Market Daily Report: Continued buying support pushes Bursa Malaysia to close at intra-day high

 

KUALA LUMPUR (Dec 23): Continued buying support in selected heavyweights led by Press Metal Aluminium Holdings Bhd and Sime Darby Plantation Bhd pushed Bursa Malaysia to end at an intra-day high, in line with positive performance in regional markets, dealers said.

The two counters contributed a combined 7.62 points to the increase in the barometer index, dealers said.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 16.1 points or 1.07% to end at 1,516.42 compared with 1,500.32 at Wednesday’s close.

The index opened 0.51 of-a-point weaker at 1,499.81, the lowest level for the day.

On the broader market, gainers thumped losers 448 to 353, while 424 counters were unchanged, 1,077 untraded, and 16 others suspended.

Turnover declined to 1.99 billion units valued at RM1.38 billion from Wednesday’s 3.12 billion units worth RM1.6 billion.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Malaysian equities continued to trend higher on bargain-hunting, as well as window-dressing activities.

“Key regional markets also ended higher as investors shrugged off fear of Omicron spread, while overnight rally on the US market gave more assurance in overall sentiment,” he told Bernama on Thursday.

Back home, he said the FBM KLCI broke its resistance of 1,515 and was expected to test the 1,530 level, given improved sentiment both locally and regionally.

“Despite the heightened market volatility, we expect some bargain-hunting activities to continue, given the cheap valuations of the local market compared to regional peers, and the benchmark index to trade within [a] range of between 1,515 and 1,525 towards the weekend.

“On technical point of view, we shall see immediate support at 1,500 while resistance at 1,530,” he added.

Japan's Nikkei 225 rose 0.83% to 28,798.37, Hong Kong’s Hang Seng Index gained 0.4% to 23,193.64, Singapore’s Straits Times Index advanced 0.17% to 3,092.63, and South Korea’s Kospi added 0.46% to 2,998.17.

Among the heavyweights, Malayan Banking Bhd rose three sen to RM8.25, Public Bank Bhd improved four sen to RM4.14, while Petronas Chemicals Group Bhd and CIMB Group Holdings Bhd slipped two sen each to RM8.75 and RM5.36, respectively, and IHH Healthcare Bhd was flat at RM6.55.

Of the actives, AT Syatematization Bhd and Nexgram Holdings Bhd were flat at 3.5 sen and 1.5 sen, respectively, ATA IMS Bhd earned half-a-sen to 72 sen, while Saudee Group Bhd eased half-a-sen to 5.5 sen.

On the index board, the FBM Emas Index was 98.78 points higher at 10,983.93, the FBMT 100 Index jumped 102.29 points to 10,696.26, and the FBM Emas Shariah Index increased 128.66 points to 11,787.04.

The FBM 70 rose 84.48 points to 13,973.77 while the FBM ACE fell 19.91 points to 6,198.25.

Sector-wise, the Financial Services Index gained 53.87 points to 15,420.36, the Industrial Products and Services Index earned 3.43 points to 197.84, and the Plantation Index chalked up 136.89 points to 6,522.24. 

The Main Market volume shed to 1.11 billion shares valued at RM1.19 billion versus Wednesday’s 1.97 billion shares valued at RM1.4 billion.

Warrants turnover decreased to 186.06 million units worth RM22.81 million compared with 208.36 million units worth RM28.12 million on Wednesday.

The ACE Market volume declined to 693.31 million shares valued at RM167.3 million from 939.87 million shares valued at RM166.53 million previously.

Consumer products and services counters accounted for 211.4 million shares traded on the Main Market, industrial products and services (414.39 million), construction (31.61 million), technology (134.33 million), SPAC (nil), financial services (39.59 million), property (108.57 million), plantation (10.18 million), REITs (4.46 million), closed/fund (nil), energy (46.68 million), healthcare (46.72 million), telecommunications and media (15.55 million), transportation and logistics (31.34 million), and utilities (15.83 million).

 

 

Source: The Edge