The Thinker wrote a post · Dec 18 07:57

Bursa Malaysia Slips Below 1600 as Uncertainty Looms

Get more detailed information and trading ideas on our Official Telegram Channel

FBM KLCI closes lower as global uncertainties weigh on market sentiment

Bursa Malaysia closed lower on Tuesday as $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ dropped 0.59% to settle at 1,597.33 points. The index dipped below the psychological 1,600-point mark amid renewed global uncertainties, weaker investor sentiment, and selloffs in heavyweights, including $Bursa Finance Services (0010I.MY)$ and $Bursa Plantation (0025I.MY)$ sectors.

Broad Market Performance

The broader market reflected bearish sentiment with 704 losers surpassing 346 gainers, while 530 counters remained unchanged. Total trading volume declined to 2.99 billion shares, valued at RM2.435 billion, compared to the previous day’s 3.16 billion shares worth RM2.454 billion. Market breadth remained negative, signaling persistent selling pressure.

Heavyweight Performers

The performance of heavyweight stocks dragged the index lower. $TENAGA (5347.MY)$ climbed 0.46% to RM13.80, while $PETGAS (6033.MY)$ rose 0.46% to RM17.46, supported by selective buying interest. On the downside, $SIME (4197.MY)$ fell sharply by 3.38%, closing at RM2.43, while $NESTLE (4707.MY)$ tumbled RM1.42 to settle at RM97.80, marking significant declines in high-cap stocks.

Profit-taking hits plantation and banking sectors, pulling the market further down

Sectoral Analysis

$Bursa Plantation (0025I.MY)$ and $Bursa Finance Services (0010I.MY)$ sectors experienced notable weaknesses. $SIME (4197.MY)$ and $PMETAL (8869.MY)$ emerged as the day’s top losers, reflecting profit-taking activities. Meanwhile, $Bursa Finance Services (0010I.MY)$ sector remained under pressure, with $MAYBANK (1155.MY)$ shedding RM0.14 to close at RM10.10, and $HLBANK (5819.MY)$ slipping RM0.62 to RM17.90.

Top Gainers and Losers

Among the top gainers, $BLDPLNT (5069.MY)$ surged 5.6% to RM11.44, and $UTDPLT (2089.MY)$ rose RM0.40 to RM32.40 on buying interest in selected $Bursa Plantation (0025I.MY)$ stocks. Conversely, $NESTLE (4707.MY)$ led the laggards, declining RM1.42 due to profit-taking, followed by $PMETAL (8869.MY)$, which dropped RM0.38.

Active stocks see high trading volume despite overall market softness

Active Stocks and Volume Leaders

$VANZO (0333.MY)$ topped the most active list, trading 201.6 million shares and closing at RM0.165. $MYEG (0138.MY)$ and $PESTECH (5219.MY)$ recorded notable trading volumes, reflecting investor interest despite overall market weakness.

Ringgit Performance

The Malaysian ringgit depreciated slightly against the US dollar $USD/MYR (USDMYR.FX)$, closing at 4.4710, while trading at 3.3102 against the Singapore dollar $SGD/MYR (SGDMYR.FX)$. Weak regional sentiment and cautious trading ahead of upcoming economic data weighed on the currency.

Global Market Influence

Global uncertainties and cautious investor sentiment continued to pressure Bursa Malaysia. Key concerns surrounding global economic growth, inflation fears, and the US Federal Reserve’s policy stance influenced trading patterns. Regional markets also traded mixed, with Japan and South Korea edging higher while China and Hong Kong markets remained subdued.

Investors remain cautious as markets look for clarity on global economic cues

Outlook for Bursa Malaysia

Moving forward, $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ is likely to remain under pressure amid persistent selling activities and global uncertainties. Investors are expected to adopt a wait-and-see approach as they monitor economic developments, particularly in the US and China.

Conclusion

Bursa Malaysia ended the trading session on a weak note, reflecting cautious investor sentiment and selling pressure across key sectors. Despite gains in select counters, the broader market showed bearish trends as $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ dipped below the 1,600-point mark. Investors remain focused on global economic cues and domestic market performance in the coming sessions.

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more

Translate

Report

107 Views

Comment

The Thinker

Chart the unknown, rule the game! Trader | Analyst | Hustler

820Followers

39Following

1137Visitors