Market Daily Report: Bursa Malaysia ends at intraday high on bargain hunting

 

KUALA LUMPUR (Dec 2): The FBM KLCI ended the week on a higher note due to some bargain hunting towards the late trading session ahead of the long weekend, said analysts. 

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.32% or 4.81 points to end just a whisker above the 1,500 key level at 1,501.74 compared with 1,496.93 at Wednesday’s closing. 

The market bellwether opened 1.41 points higher at 1,498.34, and moved between 1,491.83 to its intraday high of 1,501.74 throughout the trading session.

On the broader market, however, losers trounced gainers 716 to 272, while 394 counters were unchanged, 895 untraded, and 22 others suspended.

Turnover increased slightly to 3.73 billion units valued at RM3.06 billion from Wednesday’s 3.64 billion units worth RM2.74 billion.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the local bourse’s performance on Thursday was mostly driven by plantation and glove counters.

However, the technology and energy sectors limited the gains for the local equity market. 

On the other hand, he said key regional markets closed mixed as investors were cautious while assessing the risks and impact of the Omicron virus strain. 

“We believe external uncertainties are the main reason for the weak market undertone plaguing the domestic market,” he said. 

On Bursa Malaysia, among gainers is PPB Group Bhd, which rose 44 sen to RM17.50. Top Glove Corp Bhd improved seven sen to RM2.81, and Sime Darby Plantation Bhd increased six sen to RM3.79. 

Malayan Banking Bhd and Public Bank Bhd were both flat at RM7.95 and RM3.91 respectively, Petronas Chemicals Group Bhd was down one sen to RM8.49, IHH Healthcare Bhd added one sen to RM6.58, Tenaga Nasional Bhd dipped two sen to RM9.20, and CIMB Group Holdings Bhd rose 13 sen to RM5.16. 

Of the actives, VSolar Group Bhd eased half-a-sen to 1.5 sen, VS Industry Bhd dropped 27 sen to RM1.15 and TH Heavy Engineering Bhd fell five sen to 1.5 sen. 

On the index board, the FBM Emas Index gave up 29.88 points to 10,938.91, the FBMT 100 Index slid 19.5 points to 10,645.75, and the FBM Emas Shariah Index was 63.56 points weaker at 11,914.9.

The FBM 70 tumbled 238.96 points to 14,130.03 and the FBM ACE declined 52.04 points to 6,413.58.

Sector-wise, the Industrial Products and Services Index shed 1.44 points to 192.97, the Financial Services Index improved 47.75 points to 14,976.11 and the Plantation Index recovered 37.98 points to 6,475.41. 

The Main Market volume widened to 2.49 billion shares valued at RM2.76 billion versus Wednesday’s 1.85 billion shares worth RM2.41 billion.   

Warrants turnover advanced to 318.31 million units worth RM40.36 million against 240.89 million units valued at RM37.28 million previously. 

The volume on the ACE Market, however, decreased to 914.23 million shares valued at RM259.42 million from 1.54 billion shares worth RM291.86 million on Wednesday.  

Consumer products and services counters accounted for 394.04 million shares traded on the Main Market, industrial products and services (912.28 million), construction (61.78 million), technology (329.09 million), SPAC (nil), financial services (101.26 million), property (102.69 million), plantation (16 million), REITs (7.55 million), closed/fund (5,000), energy (295.27 million), healthcare (166.67 million), telecommunications and media (39.02 million), transportation and logistics (42.76 million), and utilities (27.83 million).

Bursa Malaysia and its subsidiaries will be closed on Friday (Dec 3) in conjunction with the public holiday for the Federal Territories of Kuala Lumpur, Putrajaya and Labuan announced by the Federal Territories Minister Datuk Seri Shahidan Kassim on Wednesday.

The public holiday was declared to celebrate Kuala Lumpur City FC’s victory in the Malaysia Cup on Wednesday, winning the title after 32 years.

 

 

Source: The Edge