KUALA LUMPUR (May 5): Bursa Malaysia reversed its earlier gains to close the morning trading session lower amid a mixed regional performance, with selling mostly seen among the heavyweights, led by stocks in financial services.
At lunch break on Thursday (May 5), the FBM KLCI was 4.93 points weaker at 1,595.50 from last Friday’s close at 1,600.43.
The barometer index opened 13.91 points higher at 1,614.34 and moved between 1,594.10 and 1,615.17 throughout the morning trading session.
On the broader market, losers outpaced gainers 493 to 392, while 398 counters were unchanged, 955 untraded and 16 others suspended.
Total turnover stood at 1.62 billion units worth RM1.14 billion.
ActivTrades trader Anderson Alves said investors would now shift their focus to data flows, especially on the labour market and inflation, including the US non-farm payrolls data on Friday, with wages and inflation expectations being critical factors to monitor.
“For the session ahead, liquidity could improve amid risk-on flows to emerging markets as China reopens after the Workers’ Day holidays,” he said in a note on Thursday.
He said investors will be keeping a close eye on the Chinese Caixin Services and Composite Purchasing Managers' Indices to better gauge the impact of the zero-Covid restrictions, higher prices and recent lockdowns due to a surge in Covid-19 cases in many regions.
“They are likely to reassess the forward global economic growth amid a slower China growth,” he noted.
Among Bursa heavyweights, Malayan Banking Bhd (Maybank) lost seven sen to RM9, Public Bank Bhd slid one sen to RM4.68 and CIMB Group Holdings Bhd shed 10 sen to RM5.10, while IHH Healthcare Bhd gained eight to RM6.69 and Petronas Chemicals Group Bhd added 20 sen to RM10.42.
Of the actives, PUC Bhd slid 1.5 sen to six sen and MN Holdings Bhd fell two sen to 22.5 sen, while Permaju Industries Bhd, Vsolar Group Bhd and Dynaciate Group Bhd stayed unchanged at 9.5 sen, one sen and 14 sen respectively.
On the index board, the FBM 70 contracted 111.17 points to 13,661.01, the FBM Emas Index shrank 40.60 points to 11,425.48, the FBMT 100 Index weakened 47.21 points to 11,073.29, the FBM Emas Shariah Index narrowed 22.63 points to 11,999.65 and the FBM ACE eased 49.88 points to 5,528.79.
Sector-wise, the Financial Services Index slumped 138.09 points to 16,788.71 and the Plantation Index declined 8.35 points to 8,812.65, while the Industrial Products and Services Index was 0.80 of a point better at 210.83.