Bursa Malaysia ends slightly higher on banking support

Bursa Malaysia’s main index, the FTSE Bursa Malaysia KLCI, ended slightly higher on November 3, 2021, due to selective buying in banking stocks, despite a subdued overall market sentiment. The index increased by 2.34 points or 0.14 percent to 1,621.85 from its previous close of 1,619.51. The KLCI opened at 1,620.76 and fluctuated between 1,616.19 and 1,625.88 during the day.

The broader market saw losers outnumber gainers by 652 to 403 and saw a 2.63 billion units turnover valued at RM2.64 billion, down from yesterday’s 2.65 billion units worth RM2.10 billion. Regional equities declined as semiconductor stocks continued to sell off amid worries about artificial intelligence investments and their potential returns.

Brent crude oil rebounded to US$105 a barrel following US strikes on Iran’s Qeshm Island, raising concerns over stability in West Asia despite renewed diplomatic efforts. The main factors affecting Bursa Malaysia’s performance included cautious investor sentiment and the impact of external uncertainties on domestic fundamentals.

Major stocks, such as Maybank, CIMB, and Public Bank, also showed slight gains. However, technology stocks like Nestle, Malaysian Pacific Industries, Petronas Dagangan, Kelington, and Mi Technovation experienced significant losses. The FBM Emas Index fell by 3.97 points to 12,068.32, while the FBM Top 100 Index rose by 0.56 of a point to 11,879.85.

Sector-wise, the Financial Services Index saw a notable increase of 147.51 points to 18,716.91, while the Industrial Products and Services Index declined by 1.19 points to 177.58.