Bursa Malaysia Declines Further at Midday Amid Cautious Sentiment
Click Here: TYNKR LAB™
Bursa Malaysia continued its downward trajectory by midday, with $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ falling 9.23 points, or 0.56%, to 1,632.32. The market’s decline was driven by cautious investor sentiment, largely attributed to the ongoing Middle East tensions and rising global oil prices. Opening at 1,638.49, the index fluctuated throughout the morning session, hitting an intra-morning low of 1,629.94.
Across the broader market, decliners outnumbered gainers by 582 to 302, while 459 counters remained unchanged. Trading volume stood at 1.82 billion units, valued at RM1.12 billion. The broader market was weighed down by profit-taking, particularly in sectors such as $Bursa Finance Services (0010I.MY)$ and $Bursa Consumer Products & Services (0001I.MY)$, but some $Bursa Energy (0061I.MY)$ and $Bursa Construction (0003I.MY)$ stocks bucked the trend with gains.
Energy Stocks Surge Amid Rising Oil Prices
Amid the market’s overall decline, the Bursa Malaysia $Bursa Energy (0061I.MY)$ surged by 3.29%, reflecting a rise in global oil prices as supply concerns persisted due to the ongoing conflict in the Middle East. Key gainers in this sector included $HENGYUAN (4324.MY)$, which jumped 35 sen to RM2.70, $DAYANG (5141.MY)$, which rose 14 sen to RM2.37, and $ARMADA (5210.MY)$, which added 1.5 sen to 49.5 sen.
As $Crude Oil Futures(DEC4) (CLmain.US)$ prices surged over 5% globally, with $Brent Last Day Financial Futures(JAN5) (BZmain.US)$ trading above USD 77 per barrel, investors shifted funds into $Bursa Energy (0061I.MY)$-related stocks, which saw increased activity throughout the morning session.
Energy Stocks Surge Amid Rising Oil Prices
Amid the market’s overall decline, the Bursa Malaysia $Bursa Energy (0061I.MY)$ surged by 3.29%, reflecting a rise in global oil prices as supply concerns persisted due to the ongoing conflict in the Middle East. Key gainers in this sector included $HENGYUAN (4324.MY)$, which jumped 35 sen to RM2.70, $DAYANG (5141.MY)$, which rose 14 sen to RM2.37, and $ARMADA (5210.MY)$, which added 1.5 sen to 49.5 sen.
As $Crude Oil Futures(DEC4) (CLmain.US)$ prices surged over 5% globally, with $Brent Last Day Financial Futures(JAN5) (BZmain.US)$ trading above USD 77 per barrel, investors shifted funds into $Bursa Energy (0061I.MY)$-related stocks, which saw increased activity throughout the morning session.
Broader Market Performance
Heavyweight stocks experienced mixed performance, with $MAYBANK (1155.MY)$ and $TENAGA (5347.MY)$ each losing 4 sen, closing at RM10.50 and RM14.24, respectively. $PBBANK (1295.MY)$ slipped 2 sen to RM4.55, while $CIMB (1023.MY)$ and $IHH (5225.MY)$ fell by 5 sen and 7 sen, respectively.
On the other hand, $Bursa Construction (0003I.MY)$ stocks saw positive movement, supported by growing demand for infrastructure projects amid government initiatives. $HTPADU (5028.MY)$ was a notable gainer, adding 48 sen to close at RM4.13, while $DLADY (3026.MY)$ rose 28 sen to RM32.38.
Regional Market Impact and Future Outlook
Regionally, markets in Indonesia and Taiwan also saw declines, reflecting a broader trend of cautious trading across Asia. Investors continue to grapple with global uncertainties, including the release of the U.S. jobless claims report, which indicated a slight increase, contributing to the overall market volatility.
Heavyweight stocks experienced mixed performance, with $MAYBANK (1155.MY)$ and $TENAGA (5347.MY)$ each losing 4 sen, closing at RM10.50 and RM14.24, respectively. $PBBANK (1295.MY)$ slipped 2 sen to RM4.55, while $CIMB (1023.MY)$ and $IHH (5225.MY)$ fell by 5 sen and 7 sen, respectively.
On the other hand, $Bursa Construction (0003I.MY)$ stocks saw positive movement, supported by growing demand for infrastructure projects amid government initiatives. $HTPADU (5028.MY)$ was a notable gainer, adding 48 sen to close at RM4.13, while $DLADY (3026.MY)$ rose 28 sen to RM32.38.
Regional Market Impact and Future Outlook
Regionally, markets in Indonesia and Taiwan also saw declines, reflecting a broader trend of cautious trading across Asia. Investors continue to grapple with global uncertainties, including the release of the U.S. jobless claims report, which indicated a slight increase, contributing to the overall market volatility.
Looking ahead, Bursa Malaysia is expected to remain under pressure, with investors eyeing key global economic data and developments in the Middle East. Immediate support for $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ is expected at 1,630 points, while stronger resistance levels are set at 1,660 and 1,675. Market sentiment remains fragile, with further downside risks anticipated, particularly if geopolitical tensions escalate.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Chart the unknown, rule the game!
Trader | Analyst | Hustler
736Followers
38Following
974Visitors
Follow