KL shares turn lower amid signs of short-term downturn

Share prices on Bursa Malaysia closed lower today as equity market sentiment showed a short-term downturn, following weakness in Europe and growing geopolitical risks in Ukraine, a dealer said.

At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 9.57 points to 1,866.11, its lowest level of the day. The market barometer moved between 1,866.11 and 1,879.53 throughout the day.

Affin Investment Bank vice-president and head of retail research Dr Nazri Khan Adam Khan said the FBM KLCI retreated from its 1,880 resistance level which is the 50-day moving average.

"Although trading volume remains respectable at 3.22 billion shares worth RM2.85 billion, we note that most of the actively traded stocks are over-extended small cap heroes which have led the market over the weeks," he told Bernama.

He said the FBM KLCI might have stalled temporarily at the 1,880 level and should therefore move sideways amid the absence of fresh market leads.

He added that all of the major sector indices, including Finance and Trading Services, remained confined to a narrow range and total trading volume was relatively flat.

On the scoreboard, the Finance Index declined 38.869 points to 17,466.32, the Industrial Index erased 16.91 points to 3,242.98 and the Plantation Index fell 69.01 points to 8,527.57.

The FBM Emas Index was 63.64 points lower at 12,995.11, the FBMT100 Index lost 58.26 points to 12,582.95, the FBM 70 decreased 41.24 points to 14,173.46 and the FBM Ace shed 16.06 points to 6,903.7.

Losers outpaced gainers 660 to 251, while 262 counters remained unchanged, 456 were untraded and 28 others were suspended.

Total volume rose to 3.22 billion shares worth RM2.85 billion, from 3.01 billion shares worth RM2.2 billion on Thursday.

Among active counters, Sumatec lost 2.5 sen to 46.5 sen, while Sanichi and PDZ slipped half a sen each to 13.5 sen and 30.5 sen, respectively. Hubline was flat at five sen while Iris gained two sen to 38.5 sen.

Of the heavyweights, Maybank and Public Bank were flat at RM10.10 and RM19.28 respectively. TNB shed six sen to RM12.38 while CIMB and Axiata lost two sen each to RM7.38 and RM6.93 respectively.

The Main Market volume increased to 2.22 billion units worth RM2.62 billion, from 1.89 billion units worth RM1.98 billion yesterday.

Turnover on the ACE Market declined to 948.73 million shares valued at RM217.93 million, from 1.07 billion shares valued at RM212.24 million.

Warrants edged up slightly to 44.53 million units worth RM5.38 million, from 44.26 million units worth RM7.23 million previously.

Consumer products accounted for 180.41 million shares traded on the Main Market, industrial products (304.21 million), construction (70.6 million), trade and services (1.22 billion), technology (63.53 million), infrastructure (35.22 million), SPAC (77.8 million), finance (64.04 million), hotels (1.66 million), properties (173.98 million), plantations (23.42 million), mining (466,300), REITs (4.83 million), and closed/fund (13,000). – Bernama, August 29, 2014.