Bursa Malaysia Declines as Profit-Taking Persists Across Multiple Sectors
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Bursa Malaysia closed lower on August 21, 2024, as profit-taking continued, following a recent rally. This decline mirrored a similar downtrend in regional markets, influenced by negative cues from Wall Street. $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ slipped 7.45 points or 0.45%, closing at 1,635.32. The index fluctuated between 1,633.64 and 1,646.38 throughout the trading session, opening slightly lower at 1,641.72.
Market Breadth
The broader market showed a decline, with 573 losers outnumbering 508 gainers. 502 counters remained unchanged, while 897 counters were untraded, and seven counters were suspended. Turnover stood at 3.27 billion units, valued at RM2.90 billion, down from the previous day’s 4.19 billion units worth RM4.55 billion.
Sector and Stock Performance
The decline in the $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ was driven by profit-taking across multiple sectors, including $Bursa Finance Services (0010I.MY)$, $Bursa Plantation (0025I.MY)$, and $Bursa Utilities (0065I.MY)$. Key heavyweight stocks contributed to the losses:
• $MAYBANK (1155.MY)$: Fell 8.0 sen to RM10.52.
• $PBBANK (1295.MY)$: Dropped 4.0 sen to RM4.63.
• $TENAGA (5347.MY)$: Declined 10.0 sen to RM13.90.
However, some stocks posted gains, including:
• $CIMB (1023.MY)$: Rose 4.0 sen to RM7.89.
Active Counters
Among the most actively traded stocks:
• $MYEG (0138.MY)$: Gained 1.5 sen to 92 sen.
• $CEB (5311.MY)$: Increased 2.5 sen to 42.5 sen.
• $TOPGLOV (7113.MY)$: Dropped half-a-sen to 99.5 sen.
• $YTLPOWR (6742.MY)$: Fell 11.0 sen to RM3.75.
Index Performance
Market Breadth
The broader market showed a decline, with 573 losers outnumbering 508 gainers. 502 counters remained unchanged, while 897 counters were untraded, and seven counters were suspended. Turnover stood at 3.27 billion units, valued at RM2.90 billion, down from the previous day’s 4.19 billion units worth RM4.55 billion.
Sector and Stock Performance
The decline in the $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ was driven by profit-taking across multiple sectors, including $Bursa Finance Services (0010I.MY)$, $Bursa Plantation (0025I.MY)$, and $Bursa Utilities (0065I.MY)$. Key heavyweight stocks contributed to the losses:
• $MAYBANK (1155.MY)$: Fell 8.0 sen to RM10.52.
• $PBBANK (1295.MY)$: Dropped 4.0 sen to RM4.63.
• $TENAGA (5347.MY)$: Declined 10.0 sen to RM13.90.
However, some stocks posted gains, including:
• $CIMB (1023.MY)$: Rose 4.0 sen to RM7.89.
Active Counters
Among the most actively traded stocks:
• $MYEG (0138.MY)$: Gained 1.5 sen to 92 sen.
• $CEB (5311.MY)$: Increased 2.5 sen to 42.5 sen.
• $TOPGLOV (7113.MY)$: Dropped half-a-sen to 99.5 sen.
• $YTLPOWR (6742.MY)$: Fell 11.0 sen to RM3.75.
Index Performance
• $FTSE Bursa Malaysia Mid 70 Index (.FBM70.MY)$: Rose 83.59 points to 17,996.23.
• $FTSE Bursa Malaysia ACE Index (.FBMMES.MY)$: Gained 6.69 points to 5,336.28.
• $FTSE Bursa Malaysia EMAS Index (.FBMEMAS.MY)$: Fell 20.98 points to 12,408.79.
• $FTSE Bursa Malaysia Top 100 Index (.FBM100.MY)$: Dropped 23.06 points to 12,065.55.
• $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.MY)$: Declined 10.31 points to 12,348.87.
Sectoral Indices
• $Bursa Industrial Products & Services (0002I.MY)$: Increased 0.64 points to 182.24.
• $Bursa Energy (0061I.MY)$: Gained 1.17 points to 935.72.
• $Bursa Finance Services (0010I.MY)$: Dropped 19.19 points to 19,177.96.
• $Bursa Plantation (0025I.MY)$: Fell 36.44 points to 7,109.71.
Trading Volume by Sector
• $Bursa Consumer Products & Services (0001I.MY)$: 229.44 million shares traded.
• $Bursa Industrial Products & Services (0002I.MY)$: 419.60 million shares.
• $Bursa Technology (0005I.MY)$: 230.90 million shares.
• $Bursa Finance Services (0010I.MY)$: 129.58 million shares.
• $Bursa Property (0020I.MY)$: 216.93 million shares.
• $Bursa Energy (0061I.MY)$: 86.81 million shares.
• $Bursa Utilities (0065I.MY)$: 66.36 million shares.
• $FTSE Bursa Malaysia ACE Index (.FBMMES.MY)$: Gained 6.69 points to 5,336.28.
• $FTSE Bursa Malaysia EMAS Index (.FBMEMAS.MY)$: Fell 20.98 points to 12,408.79.
• $FTSE Bursa Malaysia Top 100 Index (.FBM100.MY)$: Dropped 23.06 points to 12,065.55.
• $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.MY)$: Declined 10.31 points to 12,348.87.
Sectoral Indices
• $Bursa Industrial Products & Services (0002I.MY)$: Increased 0.64 points to 182.24.
• $Bursa Energy (0061I.MY)$: Gained 1.17 points to 935.72.
• $Bursa Finance Services (0010I.MY)$: Dropped 19.19 points to 19,177.96.
• $Bursa Plantation (0025I.MY)$: Fell 36.44 points to 7,109.71.
Trading Volume by Sector
• $Bursa Consumer Products & Services (0001I.MY)$: 229.44 million shares traded.
• $Bursa Industrial Products & Services (0002I.MY)$: 419.60 million shares.
• $Bursa Technology (0005I.MY)$: 230.90 million shares.
• $Bursa Finance Services (0010I.MY)$: 129.58 million shares.
• $Bursa Property (0020I.MY)$: 216.93 million shares.
• $Bursa Energy (0061I.MY)$: 86.81 million shares.
• $Bursa Utilities (0065I.MY)$: 66.36 million shares.
Outlook
Despite the profit-taking, market trends indicate a shift toward foreign investor interest in emerging markets, including Malaysia. This shift has been driven by stable interest rates and stronger local currencies, making sectors with foreign-denominated loans more attractive due to lower servicing costs. However, concerns over potential downward revisions to U.S. employment data and the continued weakening of the U.S. dollar could sustain short-term profit-taking.
Despite the profit-taking, market trends indicate a shift toward foreign investor interest in emerging markets, including Malaysia. This shift has been driven by stable interest rates and stronger local currencies, making sectors with foreign-denominated loans more attractive due to lower servicing costs. However, concerns over potential downward revisions to U.S. employment data and the continued weakening of the U.S. dollar could sustain short-term profit-taking.
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