KUALA LUMPUR, Dec 16 — Bursa Malaysia pared earlier losses to end marginally lower today on late buying, mirroring the global sell-off that weighed on key regional markets, said an analyst.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) dipped 0.11 per cent or 1.90 points to 1,606.85 from last Friday’s close of 1,608.75.

The index opened 0.13 of-a-point higher at 1,608.88 and moved between 1,603.92 and 1,609.43 throughout the day.

Market breadth was also negative as losers overwhelmed gainers 624 to 335, while 472 counters were unchanged, 1,044 untraded and 16 suspended.

Turnover increased to 3.16 billion units worth RM2.45 billion versus 2.79 billion units valued at RM2.40 billion last Friday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said investors were cautious ahead of the United States (US) Federal Reserve’s (Fed) expected 25-basis-point interest rate cut on Wednesday, as concerns over persistent inflation clouded the Fed’s long-term rate outlook.

Meanwhile, November data revealed that China’s industrial production expanded as expected, supported by recent stimulus measures to boost business activity. Weaker-than-expected retail sales pointed to ongoing struggles in consumer spending.

On the home front, he said Malaysian equities continue to provide investment opportunities driven by their undervalued status, stronger corporate earnings and improved economic conditions.

“That said, the benchmark index is expected to remain in a consolidation phase in the near term, reflecting cautious trading amid rising global uncertainties.

“As such, we anticipate the FBM KLCI to trend within the 1,595-1,615 range for the week,” Thong told Bernama.

UOB Kay Hian Wealth Advisors’ head of investment research Mohd Sedek Jantan said despite the subdued performance, the composite index remained above the psychological support level of 1,600.

“Market activity remained vibrant, with a trading volume of 3.1 billion shares,” said Mohd Sedek.

He noted that the Technology Index led the gainers with an increase of almost 0.9 per cent today.

This was underpinned by market optimism over the possibility of an interest rate cut by the US Federal Open Market Committee (FOMC), which would be favourable for the technology sector.

Additionally, robust semiconductor sales growth in 2024 further supports the positive outlook for the sector.

Earlier this month, the World Semiconductor Trade Statistics (WSTS) revised its 2024 forecast upward, projecting a 19 per cent year-on-year growth with the global semiconductor market expected to reach a value of US$627 billion (RM2.8 trillion).

Among other heavyweights, Public Bank fell 3.0 sen to RM4.54, PPB Group slipped 34 sen to RM12.24, CIMB dipped 3.0 sen to RM8.10, while Maybank and YTL Corporation shed 2.0 sen each to RM10.12 and RM2.15 respectively.

As for the most active stocks, MYEG bagged 1.5 sen to 96 sen, JCY added 3.0 to 51.5 sen, Top Glove declined 6.0 sen to RM1.35, and Supermax increased 1.0 sen to RM1.11.

ACE Market debutant TopVision Eye Specialist rose 1.0 sen to 34 sen.

On the index board, the FBM Emas Index gave up 27.89 points to 12,329.18, the FBM Emas Shariah Index fell by 18.05 points to 12,354.14, and the FBM ACE Index shed 1.84 points to 5,308.32.

The FBMT 100 Index declined by 25.95 points to 12,011.33 and the FBM 70 Index slid 82.71 points to 18,489.50.

Sector-wise, the Financial Services Index shrank 64.86 points to 19,052.56, the Industrial Products and Services Index eased 0.67 of-a-point to 175.10, but the Plantation Index recouped 18.69 points to 7,653.74, and the Energy Index trimmed 0.97 of-a-point to 818.03.

The Main Market volume improved to 1.70 billion units worth RM2.18 billion against Friday’s 1.44 billion units valued at RM2.15 billion.

Warrants turnover advanced to 998.51 million units valued at RM126.58 million from 990.61 million units worth RM138.67 million previously.

The ACE Market volume swelled to 453.29 million units worth RM140.90 million compared with 350.33 million units worth RM113.46 million last Friday.

Consumer products and services counters accounted for 170.37 million shares traded on the Main Market, industrial products and services (233.99 million), construction (92.44 million), technology (450.30 million), SPAC (nil), financial services (94.50 million), property (222.85 million), plantation (26.43 million), REITs (16.57 million), closed/fund (38,000), energy (84.85 million), healthcare (151.35 million), telecommunications and media (38.21 million), transportation and logistics (63.71 million), utilities (58.09 million), and business trusts (28,800). — Bernama