Bursa Malaysia ends lower on profit-taking

KUALA LUMPUR: Bursa Malaysia closed lower today due to profit- taking following several days of uptrend, amid the mostly upbeat regional market performance.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 6.03 points to 1,515.56 from yesterday's close of 1,521.59.
The benchmark index opened 0.61 of-a-point lower at 1,520.98 and climbed to its intraday high of 1,524.50 during the mid-morning session and thereafter trended downwards to hit an intraday low of 1,515.56 at closing.
Market breadth was negative with decliners thumping gainers 506 to 405, while 450 counters were unchanged, 1,079 untraded, and 117 suspended.
Turnover improved to 3.04 billion units valued at RM1.81 billion against yesterday's 2.61 billion units valued at RM1.74 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said today's profit-taking is a healthy correction, allowing the market to consolidate its recent rally and build a stronger foundation for a more sustainable uptrend.
However, he said the key regional indices' performance was mostly upbeat in tandem with the broadly positive tone from Wall Street, as investors anticipate a data-heavy week and earnings releases that may shed light on the impact of US President Donald Trump's trade policies.
"Attention is turning to the Bank of Japan's upcoming policy meeting on Wednesday, with the central bank widely anticipated to maintain current interest rates on May 1 amid persistent global uncertainties and strong inflation readings," he told Bernama.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan viewed the market's retreat today as a healthy consolidation phase rather than a signal of deteriorating sentiment, particularly in light of the still-constructive market backdrop.
"Profit-taking emerged in export-oriented stocks following strong performance in recent sessions -- a natural recalibration as investors locked in gains.
"Conversely, consumer-focused counters (consumer and telecommunications) displayed resilience, staging a modest rebound after prior softness, suggesting early signs of sector rotation and portfolio realignment amid shifting economic signals," he said.
Among the heavyweights, Maybank shed four sen to RM9.95, Public Bank and IHH Healthcare slid two sen each to RM4.43 and RM6.87, while Tenaga Nasional gained four sen to RM13.64, and CIMB rose three sen to RM7.02.
As for the actives, NexG gave up three sen to 34 sen, ACE debutant WTEC Group slipped 1.5 sen to 23.5 sen, Notion VTec declined 2.5 sen to 67 sen, while Tanco was unchanged at 88 sen, and Chemlite Innovation increased two sen to 23 sen.

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