KUALA LUMPUR, Jan 7 (Bernama) -- The FTSE Bursa Malaysia KLCI (FBM KLCI) recovered from yesterday’s losses to close higher Tuesday, driven by bargain-hunting amidst the positive momentum on Wall Street overnight and most regional markets. At 5 pm, the market bellwether increased 4.32 points or 0.26 per cent to 1,629.79 compared with Monday’s close of 1,625.47. The index opened 0.97 of-a-point lower at 1,624.50 and moved between 1,624.50 and 1,634.27 throughout the day. However, the broader market was negative with losers outpacing gainers 614 to 490, while 537 counters were unchanged, 712 untraded and 10 others suspended. Turnover improved to 3.91 billion units valued at RM3.29 billion against Monday’s 3.47 billion units valued at RM2.66 billion. UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said optimism in the...
KUALA LUMPUR (Oct 17): Bursa Malaysia ended trading on a mixed note on Monday (Oct 17), with continued buying of selected healthcare and utility counters, which kept the local benchmark index in positive territory, in line with regional markets as investors remained cautious over the economic outlook.
At 5pm, the benchmark FBM KLCI index settled 3.80 points higher at 1,386.27, from last Friday's close at 1,382.47.
The barometer index opened 1.03 points higher at 1,383.50, dipping to a low of 1,376.68, before gathering momentum to trend upwards throughout the afternoon to an intraday high of 1,389.21.
On the broader market, however, decliners led advancers 443 to 363, while 394 counters were unchanged, 1,145 untraded, and 17 others suspended.
Turnover narrowed to 1.98 billion units worth RM1.49 billion, against 2.25 billion units worth RM1.76 billion last Friday.
IHH Healthcare Bhd and Tenaga Nasional Bhd (TNB) were the top two contributors to the gain in the KLCI, with a combined 3.63 points. IHH put on 14 sen to end at RM5.86. TNB added 16 sen to RM8.19.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the market bellwether closed marginally higher, as investors continued to bargain-hunt for stocks at lower levels, following the recent heavy selldown.
“Key regional indices trended mixed, as investors were wary of further drastic tightening in global financial markets, with all the risk of a recession that it brings.
“On the other hand, Chinese President Xi Jinping said on Sunday that Beijing will ramp up spending and stimulus to help shore up economic growth, potentially boosting crude imports, which have been hit by slowing activity as a result of Covid-19 disruptions,” he told Bernama.
On the home front, Thong reckoned that bargain-hunting may continue, as the benchmark index remained in the oversold position.
“Additionally, some investors may position themselves for the upcoming 15th general election. As such, we anticipate the KLCI to trend within the range of 1,380-1,400 for the week. Technically speaking, we shall see immediate resistance at 1,400 and support at 1,370,” he said.
Among other heavyweights, Malayan Banking Bhd (Maybank) gained seven sen to RM8.52, Hong Leong Bank Bhd went up 10 sen to RM20.60, Petronas Chemicals Group Bhd shed five sen to RM8.50, Public Bank Bhd was unchanged at RM4.20, and CIMB Group Holdings Bhd was flat at RM5.30.
Of the actives, ACE Market debutant Sunview Group Bhd gained 17 sen to 46 sen, Top Glove Corp Bhd improved five sen to 74 sen, Careplus Group Bhd surged 9.5 sen to 41.5 sen, and Supermax Corp Bhd increased eight sen to 90.5 sen.
On the index board, the FBM Emas Index added 5.74 points to 9,864.06, the FBM 70 declined 72.16 points to 11,832.54, and the FBMT 100 Index gained 6.37 points to 9,613.83.
The FBM Emas Shariah Index fell 1.65 points to 9,853.14, and the FBM ACE climbed 29.67 points to 4,681.77.
Sector-wise, the Financial Services Index was 42.42 points higher at 15,915.90, the Industrial Products and Services Index eased 0.33 of a point to 169.55, the Plantation Index shed 16.41 points to 6,405.46, and the Energy Index slid 3.65 points to 665.04.
The Main Market volume declined to 1.16 billion shares worth RM1.22 billion, versus 1.41 billion shares worth RM1.53 billion last Friday.
Warrant turnover slipped to 269.20 million units valued at RM44.36 million, against 382.09 million units valued at RM53.67 million previously.
The ACE Market volume expanded to 546.11 million shares worth RM219.47 million, from 465.02 million shares worth RM173.42 million last Friday.
Consumer product and service counters accounted for 156.42 million shares traded on the Main Market, followed by industrial products and services (296.55 million), construction (45.81 million), technology (93.89 million), special purpose acquisition companies (nil), financial services (48.72 million), property (74.89 million), plantation (14.69 million), real estate investment trusts (6.14 million), closed/funds (500), energy (87.22 million), healthcare (277.01 million), telecommunications and media (22.63 million), transportation and logistics (22.24 million), and utilities (12.60 million).
Source: The Edge
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