.80, while $PBBANK (1295.BMS)$ and $CIMB (1023.BMS)$ fell by 4 sen to RM4.76 and RM8.21, respectively. $TENAGA (5347.BMS)$ remained flat at RM14.90.
• Active Counters: $TWL (7079.BMS)$ was flat at 2.5 sen, while $VTC (0319.BMS)$ dropped 1 sen to 58.5 sen. Other actively traded counters like $CEB (5311.BMS)$ and $ELRIDGE (0318.BMS)$ also recorded slight declines, ending the day at 35.5 sen and 42.5 sen, respectively.
Index Board Performance
• $FTSE Bursa Malaysia EMAS Index (.FBMEMAS.GI)$: Declined by 68.86 points to 12,428.76.
• $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.GI)$: Lost 86.39 points to close at 12,224.94.
• $FTSE Bursa Malaysia Top 100 Index (.FBM100.GI)$: Fell by 61.87 points to 12,128.39.
• $FTSE Bursa Malaysia Mid 70 Index (.FBM70.GI)$: Decreased by 146.20 points to 17,370.29.
• $FTSE Bursa Malaysia ACE Index (.FBMMES.GI)$: Dropped 66.87 points to 5,157.93.
Economic Context
The global sell-off was fueled by weak U.S. economic data, particularly the Institute for Supply Management (ISM) manufacturing data, which recorded its fifth consecutive month of contraction, heightening fears of a global economic slowdown. Locally, investors were cautious ahead of Bank Negara Malaysia’s announcement regarding the Overnight Policy Rate (OPR), which is expected to remain unchanged.
• $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.GI)$: Lost 86.39 points to close at 12,224.94.
• $FTSE Bursa Malaysia Top 100 Index (.FBM100.GI)$: Fell by 61.87 points to 12,128.39.
• $FTSE Bursa Malaysia Mid 70 Index (.FBM70.GI)$: Decreased by 146.20 points to 17,370.29.
• $FTSE Bursa Malaysia ACE Index (.FBMMES.GI)$: Dropped 66.87 points to 5,157.93.
Economic Context
The global sell-off was fueled by weak U.S. economic data, particularly the Institute for Supply Management (ISM) manufacturing data, which recorded its fifth consecutive month of contraction, heightening fears of a global economic slowdown. Locally, investors were cautious ahead of Bank Negara Malaysia’s announcement regarding the Overnight Policy Rate (OPR), which is expected to remain unchanged.
Conclusion
The market’s weak closing reflects the global bearish sentiment, with investors shifting to defensive positions amidst rising global economic uncertainties. $Bursa Telecommunications & Media (0063I.BMS)$ sector’s resilience provided some support to the market, while most other sectors, especially $Bursa Energy (0061I.BMS)$ and $Bursa Finance Services (0010I.BMS)$, experienced broad-based declines. Investors are likely to remain cautious in the coming days as they await key U.S. economic data, including the non-farm payrolls report, which could further impact global market sentiment.
The market’s weak closing reflects the global bearish sentiment, with investors shifting to defensive positions amidst rising global economic uncertainties. $Bursa Telecommunications & Media (0063I.BMS)$ sector’s resilience provided some support to the market, while most other sectors, especially $Bursa Energy (0061I.BMS)$ and $Bursa Finance Services (0010I.BMS)$, experienced broad-based declines. Investors are likely to remain cautious in the coming days as they await key U.S. economic data, including the non-farm payrolls report, which could further impact global market sentiment.
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