KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
KUALA LUMPUR (Nov 19): Bursa Malaysia ended the week higher on bargain-hunting in selected heavyweights mainly in telecommunications and media counters such as Axiata Group Bhd, Digi.Com Bhd and Maxis Bhd.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.75 points or 0.11% to 1,525.54. It moved between 1,523.14 and 1,527.5 throughout the day.
The index opened 1.59 points better at 1,525.38 from 1,523.79 at Thursday’s close.
On the broader market, gainers led decliners 474 to 450, while 471 counters were unchanged, 928 untraded and 20 others suspended.Turnover fell to 2.67 billion shares worth RM2.01 billion from Thursday’s 2.81 billion shares worth RM2.12 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI continued to trade range-bound due to the absence of fresh catalysts.
“The benchmark index closed a tad higher, lifted mainly by banks and telecommunication heavyweights.
“Key regional markets were mostly positive after Wall Street closed at a record high during the previous session,” he told Bernama.
However, he said investor sentiment in Hong Kong and China was cautious after Alibaba missed revenue and earnings expectations, causing the stock to fall more than 10%.
“Back home the FBM KLCI remains well supported above the 1,520 level, hence we reckon accumulation of stocks to persist on dips,” he added.
Regionally, Japan’s Nikkei was 0.5% better at 29,745.87, the South Korean Kospi rose 0.8% to 2,971.02 while Shanghai’s SSE gained 1.13% to 3,560.37.
Singapore's Straits Times Index fell 0.17% to 3,231.45 and Hong Kong’s Hang Seng Index shed 1.07% to 25,049.97.
Among the heavyweights, Malayan Banking Bhd improved four sen to RM8.08, Public Bank Bhd gained two sen to RM4.07, IHH Healthcare Bhd rose one sen to RM6.54, while Petronas Chemicals Group Bhd was flat at RM8.31.
Of the actives, PDZ Holdings Bhd decreased half-a-sen to six sen, AirAsia Group Bhd slipped eight sen to RM1.05 and KNM Group Bhd dipped one sen to 17 sen.
On the index board, the FBM Emas Index gained 14.18 points to 11,245.64, the FBMT 100 Index increased 8.07 points to 10,895.58, and the FBM Emas Shariah Index added 15.39 points to 12,227.75.
The FBM ACE weakened 1.82 points to 6,815.06 while the FBM 70 was 6.44 points lower at 14,783.56.
Sector-wise, the Financial Services Index rose 52.59 points to 15,225.58, the Industrial Products and Services Index inched up 0.66 of-a-point to 199.79, and the Plantation Index advanced 13.56 points to 6,605.1.
The Main Market volume rebounded to 1.86 billion shares worth RM1.75 billion from 1.81 billion shares worth RM1.81 billion on Thursday.
Warrants turnover improved to 298.96 million units worth RM73.11 million versus 244.27 million units worth RM50.32 million previously.
The volume on the ACE Market fell to 512.95 million shares valued at RM191.04 million from Thursday’s 746.13 million shares valued at RM257.14 million.
Consumer products and services counters accounted for 376.15 million shares traded on the Main Market, industrial products and services (458.68 million), construction (40.04 million), technology (260.13 million), SPAC (nil), financial services (48.3 million), property (128.82 million), plantation (10.69 million), REITs (8.01 million), closed/fund (146,900), energy (231.82 million), healthcare (62.53 million), telecommunications and media (36.77 million), transportation and logistics (171.89 million), and utilities (21.5 million).
Source: The Edge
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