Market Daily Report: Bursa extends gains for sixth day running

 KUALA LUMPUR (July 27): Bursa Malaysia extended its winning streak for the sixth consecutive trading day, amid positive investor sentiment, said an analyst.

At 5pm on Thursday (July 27), the FBM KLCI had risen 1.98 points to 1,451.27, from 1,449.29 at Wednesday’s close.

The market bellwether opened 1.63 points lower at 1,447.66 on Thursday morning, and moved between 1,446.92 and 1,456.36 throughout the day.  

The broader market was also positive, as advancers beat decliners 507 to 443, while 423 counters were unchanged, 920 untraded, and 31 others suspended.

Turnover stood at 3.73 billion units worth RM2.44 billion.

The KLCI has gained 48.24 points over the last six trading days.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that on the domestic front, he is positive on local equities, as the consensus opinion remains confident that corporate earnings from heavyweights will remain solid.

“Furthermore, we believe Prime Minister Datuk Seri Anwar Ibrahim plans to rebuild and position Malaysia among the world's 30 largest economies in less than 10 years. ‘Madani Economy: Empowering Rakyat’ will provide an additional boost to market sentiment,” he told Bernama.

In the meantime, Thong said the KLCI was overbought in the short term, hence he expects some pullback in the near future, which he believes is healthy, as it would allow the market to digest recent buying activities.

“As such, we anticipate the KLCI to trend within the range of 1,445-1,455 towards the weekend, with immediate resistance at 1,460, while forming a new support level at 1,430,” he added.

Among the heavyweights, Public Bank Bhd gained three sen to RM4.11 a share, CIMB Group Holdings Bhd rose two sen to RM5.50, and Tenaga Nasional Bhd was flat at RM9.60, while Malayan Banking Bhd (Maybank) eased one sen to RM8.99, and Petronas Chemicals Group Bhd slid 19 sen to RM6.81.

Of the actives, Capital A Bhd increased 7.5 sen to 91.5 sen, Datasonic Group Bhd was two sen higher at 47 sen, AT Systematization Bhd was flat at one sen, while Hong Seng Consolidated Bhd slid half a sen to 8.5 sen, and UEM Sunrise Bhd trimmed 5.5 sen to 48.5 sen.

On the index board, the FBM Emas Index rose 11.02 points to 10,661.38, the FBMT 100 Index was 9.20 points better at 10,349.15, the FBM ACE Index climbed 11.23 points to 5,331.54, while the FBM 70 Index dropped 8.65 points to 13,951.72, and the FBM Emas Shariah Index gave up 3.36 points to 10,929.46.

Sector-wise, the Financial Services Index garnered 62 points to 16,164.88, the Energy Index widened by 2.27 points to 836.69, while the Plantation Index decreased by 6.62 points to 7,205.55, and the Industrial Products and Services Index shaved 1.13 points to 167.10.

The Main Market volume reduced to 2.70 billion units valued at RM2.17 billion, from 3.01 billion units valued at RM2.14 billion on Wednesday.

Warrant turnover declined to 323.84 million units worth RM47.52 million, versus 368.29 million units worth RM54.34 million previously.

The ACE Market volume slipped to 697.60 million shares valued at RM226.42 million, compared with 865.50 million shares valued at RM273.40 million a day earlier.

Consumer products and services counters accounted for 545.31 million shares traded on the Main Market, in addition to industrial products and services (403.44 million), construction (228.40 million), technology (611.03 million), special purpose acquisition companies (nil), financial services (92.86 million), property (488.28 million), plantation (34.65 million), real estate investment trusts (14.55 million), closed/funds (13,500), energy (111.18 million), healthcare (55.63 million), telecommunications and media (51.17 million), transportation and logistics (23.20 million), and utilities (41.62 million).

Source: The Edge