Malaysian Stock Market Closes Lower

By Harizah Hanim Mohamed KUALA LUMPUR, March 14 (Bernama) -- The Malaysian stock market (Bursa Malaysia) ended easier Thursday, with the benchmark index losing 0.22 per cent on lack of market catalyst, while investors were more excited in chasing small-capitalised and third liner stocks. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 3.72 points lower at 1,674.52 compared with Wednesday’s close of 1,678.24. The benchmark index opened 2.58 points lower at 1,675.66 and moved between 1,673.47 and 1,678.88 throughout the day. Maybank Investment Bank chartist Nik Ihsan Raja Abdullah said the sluggish corporate earnings had reduced interest in heavyweight counters. “The focus is still on small caps and third liners, and for big caps, the stocks are under pressure due to poor earnings and the market is now consolidating after the last two gains,” he told Bernama. Nik Ihsan also said that attractive international Brent crude oil futures, which hit US$68.06 per barrel today, has sparked interest for energy-related counters. On the scoreboard, market breadth was slightly positive with gainers outnumbering losers 490 to 401, while 387 counters remained unchanged, 626 were untraded and 44 others suspended. Volume further increased to 4.77 billion worth RM2.75 billion from four billion units valued at RM2.39 billion on Wednesday. Among heavyweights, Maybank and Tenaga lost six sen to RM9.49 and RM12.64, respectively, PBBank declined four sen to RM24.44, PChem eased RM9.25, but CIMB added two sen to RM5.47. Of actives, HuaAn and Destini added seven sen each to 29 sen and 32.5 sen, respectively, Sapnrg advanced one sen to 35 sen, Perdana rose three sen to 48 sen and Carimini gained 10.5 sen to 94 sen. -- BERNAMA