Bursa Malaysia skids partially on selloffs of YTL-linked counters

KUALA LUMPUR: Bursa Malaysia ended lower on Friday, dragged by strong selloffs in YTL-related stocks following the plan to issue non-tradeable warrants.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.47 points or 0.22 per cent to 1,573.73 from Thursday's close of 1,577.20.

The index opened 0.30 of-a-point higher at 1,577.50 and moved between 1,566.84 and 1,577.50 throughout the day.

On the broader market, losers outpaced gainers 654 to 314, while 491 counters unchanged, 962 untraded and 133 suspended.

Turnover was lower at 3.0 billion units valued at RM3.06 billion from Thursday's 3.23 billion units valued at RM2.74 billion.

Rakuten Trade equity research vice president Thong Pak Leng said the FBM KLCI ended lower today, dragged down by heavy selling pressure in YTL Corporation Bhd and YTL Power International Bhd.

Meanwhile, key regional indices advanced, buoyed by record highs on Wall Street and rising optimism about additional policy relief for China. 

Thong said reports indicate that the Chinese government has urged state-run insurers and financial institutions to inject more capital into local equities, boosting sentiment.  

On the local front, he said the benchmark index remained range-bound, struggling to break out above the key resistance of 1,580. 

"A strong close above this level, supported by robust volume, would signal a bullish recovery and open the door for a move toward the next target at 1,600. 

"We expect next week's trading to be muted due to the Chinese New Year holidays, keeping the index within a tight range between 1,560 and 1,580, representing key support and resistance levels," he added.