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Bursa Malaysia pares losses on late buying of telco, banking stocks

KUALA LUMPUR: Bursa Malaysia pared early losses thanks to late buying today, particularly in telecommunications and banking stocks.  

The FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.06 points, or 0.12 per cent, to settle at 1,671.32 from Wednesday's close.

The FBM KLCI, which opened 3.19 points lower at 1,670.19, moved between 1,666.19 and 1,672.60 throughout the day.

On the broader market, decliners outnumbered gainers by 582 to 525 while 493 counters were unchanged, 916 untraded and 51 suspended.

Turnover dropped to 3.13 billion units worth RM2.84 billion from Wednesday's 3.59 billion units worth RM3.29 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained in consolidation mode after previous strong gains.

However, Thong believes this is a temporary phase, allowing the market to build a solid foundation around the 1,660 level.

"We remain positive on the local market, with the FBM KLCI poised for a potential breakout. As momentum builds, we anticipate further advances, signalling a healthy upward trajectory in the near term.  

"As such, we expect the benchmark index to trend within the 1,660-1,680 range towards the weekend," he said.

Among the actives, Sarawak Cable Bhd and Artroniq Bhd put on four sen each to 14.5 sen and 12 sen respectively, while Pegasus Heights Bhd inched up half-a-sen to one sen and Bahvest Resources Bhd rallied 7.5 sen to 71 sen.

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