Bursa Malaysia ends on softer note despite OPR status quo

KUALA LUMPUR, March 9 (Bernama) — Bursa Malaysia closed on a softer note despite Bank Negara Malaysia’s decision to retain the overnight policy rate (OPR) as investors remained wary of interest rate hike in the United States and risk of recession on a global scale.

At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 5.13 points to 1,449.53 from yesterday’s closing of 1,454.66.

The key index opened 0.16 of-a-point higher at 1,454.82 and moved between 1,448.45 and 1,455.12 throughout the trading session.

Market breadth was negative with losers leading gainers 451 to 402, while 406 counters were unchanged, 984 untraded and 11 others suspended.

Turnover amounted to 2.66 billion units worth RM1.94 billion.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI continued to trend lower after a lacklustre trading session with key regional markets mostly in negative territory.

However, back home, he reckoned that market sentiment should improve slightly as BNM maintained the OPR at 2.75 per cent.

The central bank kept the key rate unchanged at 2.75 per cent for a second consecutive time after making a cumulative 100-basis point hike since May 2022.

“On the other hand, investors should stay alert on the increasing market volatility and external uncertainties.

“As such, we expect the FBM KLCI to trend sideways with an upside bias within the 1,450-1,470 level towards the weekend,” he told Bernama.

Bursa Malaysia heavyweights Sime Darby Plantation declined 17 sen to RM4.30, Press Metal shed one sen to RM5.10, IOI Corporation decreased seven sen to RM3.89, while Maxis added three sen to RM4.02.

The Financial Services Index, meanwhile, rose 8.44 points to 16,114.00. Among banking stocks, Maybank rose four sen to RM8.71, Public Bank increased two sen to RM4.13, CIMB decreased seven sen to RM5.50, and Hong Leong Bank eased four sen to RM20.52.

As for active counters, Astro shed six sen to 67 sen, Vinvest Capital was flat at 22.5 sen, Top Glove increased four sen to 71.5 sen, while Careplus and BSL Corporation rose 1.5 sen each to 26 sen and 13 sen respectively.

On the index board, the FBM Emas Index fell 33.24 points to 10,572.51, the FBMT 100 Index dwindled 34.09 points to 10,249.25, the FBM Emas Shariah Index trimmed 48.60 points to 10,810.18, the FBM ACE Index was 8.96 points lower at 5,446.60, and the FBM 70 Index gave up 35.29 points to 13,453.67.

Sector-wise, the Energy Index declined 7.51 points to 883.09, the Plantation Index sank 109.50 points to 6,829.93 and the Industrial Products and Services Index eased 1.39 points to 175.83.

The Main Market volume shrank to 1.74 billion shares worth RM1.64 billion from Wednesday’s 2.81 billion shares worth RM1.97 billion.

Warrants turnover dipped to 247.91 million units worth RM39.35 million from 355.55 million units worth RM61.35 million previously.

The ACE Market volume expanded to 668.78 million shares worth RM261.42 million from 590.55 million shares worth RM255.46 million yesterday.

Consumer products and services counters accounted for 252.53 million shares traded on the Main Market, industrial products and services (431.43 million); construction (66.38 million); technology (191.32 million); SPAC (nil), financial services (51.78 million); property (99.45 million); plantation (31.22 million); REITs (9.97 million), closed/fund (4,700); energy (106.86 million); healthcare (245.00 million); telecommunications and media (119.55 million); transportation and logistics (30.08 million); and utilities (113.07 million).

Source: BERNAMA News Agency