Bursa Malaysia ends morning session lower on continued selling

Bursa Malaysia ends morning session lower on continued selling
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KUALA LUMPUR (May 19): Bursa Malaysia ended the morning session lower on continued selling in selected heavyweights led by Press Metal Aluminium Holdings Bhd, Public Bank Bhd, and Top Glove Corporation Bhd.

Press Metal gave up 20 sen to RM5.08, Public Bank deducted three sen to RM4.58 and Top Glove fell six sen to RM1.47. These three stocks dragged down the composite index by a total contribution of 4.721 points.

At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.89 points or 0.25% to 1,551.02 from Wednesday's close of 1,554.91.

The benchmark index opened 4.67 points easier at 1,550.24.

On the broader market, decliners outnumbered advancers 645 to 217, while 342 counters were unchanged, 1,065 untraded, and 22 others suspended.

Turnover stood at 1.6 billion units worth RM1.03 billion.

The local bourse’s weak performance was in line with most of its regional peers, with Singapore’s Straits Times erasing 0.41% to 3,212.05, China’s Shanghai Stock Exchange inching down 0.08% to 3,083.39, Japan’s Nikkei giving up 1.76% to 26,437.84, Hong Kong’s Hang Seng dropping 2.25% to 20,179.30 and South Korea’s Kospi sliding 1.3% to 2,591.76.

Malacca Securities Sdn Bhd, in a note on Thursday, said market sentiment was expected to remain fragile as volatility and selling pressure resumed on Wall Street on the back of inflation fears and weak results from retailers.

"Also, the hard-hit technology stocks may face further selloff under this interest rate hike environment.

"We expect the transportation and logistics sector to benefit from the rising Baltic Exchange Dry Index amid declining Covid-19 cases in China," it added.

On the recovery themed sectors, the brokerage said it favoured consumer, tourism and real estate investment trusts.

Among the heavyweights, Malayan Banking Bhd fell three sen to RM8.96, CIMB Group Holdings Bhd and Tenaga Nasional Bhd eased one sen each to RM5.06 and RM9.19 respectively, and Hong Leong Bank Bhd dropped 18 sen to RM21.02, while Petronas Chemicals Group Bhd rose two sen to RM10.

Of the actives, Serba Dinamik Holdings Bhd and Sapura Energy Bhd slipped half-a-sen each to 15.5 sen and seven sen respectively, while Techna-X Bhd gained one sen to six sen, MNC Wireless Bhd added half-a-sen to 2.5 sen, and Country Heights Holdings Bhd bagged 1.5 sen to 85 sen.

On the index board, the FBM ACE dropped 42.41 points to 5,279.96, the FBM Emas Shariah Index erased 47.33 points to 11,495.55, the FBM Emas Index slid 39.31 points to 11,061.3, the FBMT 100 Index fell 33.8 points to 10,733.91, and the FBM 70 lost 69.27 points to 13,117.36.

Sector-wise, the Industrial Products and Services Index was 1.73 points lower at 197.25 and the Financial Services Index dropped 62.68 points to 16,604.23, while the Plantation Index increased 34.83 points to 8,257.59.