Bursa Malaysia slips again with power, utilities & banking stocks under pressure

KUALA LUMPUR: Bursa Malaysia ended in red for the fifth consecutive day despite a strong start in early session due to late selling pressure on power, utilities and banking stocks.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 9.13 points or 0.57 per cent to 1,576.46 from Monday's close of 1,585.59.  

The benchmark index opened 7.38 points higher at 1,592.97 and hovered between 1,576.46 and 1,599.43 during the trading session.

On the broader market, losers led gainers 588 to 400, while 529 counters were unchanged, 842 untraded and 17 suspended.

Turnover increased to 3.45 billion units valued at RM2.73 billion against Monday's 2.85 billion units valued at RM2.54 billion.  

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the FBM KLCI closed lower due to late selling on power, utilities and banking stocks.  

Meanwhile, key regional indices trended positively, buoyed by bargain hunting activities following the recent sell-off.

Thong added that China and Hong Kong closed sharply higher after the Chinese securities regulator pledged measures to stabilise the market following a shaky start to the year.

He said investors are awaiting clarity on whether new tariffs will be introduced on Chinese exports after US president-elect Donald Trump takes office next week.

"On the domestic front, we remain cautious, however, the benchmark appears near oversold territory, encouraging continued accumulation but external factors and elevated global market volatility weigh on sentiment.

"Hence, we foresee the FBM KLCI to trend within 1,570 to 1,600 range for the remainder of the week," Thong said.

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