Malaysia (Commonwealth Union)_ According to one analyst, the sustained selling in heavyweight companies as a result of the selloff on the global market caused Bursa Malaysia to conclude the day substantially down. On the larger market, decliners outperformed gainers 787 to 197, while 302 counters were unchanged, 1,073 remained untraded, and 17 others were halted. 2.35 billion units, or RM1.86 billion, were sold.
After the United States (US) announced steps limiting their access to some US-made technologies, Thong Pak Leng, vice president of equity research at Rakuten Trade Sdn Bhd, stated that major regional indexes trended generally down with selling concentrated in technology companies. However, yesterday’s hawkish remarks from Lael Brainard, vice chair of the US Federal Reserve, who stated that the central bank has no plans to make a dovish shift in the foreseeable future, negatively impacted mood in the region.
Thong did point out that the FBM KLCI was still oversold, which might lead to bargain-seeking activity. Maybank, Public Bank, and IHH Healthcare all had declines among the Bursa heavyweights, with Maybank losing 21 sen to RM8.44, Public Bank losing six sen to RM4.20, and IHH Healthcare losing 11 sen to RM5.65. Petronas Chemicals regained two sen to RM8.59, while CIMB gained four sen to RM5.29. In terms of the actives, MYEG fell 2.5 sen to 88.5 sen, Advance Synergy and Icon Offshore increased by one sen to seven and twelve sen, respectively, Top Glove decreased by two sen to 62.5 sen, and Velesto decreased by half a sen to 11.5 sen. Sector-wise, the Industrial Products and Services Index slipped 3.46 points to 170.59, the Plantation Index dropped 91.57 points to 6,375.75, and the Energy Index down 21.43 points to 675.76. The Financial Services Index was down 187.07 points at 15,885.14.
Compared to 1.23 billion shares for RM1.25 billion on Friday, the Main Market volume increased to 1.48 billion shares worth RM1.62 billion. From 181.42 million units valued at RM34.13 million to 343.11 million units valued at RM53.76 million, warrant turnover increased. In comparison to the previous week, the ACE Market volume increased to 521.01 million shares worth RM184.89 million. 241.46 million shares were traded on the Main Market in consumer products and services counters, 423.28 million in industrial products and services, 44.34 million in construction, 177.37 million in technology, nil in SPAC, 82.25 million in financial services, 89.37 million in real estate, 17.49 million in plantations, 4.25 million in REITs, 4,300 in closed/fund, 231.39 million in energy, 97.72 million in healthcare, 39.05 million in (14.95 million)
