Bursa Malaysia closes weaker, plantation index tumbles 156 points amid profit‑taking pressure

KUALA LUMPUR, Sept 4 — Bursa Malaysia closed weaker on the final trading day of the week, with the plantation sector falling sharply amid profit-taking pressure. The FTSE Bursa Malaysia KLCI index ended at 1,708.10, down 7.03 points from its previous close of 1,715.13. The broader market saw more losses than gains, with 568 stocks falling, 523 gaining, and 596 remaining unchanged.

Turnover for the day reached 4.33 billion units, valued at RM2.98 billion, up from 3.90 billion units, valued at RM3.21 billion the day before. Mohd Sedek Jantan, IPPFA Sdn Bhd's director of investment strategy and country economist, attributed the pullback to profit-taking and valuation consolidation following the plantation sector's strong recent performance.

The November CPO futures remained firm at around RM4,897 per tonne, up about 22% year-to-date, providing a supportive earnings backdrop for plantation companies. Analysts noted that the weakness was more a result of digesting strong gains rather than a deterioration in commodity fundamentals. Among the heavyweights, Maybank and Public Bank both dropped two sen to RM10.56 and RM4.98, respectively, while Tenaga Nasional fell six sen to RM13.62.

The FBM ACE Index climbed 29.81 points to 5,217.47, while the FBM Emas Index dropped 57.89 points to 12,625.45. Sector-wise, the Plantation Index declined 156.10 points to 9,337.92, the biggest drop among the indices.