KUALA LUMPUR (Feb 24): Bursa Malaysia ended broadly lower on Thursday (Feb 24), with the key index falling by 0.77% due to profit-taking activities led by banking stocks, coupled with heightened concerns over the geopolitical risk between Russia and Ukraine, dealers said.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) shed 12.25 points to 1,573.89 from 1,586.14 at Wednesday’s close, after opening 0.58 of-a-point weaker at 1,585.56.

The key index fluctuated between 1,565.24 and 1,586.07 throughout the trading session.

Banking heavyweights Malayan Banking Bhd and CIMB Group Holdings Bhd lost seven sen to RM8.70 and RM5.48 respectively, Public Bank Bhd fell eight sen to RM4.28, and Hong Leong Bank Bhd eased 12 sen to RM19.74. 

The overall market breadth was negative with decliners trouncing advancers 960 to 256, while 295 counters were unchanged, 769 untraded, and 35 others suspended.

Total turnover increased to 5.51 billion units worth RM4.12 billion against Wednesday’s 2.97 billion units worth RM2.68 billion.

Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the key indices of regional bourses were also mostly lower following the broadly negative cues overnight from Wall Street.

Back home, he said the market undertone would likely remain steady despite the anticipated profit-taking activities, while the FBM KLCI is well supported above the 1,570 level. 

“We reckon the benchmark index will stay positive going forward with foreign inflow of funds,” he told Bernama.

As such, he expected the FBM KLCI to move within the 1,570-1,585 range towards the weekend with immediate resistance at 1,600 and support at 1,570.

As for other heavyweights, Petronas Chemicals Group Bhd decreased three sen to RM9.20, Press Metal Aluminium Holdings Bhd shed nine sen to RM6.75, while IHH Healthcare Bhd gained 10 sen to RM6.40.

Of the actives, Hibiscus Petroleum Bhd rose seven sen to RM1.26, Dagang NeXchange Bhd slipped seven sen to RM1.14, AT Systematization Bhd and XOX Bhd declined half-a-sen each to two sen respectively, while Bumi Armada Bhd rose 1.5 sen to 52 sen.

On the index board, the FBM ACE slumped 229.17 points to 5,868.92, FBM 70 slid 195.4 points to 13,339.79, FBM Emas Index erased 109.96 points to 11,219.13, FBMT 100 Index declined 101.03 points to 10,895.31, and the FBM Emas Shariah Index slipped 87.17 points to 11,945.12.

Sector-wise, the Financial Services Index gave up 179.43 points to 16,159.77 and the Industrial Products and Services Index was 3.24 points lower at 206.54, while the Plantation Index climbed 152.04 points to 8,022.08.

The Main Market volume expanded to 3.74 billion shares worth RM3.75 billion from 2.13 billion shares worth RM2.47 billion on Wednesday.

Warrants turnover swelled to 420.08 million units worth RM60.48 million against 244.38 million units worth RM28.12 million on Wednesday.

The ACE Market volume jumped to 1.33 billion shares valued at RM301.51 million versus 586 million shares valued at RM185.72 million previously.

Consumer products and services counters accounted for 708.78 million shares traded on the Main Market, industrial products and services (864.57 million), construction (136.58 million), technology (379.82 million), SPAC (nil), financial services (105.1 million), property (275.78 million), plantation (321.36 million), REITs (13.69 million), closed/fund (63,300), energy (705.99 million), healthcare (91.16 million), telecommunications and media (45.16 million), transportation and logistics (56.14 million), and utilities (45.67 million).