KUALA LUMPUR, Jan 8 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) reversed yesterday’s gains to close lower on Wednesday as investors took profit amid the negative performance of regional peers. At 5 pm, the FBM KLCI fell 14.96 points or 0.92 per cent to end at its intraday low of 1,614.83 from Tuesday’s close of 1,629.79. The benchmark index opened 0.87 of-a-point easier at 1,628.92 and hit an intraday high of 1,631.15 during the early morning session. Decliners trounced advancers 827 to 285 on the broader market, while 497 counters were unchanged, 761 untraded, and 10 others suspended. Turnover narrowed to 3.59 billion units valued at RM3.06 billion against Tuesday’s 3.91 billion units valued at RM3.29 billion. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan noted that major Asian indices followed Wall Street’s downbeat performance, driven by t...
KUALA LUMPUR (Jan 5): Bursa Malaysia closed higher on Wednesday (Jan 5), thanks to buying support in selected heavyweights led by rubber glove makers, Top Glove and Hartalega, amid concerns over the new IHU Covid-19 variant.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.05 points to end the day at 1,547.95, compared with Tuesday's closing of 1,541.90.
The index, which opened 0.51 of-a-point better at 1,542.41, moved between 1,540.24 and 1,549.53 throughout the day.
Market breadth was positive with gainers trouncing losers 659 to 346, while 384 counters were unchanged, 884 untraded, and 15 others suspended.Trading was brisk, with turnover surging to 4.49 billion units worth RM1.96 billion, from 3.51 billion units valued at RM1.93 billion on Tuesday.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said fresh concerns over the IHU variant, which reportedly has more mutations than Omicron, had bolstered sentiment among rubber glove stocks.
Top Glove jumped 11 sen or 4.72% to RM2.44, Hartalega soared 23 sen (4.17%) to RM5.75, Supermax climbed seven sen (4.86%) to RM1.51, and Kossan advanced nine sen (4.81%) to RM1.96.
Mohd Afzanizam said sentiment was also weighed by the sharp increase in the United States Treasury yields, whereby the yield on the 10-year note rose three basis points to 1.66%.
The hike implied that the bond market participants are anticipating that interest rate hike in the US is almost imminent and it's just the matter of when and by how much, he said.
“Typically, rising interest rate environment may not bode well for the equities market in the short-term given the uncertainty over the timing and the size of the rate hike.
“Otherwise, rising interest rate should be interpreted as the economy is healing, thereby excessive monetary policy accommodation would need to be removed,” he told Bernama.
Mohd Afzanizam said market players need to endure the volatility for the time being until further clarity when the Federal Reserve reconvenes on Jan 25-26.
He said the FBM KLCI's current support and resistant levels stand at 1,533.82 and 1,564.80 respectively, citing there could be upside potential in the near term.
“But for now, the index is expected to remain sideways in the near term,” he added.
Among heavyweights, Public Bank and IHH Healthcare rose four sen each to RM4.17 and RM6.86 respectively, CIMB bagged five sen to RM5.47, while Maybank slipped one sen to RM8.35, and Petronas Chemicals was flat at RM8.78.
Of the actives, Key Alliance, XOX and Pasukhas were flat at 1.5 sen, 3.0 sen and 2.5 sen respectively, SMTrack inched up half-a-sen to 26 sen, while Dagang NeXchange perked up 1.5 sen to 84 sen.
On the index board, the FBM Emas Index was 48.52 points firmer at 11,249.75, the FBM Emas Shariah Index increased 47.10 points to 12,102.12, the FBMT 100 Index advanced 44.03 points to 10,936.87, the FBM ACE soared 111.63 points to 6,683.94, and the FBM 70 rose 63.43 points to 14,367.01.
Sector-wise, the Financial Services Index put on 79.02 points to 15,712.89, the Plantation Index improved 25.50 points to 6,654.42, and the Industrial Products and Services Index added 0.41 of-a-point to 202.36.
The Main Market volume expanded to 2.02 billion shares worth RM1.6 billion, compared with 1.96 billion shares worth RM1.63 billion on Tuesday.
Warrants turnover improved to 206.62 million units worth RM23.94 million, from 162.83 million units worth RM19.39 million on Tuesday.
The ACE Market volume swelled to 2.26 billion shares valued at RM332.24 million, from 1.39 billion shares valued at RM271.54 million previously.
Consumer products and services counters accounted for 386.2 million shares traded on the Main Market, industrial products and services (641.89 million), construction (113.33 million), technology (294.65 million), SPAC (nil), financial services (52.84 million), property (162.65 million), plantation (13.34 million), REITs (4.83 million), closed/fund (14,400), energy (82.38 million), healthcare (111.14 million), telecommunications and media (16.03 million), transportation and logistics (114.96 million), and utilities (21.69 million).
Source: The Edge
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