Bursa Malaysia reverses early gains as declining stocks dominate
Market turnover reached RM95.01 million, with 265 counters falling and 107 advancing in early trading.
Malaysia’s FBM KLCI traded at 1,610.50 at 9.13 am, down 0.66 of a point, or 0.04 per cent, after an initially positive opening. The index had started at 1,611.86, gaining 0.70 of a point from the previous close of 1,611.16.
Declines spread across the market, with 265 counters losing ground against 107 that advanced. Another 265 were flat, while 2,143 had not traded and 66 were suspended. Trading volume reached 291.30 million units, valued at RM95.01 million.
Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, linked Wall Street’s mostly lower close to weaker earnings at Alphabet Inc. He said the results had renewed concerns about the substantial capital spending needed for artificial intelligence investments.
Major Malaysian stocks moved in different directions. CIMB climbed seven sen to RM6.96, Maybank advanced two sen to RM10.02 and IHH Healthcare gained four sen to RM7.89. Public Bank slipped one sen to RM4.72, whereas Tenaga Nasional held at RM13.30.
Country View led advancing stocks with a 14-sen increase to RM2.85. Among the leading decliners, Malaysian Pacific Industries dropped 60 sen to RM40.90 and UWC Bhd lost 20 sen to RM7.44. Sector indices for energy, financial services and plantations rose, while the Industrial Products and Services Index declined 0.36 of a point to 177.03.
