KUALA LUMPUR (April 15): Bursa Malaysia ended trading at an intraday low on Monday due to weak investor sentiment amid escalating geopolitical tensions in the Middle East, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 8.51 points, or 0.55%, to 1,542.53 from last Friday’s close of 1,551.04. 

The benchmark index opened 5.59 points lower at 1,545.45, and reached its intraday high of 1,548.34 during the mid-morning session.

Market breadth was negative with decliners leading gainers 993 to 230, while 374 counters were unchanged, 755 untraded and 11 others suspended.

Turnover increased to 4.28 billion units worth RM3.25 billion from 3.88 billion units worth RM3 billion last Friday.   

Rakuten Trade Sdn Bhd equity research vice president Thong Pak Leng said the key regional indices were also mostly lower, with persistent concerns over higher-for-longer US interest rates weighing on investor sentiment. 

Japan’s Nikkei declined 0.74% to 39,232.80, Singapore’s Straits Times Index slid 1.09% to 3,183.61, South Korea’s Kospi slipped 0.42% to 2,670.43, and Hong Kong’s Hang Seng Index shed 0.72% to 16,600.46.

"On the domestic front, we anticipate short-term market sentiment to remain jittery amid uncertainty in global [economic] performance. 

"Simultaneously, investors are advised to stay alert for bargain-hunting opportunities should there be a positive outcome from the ceasefire talks," he said. 

As such, Thong anticipates the KLCI to remain in consolidation and trend within the 1,538-1,570 range for the week.

Meanwhile, Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said the KLCI’s performance on Monday reflected the ongoing selling pressure following the Middle East conflict over the weekend. 

He said the trend is expected to persist once the US market opens, driven by persistent inflationary pressures and escalating geopolitical tensions. 

"Profit-taking activities are anticipated to continue throughout the week. 

"While the crisis in the Middle East is not likely to significantly impact global equities, investors are expected to take a defensive approach," he said.

Among the heavyweights, Maybank Bhd was flat at RM9.65, Public Bank Bhd and IHH Healthcare Bhd lost six sen to RM4.12 and RM6.03, respectively, CIMB Group Holdings Bhd inched down three sen to RM6.58, and Tenaga Nasional Bhd dipped 10 sen to RM11.60. 

As for the actives, Velesto Energy Bhd and Bina Puri Holdings Bhd were flat at 27.5 sen and eight sen, respectively, both Dagang NeXchange Bhd and Harvest Miracle Capital Bhd eased half a sen to 41 sen and 11.5 sen, respectively, while Eversendai Corp Bhd gained 4.5 sen to 37.5 sen.

On the index board, the FBM Emas Index went down 97.62 points to 11,600.2, the FBMT 100 Index fell 87.86 points to 11,239.06, and the FBM 70 Index tumbled 232.72 points to 16,159.85.

The FBM ACE Index declined 103.65 points to 4,996.47 and the FBM Emas Shariah Index decreased 106.41 points to 11,756.58.

Sector-wise, the Plantation Index gave up 38.07 points to 7,432.62, the Industrial Products and Services Index eased 0.84 of a point to 183.82, the Financial Services Index sank 102.65 points to 17,169.15, and the Energy Index slipped 2.60 points to 966.49.

The Main Market volume rose to 2.42 billion units valued at RM2.88 billion versus 2.16 billion units valued at RM2.65 billion last Friday. 

Warrants turnover improved to 1.12 billion units worth RM121.17 million against 913.7 million units worth RM101.73 million previously.  

The ACE Market volume dwindled to 723.24 million shares worth RM241.84 million from 787.74 million shares worth RM239.77 million on Friday.

Consumer products and services counters accounted for 400.07 million shares traded on the Main Market, industrial products and services (465.87 million), construction (333.55 million), technology (238.23 million), SPAC (nil), financial services (104.39 million), property (388.51 million), plantation (70.33 million), REITs (24.01 million), closed/fund (31,200), energy (203.48 million), healthcare (58.92 million), telecommunications and media (40.68 million), transportation and logistics (34.24 million), and utilities (54.29 million).