KUALA LUMPUR, April 25 — Bursa Malaysia snapped its six-day winning streak to close lower today on profit-taking activities in commodity-related and gaming stocks following the recent rally, said an analyst.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.23 points to 1,569.25 from yesterday’s close of 1,571.48.

The benchmark index, which opened 1.81 points better at 1,573.29, moved between 1,569.03 and 1,574.45 throughout the trading session.

On the broader market, decliners beat gainers 581 to 443 while 535 counters were unchanged, 807 untraded and 22 others suspended.

Turnover declined to 3.96 billion units worth RM2.83 billion from 4.25 billion units worth RM3.03 billion on Wednesday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the key regional indices were also mostly lower following a mixed performance on Wall Street, which was hit by the slide in technology stocks.

He said investors are adopting a wait-and-see approach ahead of the global earnings season.

"Meanwhile, Meta Platforms Inc.’s disappointing outlook has sparked concerns about whether the industry, which has fuelled the bull market in equities, has stretched too thin.

"Interest is now directed towards the Bank of Japan as its two-day monetary policy meeting got underway on Thursday,” he told Bernama.

Back home, Thong interprets today’s selldown as a healthy correction, allowing the market to absorb the recent uptrend and presenting a favourable opportunity to accumulate stocks at lower levels.

"We hold our view that if the benchmark index is able to consistently stay above the 1,570 level for a longer period, there is a higher chance of further advances. Hence, we anticipate the FBM KLCI to trend within the 1,565-1,575 range towards the weekend,” he added.

Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said despite today’s minor decline in the FBM KLCI after hitting a two-year high yesterday, the market sentiment has shown notable resilience.

"The index, which hit an intraday high of 1,574.45 today, encountered a modest retreat, yet this underscores the inherent strength of our market.

"We maintain optimism regarding the prospects of the Malaysian market’s ongoing rally. Our confidence is bolstered by the projected growth in trade activities, driven by a resurgence in Malaysia’s electrical and electronics sector, alongside an uptick in commodity production,” he said.

Among the heavyweights, CIMB added 1.0 sen to RM6.68, Maybank and Public Bank dipped 2.0 sen to RM9.78 and RM4.23 respectively, Petronas Chemicals slid 12.0 sen to RM6.76, while Tenaga Nasional was flat at RM11.86.

As for the actives, Berjaya Corporation edged up 1.0 sen to 29.5 sen, Fitters Diversified inched up half-a-sen to 5.0 sen, InGenieur Gudang lost 1.5 sen to 11.5 sen, Ekovest shed 1.0 sen to 45 sen, while Sapura Energy was flat at 4.5 sen.

On the index board, the FBM Emas Index fell 19.51 points to 11,780.98, the FBM 70 Index erased 27.01 points to 16,355.30 and the FBMT 100 Index gave up 16.91 points to 11,418.47, the FBM Emas Shariah Index was 23.50 points lower at 11,951.37, and the FBM ACE Index dropped 51.80 points to 5,015.01.

Sector-wise, the Industrial Products and Services Index eased 1.24 points to 186.56, the Financial Services Index shed 22.11 points to 17,363.95, the Energy Index was 2.40 points easier at 971.40, and the Plantation Index decreased 7.49 points to 7,426.05.

The Main Market volume improved to 2.48 billion units valued at RM2.51 billion versus 2.41 billion units valued at RM2.63 billion yesterday.

Warrants turnover dwindled to 977.13 million units worth RM141.19 million against 1.21 billion units worth RM170.48 million yesterday.

The ACE Market volume shrank to 501.52 million shares worth RM177.04 million from 629.57 million shares worth RM231.37 million previously.

Consumer products and services counters accounted for 495.78 million shares traded on the Main Market, industrial products and services (583.40 million), construction (266.24 million), technology (255.86 million), SPAC (nil), financial services (92.72 million), property (258.08 million), plantation (27.71 million), REITs (22.97 million), closed/fund (59,000), energy (257.90 million), healthcare (43.66 million), telecommunications and media (47.12 million), transportation and logistics (43.03 million), utilities (84.84 million), and business trusts (4.15 million). — Bernama