Profit-taking Drags Bursa Malaysia To Close Mixed Despite Upbeat Regional Markets

By Anas Abu Hassan and Danni Haizal Danial Donald

KUALA LUMPUR, June 24 (Bernama) -- Bursa Malaysia closed mixed today with the benchmark index slipping 0.15 per cent due to profit-taking in selected blue chips, despite improving sentiment in key regional market performance, an analyst said.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.32 points to 1,514.29 from Monday’s close of 1,516.61.

The barometer index, which opened 2.36 points lower at 1,514.25, and moved to a low of 1,511.09 in early trade before paring some losses to hit the day’s high 1,519.06 during the mid-morning session.

Meanwhile, the broader market was positive, with 634 gainers outnumbering 346 decliners, while 458 counters were unchanged, 1,000 untraded and 41 suspended.

Turnover dwindled to 2.53 billion units worth RM2.04 billion against 3.09 billion units worth RM1.91 billion recorded on Monday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended higher as investor sentiment improved following US President Donald Trump’s announcement of a provisional ceasefire between Israel and Iran.

Back home, Thong noted that sentiment in the local bourse is likely to remain cautiously optimistic amid ongoing geopolitical developments.

"However, as peace talks have yet to reach a firm conclusion, investors are advised to remain vigilant," he told Bernama, adding that the key index is expected to move between 1,500-1,530 this week.

Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd’s head of investment research Mohd Sedek Jantan said that investors appeared to have adopted a cautious stance today amid prevailing market conditions.

"The wait-and-see sentiment was also evident in overall market participation, as trading volume declined compared to the previous day," he added.

Among the heavyweights, Maybank was 13 sen firmer at RM9.80, while Public Bank slipped 11 sen to RM4.31, Tenaga Nasional slid four sen to RM14.26, CIMB shed three sen to RM6.77, and IHH Healthcare dipped 26 sen to RM6.59.

For the most actively traded stocks, oil and gas-related Reservoir Link lost 12 sen to 31 sen and Hibiscus Petroleum fell 16 sen to RM1.67, while Tanco gained two sen to 94 sen, while Main Market debutant Cuckoo and D’nonce Technology were both flat at RM1.08 and three sen respectively.

-- BERNAMA