FBM KLCI Ends in the Red as Market Sentiment Remains Subdued
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Bursa Malaysia experienced a dip on Wednesday, October 23, 2024, with $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ closing at its intraday low of 1,641.53, down 1.01 points or 0.06%. Last-minute selling of key heavyweights such as $AIRPORT (5014.MY)$ and Bursa Malaysia contributed to the decline, reflecting weak investor confidence.
Regional Market Weakness Weighs on Sentiment
The overall performance of regional markets, notably the $Nikkei 225 (.N225.JP)$ and $Hang Seng Index (800000.HK)$, influenced local trading sentiment. Investors displayed caution due to uncertainties surrounding global market conditions, including the upcoming general elections in the U.S. and Japan. The subdued sentiment led to lower turnover and a lack of significant buying interest.
Active Counters and Sectoral Performance
Despite the overall decline, certain sectors showed resilience. $Bursa Finance Services (0010I.MY)$ sector, led by $HLBANK (5819.MY)$ and $CIMB (1023.MY)$, contributed gains, while $Bursa Technology (0005I.MY)$ extended its rally for the sixth consecutive day. Among the active counters, $INGENIEU (5178.MY)$ was the most traded stock, gaining 0.5 sen to close at 5.5 sen. Other notable gainers included $NESTLE (4707.MY)$ and $MPI (3867.MY)$, which saw strong performances.
Cautious Outlook Amid Global Uncertainty
Investors remain cautious as they anticipate further developments in major U.S. corporate earnings reports. The rise in U.S. Treasury yields and a stronger U.S. dollar have also dampened market sentiment. However, local investors found some optimism from China’s recent market-stabilization measures, which provided a slight boost to market confidence.
Despite the overall decline, certain sectors showed resilience. $Bursa Finance Services (0010I.MY)$ sector, led by $HLBANK (5819.MY)$ and $CIMB (1023.MY)$, contributed gains, while $Bursa Technology (0005I.MY)$ extended its rally for the sixth consecutive day. Among the active counters, $INGENIEU (5178.MY)$ was the most traded stock, gaining 0.5 sen to close at 5.5 sen. Other notable gainers included $NESTLE (4707.MY)$ and $MPI (3867.MY)$, which saw strong performances.
Cautious Outlook Amid Global Uncertainty
Investors remain cautious as they anticipate further developments in major U.S. corporate earnings reports. The rise in U.S. Treasury yields and a stronger U.S. dollar have also dampened market sentiment. However, local investors found some optimism from China’s recent market-stabilization measures, which provided a slight boost to market confidence.
Mixed Performance Across Market Indices
While $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ ended lower, the broader market saw positive breadth with 563 gainers outpacing 471 decliners. However, the overall market volume remained tepid, with a total turnover of 3.23 billion shares valued at RM2.64 billion. Other indices such as $FTSE Bursa Malaysia EMAS Index (.FBMEMAS.MY)$ and $FTSE Bursa Malaysia Mid 70 Index (.FBM70.MY)$ posted modest gains, while $FTSE Bursa Malaysia ACE Index (.FBMMES.MY)$ and $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.MY)$ declined, indicating mixed sectoral performance.
In conclusion, Bursa Malaysia’s performance mirrored regional market weakness, with cautious sentiment driving last-minute selling. Despite a few sectors showing resilience, the market remains under pressure from global economic uncertainties.
While $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ ended lower, the broader market saw positive breadth with 563 gainers outpacing 471 decliners. However, the overall market volume remained tepid, with a total turnover of 3.23 billion shares valued at RM2.64 billion. Other indices such as $FTSE Bursa Malaysia EMAS Index (.FBMEMAS.MY)$ and $FTSE Bursa Malaysia Mid 70 Index (.FBM70.MY)$ posted modest gains, while $FTSE Bursa Malaysia ACE Index (.FBMMES.MY)$ and $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.MY)$ declined, indicating mixed sectoral performance.
In conclusion, Bursa Malaysia’s performance mirrored regional market weakness, with cautious sentiment driving last-minute selling. Despite a few sectors showing resilience, the market remains under pressure from global economic uncertainties.
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