KL shares close lower on profit-taking

A dealer said regional markets were mixed after the IMF announced it expected global growth of 3.1 per cent this year and 3.4 per cent in 2017. — Reuters pic KUALA LUMPUR, July 20 — Share prices on Bursa Malaysia closed lower today on an extended profit-taking, as the International Monetary Fund’s (IMF) global growth rate cut, weighed on market sentiment, dealers said.

The FTSE Bursa Malaysia KLCI (FBM KLCI) finished 0.94 of a point or 0.06 per cent lower at 1,669.61.

The benchmark index, which opened 1.06 points easier at 1,669.49, hovered between 1,664.01 and 1,669.80 throughout the day.

A dealer said regional markets were mixed after the IMF announced it expected global growth of 3.1 per cent this year and 3.4 per cent in 2017.

This latest revision which comes a month after the United Kingdom voted to leave the European Union, is 0.1 of a point lower than its forecast in April, he added.

Mercury Securities Head of Research Edmund Tham told Bernama the IMF’s outlook not only affected Malaysia, but global markets as well.

On Bursa, losses today were capped by buying interest in construction and property stocks, following the signing yesterday of a memorandum of understanding on the High-Speed Rail line linking Singapore and Malaysia.

Gainers led losers 435 to 366 with 370 counters unchanged, 530 untraded and 17 others suspended.

Volume improved to 1.93 billion units worth RM1.64 billion from 1.88 billion units worth RM2.01 billion on Tuesday.

Among heavyweights, Maybank dropped four sen to RM8.12, TNB and Axiata were flat at RM14.30 and RM5.75 respectively, while Public Bank gained two sen for RM19.56.

IHH Healthcare improved five sen to RM6.60 and Petronas Chemicals rose 13 sen to RM6.63.

For actives, Borneo Oil rose half-a-sen to 19 sen, Hiap Teck gained two sen to 29 sen, Vivocom slid half-a-sen to 27.5 sen and Eka Noodles was flat at 8.5 sen.

The FBM Emas Index declined 2.43 points to 11,678.43, the FBMT 100 Index fell 6.00 points to 11,373.87 and the FBM Emas Shariah Index rose 7.28 points to 12,261.27.

The FBM 70 slid 5.44 points to 13,233.80 and the FBM Ace was 5.35 points higher at 5,560.95.

The Finance Index gained 2.10 points to 14,272.57, the Plantation Index improved 8.42 points to 7,601.07, while the Industrial Index shed 1.29 points to 3,153.59.

Main Market turnover rose to 1.27 billion units worth RM1.52 billion from Tuesday’s 1.26 billion units worth RM1.89 billion.

ACE Market volume increased to 391.39 million shares valued at RM79.64 million from 379.92 million shares valued at RM78.77 million.

Warrants rose to 264.86 million units worth RM40.21 million from 227.23 million units worth RM29.94 million.

Consumer products accounted for 144.31 million shares traded on the Main Market, industrial products (285.47 million), construction (62.64 million), trade and services (545.63 million), technology (41.49 million), infrastructure (9.65 million), SPAC (17.03 million), finance (27.98 million), hotels (393,600), properties (77.93 million), plantations (47.31 million), mining (24,000), REITs (8.78 million) and closed/fund (9,000). — Bernama