KUALA LUMPUR, May 12 (Bernama) -- Bursa Malaysia rebounded to close higher on Tuesday amid selective bargain-hunting in blue-chip stocks after closing lower in the last two trading sessions, analysts said. At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) strengthened by 5.25 points or 0.30 per cent to 1,750.56 from Monday’s close of 1,745.31. The benchmark index, which opened 3.14 points firmer at 1,748.45, moved between 1,748.45 and 1,755.54 during today’s session. Market breadth was positive, with gainers slightly ahead of losers, 590 to 583. A total of 595 counters were unchanged, 897 untraded, and 11 suspended. Turnover increased to 4.92 billion units worth RM3.59 billion compared with 4.20 billion units worth RM3.17 billion on Monday.
Market Daily Report: Bursa trade value soars to record high, Property Index up 4.88% leading the climb
KUALA LUMPUR (May 29): Trading value soars to RM9.31 billion today on Bursa Malaysia — two years after the previous peak at RM9 billion on May 31, 2018 — with 9.04 billion securities traded across the board.
The FBM KLCI today marked its third consecutive trading day of gains with the benchmark index climbing 15.75 points or 1.08% to close at a three-month high of 1,473.25.
Strong interest was also seen in the small-cap stocks with the FBM Small Cap Index jumping 153.46 points or 1.29% to 12,061.84 — nearly a three-month high.
Among the sector indices, Bursa Malaysia Property index led with a 4.88% climb to settle at 641.05 points today. It was followed by the Utilities Index, which increased 3.98% to 992.63 points, Healthcare Index, which rose 2.31% to 2,296.25, Consumer Products and Services, up 2.29% to 567.72 points, while Industrial Products and Services jumped 1.78% to 130.06 points.
The overall market breadth was bullish with advancers trouncing losers 610 to 379, while 427 counters were unchanged.
When contacted, Malacca Securities Sdn Bhd senior analyst Kenneth Leong told theedgemarkets.com the gains seen in KLCI were partly due to the continued buying interest in glove stocks, such as Top Glove Corp Bhd and Hartalega Holdings Bhd.
Also, in light of the semi-annual fund re-balancing activities, it pushed up the trading volume and value across the local exchange market.
Among the 30 constituents of KLCI, Hartalega, which rose 12.57% or RM1.40 to close at RM12.54 today, led the gainers, followed by two Petronas-related counters — Petronas Gas Bhd, which rose 9.83% or RM1.70 to close at RM19, and Petronas Dagangan Bhd, which was up 9.41% or RM2.02 to settle at RM23.48.
On the regional front, Tokyo's Nikkei 225 dropped 0.18%, while Hong Kong’s Hang Seng was down 0.74% and South Korea's Kospi inched up 0.05%.
Reuters reported that stock markets dipped and safe-havens such as bonds and Japan’s yen went up on Friday, as investors awaited Washington’s response to China tightening control over the city of Hong Kong.
China’s parliament on Thursday pressed ahead with national security legislation for the city, raising fears over the future of its freedoms and function as a finance hub, the newswire added.
US President Donald Trump is expected to hold a news conference on Friday. Trepidation about a further deterioration in Sino-US relations has dampened market sentiment.
Source: The Edge
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