KUALA LUMPUR, Oct 23 — Bursa Malaysia closed lower for the third consecutive day, mirroring the subdued performance of the United States (US) stock indices following a day of mixed trading, said an analyst.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.01 points to end at its intraday low of 1,641.53 from Tuesday’s close of 1,642.54.

The benchmark index opened 1.67 points firmer at 1,644.21 and hit an intraday high of 1,645.90 at mid-morning.

Market breadth was positive, with advancers surpassing decliners 563 to 471, while 541 counters were unchanged, 928 untraded, and 15 suspended.

Turnover expanded to 3.24 billion units valued at RM2.64 billion versus 2.67 billion units valued at RM2.49 billion yesterday.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said market sentiment remains cautious as investors adopt a wait-and-see approach amid uncertainties surrounding the upcoming general elections in Japan and the US.

"In this environment, many investors have gravitated towards the banking sector. Consumer and banking stocks led gains among the FBM KLCI components.

"On a sectoral basis, the Bursa Malaysia Technology Index extended its rally for a sixth consecutive day, buoyed by positive feedback on Budget 2025,” he told Bernama.

Moreover, Mohd Sedek anticipates a potential spillover effect on local markets as major US companies are set to release their earnings this week.

Meanwhile, SPI Asset Management managing partner Stephen Innes said the FBM KLCI managed to eke out a modest gain despite the relentless rise in US yields and the stronger dollar.

"Local investors found a glimmer of comfort from China’s latest moves which saw special government bonds to create a market stabilisation fund. This proposal is designed to inject some much-needed confidence into the market.

"However, following the quiet US market session, the overall appetite remained subdued. Traders are grappling with the sobering reality that the Federal Reserve may not be in the mood for aggressive rate cuts,” he said.

Among the heavyweights, Maybank and Public Bank were flat at RM10.62 and RM4.55, respectively, and CIMB added two sen to RM8.18.

Meanwhile, Tenaga Nasional declined four sen to RM14.42 and IHH Healthcare slipped two sen to RM7.21.

For active counters, Ingenieur Gudang inched up half-a-sen to 5.5 sen, Capital A added 1.5 sen to 99 sen, MY E.G. Services bagged one sen to 89.5 sen, and Sime Darby Property rose 2.0 sen to RM1.50, while Dataprep declined two sen to 15 sen.

On the index board, the FBM Emas Index inched up 1.98 points to 12,368.25, and the FBM 70 Index garnered 25.37 points to 17,855.67

In contrast, the FBM ACE Index lost 6.53 points to 5,095.38, the FBMT 100 Index eased 0.39 of-a-point to 12,071.20, and the FBM Emas Shariah Index dropped 13.48 points to 12,286.99.

By sector, the Financial Services Index increased 62.04 points to 19,516.56, the Energy Index rose 2.46 points to 861.79, and the Plantation Index advanced 11.31 points to 7,288.17, while the Industrial Products and Services Index shed 0.02 of-a-point to 177.26.

The Main Market volume advanced to 1.84 billion units worth RM2.34 billion from Tuesday’s 1.39 billion units worth RM2.23 billion.

Warrants turnover swelled to 1.01 billion units valued at RM173.07 million from 894.24 million units valued at RM113.57 million previously.

The ACE Market volume was marginally higher at 379.20 million units worth RM128.85 million versus 376.79 million units worth RM138.19 million yesterday.

Consumer products and services counters accounted for 327.50 million shares traded on the Main Market, industrial products and services (577.59 million), construction (133.45 million), technology (233.49 million), SPAC (nil), financial services (68.53 million), property (222.47 million), plantation (76.51 million), REITs (8.11 million), closed/fund (248,700), energy (60.75 million), healthcare (47.33 million), telecommunications and media (16.48 million), transportation and logistics (27.66 million), utilities (42.77 million), and business trusts (10,100). — Bernama