KUALA LUMPUR: Bursa Malaysia closed marginally lower yesterday as investors turned cautious ahead of a busy week featuring the US Federal Reserve’s (Fed) policy meeting and earnings releases from major US technology companies.
At 5pm, the FBM KLCI slid 0.61 of a point or 0.04% to 1,712.48 from the previous day’s close of 1,713.09.
The benchmark index, which opened 1.14 points weaker at 1,711.95, moved between 1,703.83 and 1,715.02 during the day’s trading.
In the broader market, decliners outstripped gainers 717 to 348, while 536 counters were unchanged, 1,179 untraded, and 36 suspended.
Turnover rose to 2.94 billion units valued at RM2.56bil from 2.86 billion units valued at RM2.24bil on Monday.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said trading activity was subdued as market participants awaited greater clarity on the Fed’s interest rate outlook and whether second-quarter earnings from the technology sector can sustain the global artificial intelligence (AI)-driven rally.
Among companies in the tech sector are Meta Platforms Inc, Microsoft Corp, Amazon.com Inc and Apple Inc.
“Despite Brent crude oil prices falling more than 2%, reflecting easing geopolitical concerns and improved supply expectations, it failed to lift market sentiment as investors preferred to remain on the sidelines,” he told Bernama.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said there was subdued buying interest yesterday in line with weaker regional markets as investors reassessed the outlook for AI investments.
“Concerns intensified after reports that Nvidia’s AI financing commitments had reportedly exceeded US$750bil, raising questions whether AI demand can keep pace with the industry’s aggressive spending plans,” he said.
“The news triggered a broad sell-off in global semiconductor stocks, weighing on overall market sentiment across the region.”
Among the heavyweights, CIMB Group Holdings Bhd
fell four sen to RM7.76, while Public Bank Bhd rose one sen to RM5.19, Tenaga Nasional Bhd gained 20 sen to RM14.66, and Malayan Banking Bhd as well as IHH Healthcare Bhd remained flat at RM10.90 and RM8.34, respectively.
As for the active stocks, VS Industry Bhd slipped one sen to 22 sen, SNS Network Technology Bhd and Dagang Nexchange Bhd lost two sen each to 54 sen and 43 sen, respectively, and Zetrix AI Bhd inched up half a sen to 69 sen.
Among the top gainers, Nestle (Malaysia) Bhd firmed RM2.36 to RM93.66, Ideal Capital Bhd jumped 25 sen to RM4, Hong Leong Bank Bhd climbed 20 sen to RM22.30, and Dutch Lady Milk Industries Bhd added 18 sen to RM32. — Bernama