Bursa ends lower amid profit-taking
Across the region, equities were mostly higher as investors assessed the implications of a divided US government, says analyst.
Bursa Malaysia experienced a decline on Thursday, partly due to profit-taking in certain banking and telecommunications giants. Despite this, small-cap technology stocks witnessed renewed buying interest. Rakuten Trade Sdn Bhd's equity research vice-president, Thong Pak Leng, noted that global equities were largely higher, with Hong Kong and mainland China recovering as investors analyzed the impact of a divided US government.
US Treasury yields easing and a weaker US dollar provided some market sentiment relief. Brent crude oil remained around US$103 per barrel, buoyed by renewed optimism in West Asia's diplomatic progress. Despite external uncertainties, Thong expressed cautious optimism, citing discounted valuations of select blue-chip stocks and selective accumulation of fundamentally sound blue-chip stocks as potential market recovery indicators.
The FTSE Bursa Malaysia KLCI closed 0.32% lower at 1,616.56, while turnover amounted to 2.81 billion units valued at RM2.57 billion. Within the heavyweight stocks, Maybank fell 14 sen to RM9.90, Public Bank decreased by four sen to RM4.77, Tenaga Nasional slipped to RM13.14, and CIMB declined to RM6.91. Some smaller-cap stocks, however, saw gains, with MPI reaching RM40.62 and Vitrox increasing to RM10.90.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
