BURSA MALAYSIA ENDS EASIER AMID CONSOLIDATION MODE   

By Karina Imran

KUALA LUMPUR, Sept 23 (Bernama) -- Bursa Malaysia trended in a tight range and closed easier today as it has entered into a consolidation mode following two days of uptrend, said an analyst. 

The FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.52 points, or 0.21 per cent, to 1,665.30 at the close from Friday's close of 1,668.82.

It opened 1.09 points firmer at 1,669.91, trading between 1,658.48 and 1,671.62 throughout today's session.

In the broader market, decliners outpaced gainers 675 to 458, while 500 counters were unchanged, 894 untraded and 30 suspended.

Turnover fell to 3.36 billion units worth RM3.17 billion from Friday's 4.19 billion units worth RM5.97 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng views the consolidation phase positively as it helps build a stronger foundation for future gains. 

"By taking a brief pause, the market can establish new support levels, paving the way for further upward movement. 

"As such, we anticipate the benchmark index to trend within the range of 1,660-1,680 for the week," he told Bernama. 

Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the negative performance of Bursa Malaysia was weighed down by the lack of fresh catalysts, in contrast to the positive performance of other regional equity indices.

"Investors will focus on the preliminary US Manufacturing and Services Purchasing Managers Index (PMI) data for August (due to be released) later today, with any positive surprises from the data likely to move the market," he said. 

On regional developments, Mohd Sedek said the composite indices in China and Hong Kong were among today's gainers, with market participants anticipating further economic stimulus measures from the Chinese government to support growth. 

He said a scheduled briefing tomorrow by several financial regulators is expected to provide more clarity on upcoming financial support initiatives aimed at fostering economic development.

Back home, heavyweights Maybank and Tenaga Nasional gained 10 sen to RM10.70 and RM14.74, respectively, IHH Healthcare added one sen to RM7.11, while CIMB shed 10 sen to RM8.34 and Public Bank was flat at RM4.70. 

As for the active counters, Globetronics Technology rose eight sen to 69 sen and Capital A gained three sen to 92 sen. 

However, MY E.G. Services slipped 3.5 sen to 91 sen, Ekovest and Iskandar Waterfront City inched down half-a-sen to 38 sen and 61.5 sen, respectively.

On the index board, the FBM Emas Index weakened 33.60 points to 12,505.15, the FBM Emas Shariah Index fell 55.16 points to 12,357.31, the FBMT 100 Index dipped 33.67 points to 12,197.54, the FBM 70 Index lost 78.52 points to 17,863.38, and the FBM ACE Index shaved 17.06 points to 5,185.77.

By sector, the Financial Services Index garnered 10.03 points to 19,698.84, the Energy Index gave up 5.47 points to 871.25, the Plantation Index declined 24.66 points to 7,151.99, and the Industrial Products and Services Index eased 1.54 points to 177.30.

The Main Market volume was lower at 1.85 billion units worth RM2.95 billion, compared to Friday's 2.74 billion units worth RM5.72 billion.

Warrant turnover increased to 1.19 billion units worth RM131.30 million from 1.05 billion units worth RM108.90 million previously.

The ACE Market volume narrowed to 320.38 million units worth RM87.01 million, down from 393.99 million units worth RM135.41 million.

Consumer products and services counters accounted for 270.55 million shares traded on the Main Market, industrial products and services (346.22 million), construction (216.36 million), technology (270.82 million), SPAC (nil), financial services (117.68 million), property (291.41 million), plantation (17.79 million), REITs (13.47 million), closed/fund (5,000), energy (83.37 million), healthcare (88.58 million), telecommunications and media (28.23 million), transportation and logistics (35.75 million), utilities (72.42 million), and business trusts (70,900).

-- BERNAMA