Selling In Index-Linked Counters Drags Malaysian Stock Market Lower

By Zairina Zainudin KUALA LUMPUR, Jan 16 (Bernama) -- The Malaysian stock market (Bursa Malaysia) retreated from Tuesday’s gains to close lower Wednesday due to weak interest in index-linked counters amid mixed regional market performance. At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 6.34 points to settle at 1,673.08 against Tuesday's close of 1,679.42. The market barometer moved between 1,668.43 and 1,676.34 during the session. However, market breadth was positive with gainers outpacing losers 437 to 358, while 377 counters were unchanged, 704 untraded and 35 others suspended. Total volume decreased slightly to 2.33 billion shares worth RM1.88 billion from Tuesday’s 2.40 billion shares valued at RM1.87 billion. Inter-Pacific Research Sdn Bhd head of research Pong Teng Siew said Asian bourses were mixed today as market players were digesting the global economic news flow, ahead of the trade talks between China and the United States, which is scheduled to take place in Washington at the end of this month. Speaking to Bernama on Wednesday, he said the apprehensive feeling among investors that the trade war between these two powerhouses was still uncertain had overshadowed other positive news including the Chinese stimulus announcement. The US trade representative Robert Lighthizer's latest remarks that he did not see any progress made on structural issues during the talks between US and China last week further clouded market sentiment, he said. Elsewhere, Hong Kong's Hang Seng Index rose 0.27 per cent to 26,902.1, Singapore Straits Times Index gained 0.52 per cent to 3,229.11, Jakarta Composite Index added 0.07 per cent to 6,413.36, South Korea's Kospi bagged 0.43 per cent to 2,106.1, but Japan's Nikkei 225 lost 0.55 per cent to 20,442.75. Back home, Public Bank dipped 28 sen to RM24.70, Tenaga trimmed 26 sen to RM13.58, while CIMB shed two sen to RM5.65. However, Maybank and Petronas Chemicals added one sen each to RM9.42 and RM8.28. Of actives, Sapura Energy inched down half-a-sen to 29 sen, FGV rose 1.5 sen to 94.5 sen and VS Industry bagged three sen to 87.5 sen. Bursa Malaysia Leap Market debutant Supreme Consolidated Resources Bhd, which recorded a premium of 10 sen at the opening bell, closed 12 sen higher at 62 sen from its offer price of 50 sen. -- BERNAMA