Market Daily Report: Bursa snaps three-day losing streak in tandem with regional uptrend

KUALA LUMPUR (Aug 4): Bursa Malaysia snapped a three-day losing streak to close 0.23% higher on bargain-hunting, particularly for healthcare, financial services, and property counters, in tandem with the uptrend on most regional bourses on Friday (Aug 4).

At 5pm, the FBM KLCI had strengthened by 3.36 points to 1,445.21, from 1,441.85 at Thursday’s close. 

The barometer index opened 0.64 of a point higher at 1,442.49, and moved between 1,442.23 and 1,447.13 throughout the day.

On the overall market, gainers beat losers 456 to 333, while 470 counters were unchanged, 1,017 untraded, and 26 others suspended.

Turnover stood at 2.68 billion units worth RM1.42 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that regionally, the key indices were mostly higher, as investors were positive after the governor of China's central bank held a meeting with real estate developers, granting them permission to increase their fundraising through bond sales.

This move was part of the republic’s ongoing efforts to relax the debt restrictions imposed in 2020, which severely impacted the industry, he added.

Meanwhile, concerns loomed over the US economy's vulnerability to a recession even after undergoing several rate hikes in the last year to combat inflation, and investors were eagerly awaiting the US non-farm payrolls data update later on Friday.

“As investor sentiment improves both regional and globally, we believe the market undertone remains steady on the domestic front,” he told Bernama.

Heavyweights Malayan Banking Bhd (Maybank) added one sen to RM8.91, Public Bank Bhd gained three sen to RM4.12, CIMB Group Holdings Bhd inched up four sen to RM5.50, and Tenaga Nasional increased four sen to RM9.60, while Petronas Chemicals Group Bhd was flat at RM6.85.

Of the actives, Classita Holdings Bhd at 16 sen and Widad Group Bhd at 43 sen were both flat, UEM Sunrise Bhd went up 1.5 sen to 50.5 sen, KNM Group Bhd was half a sen easier at 8.5 sen, and MST Golf Group Bhd lost 17 sen to 59.5 sen.

On the index board, the FBM Emas Index rose 24.15 points to 10,617.37, the FBMT 100 Index was 22.87 points firmer at 10,310.88, the FBM Emas Shariah Index perked 1.81 points to 10,871.55, and the FBM 70 Index climbed 26.20 points to 13,921.16, while the FBM ACE Index fell 48.14 points to 5,253.71.

Sector-wise, the Financial Services Index garnered 79.05 points to 16,142.02, the Energy Index edged up 1.50 points to 826.36, the Industrial Products and Services Index inched up 0.67 of a point to 166.50, and the Plantation Index slid 23.99 points to 7,080.71.

The Main Market volume dwindled to 1.77 billion units valued at RM1.17 billion, from 2.11 billion units valued at RM1.42 billion on Thursday.

Warrant turnover improved to 410.15 million units worth RM66.15 million, versus 400.86 million units worth RM64.59 million previously.

The ACE Market volume expanded to 490.84 million shares valued at RM183.68 million, compared with 418.03 million shares valued at RM165.84 million a day earlier.

Consumer products and services counters accounted for 666.98 million shares traded on the Main Market, along with industrial products and services (286.30 million), construction (97.66 million), technology (127.94 million), special purpose acquisition companies (nil), financial services (43.95 million), property (205.49 million), plantation (22.83 million), real estate investment trusts (9.13 million), closed/funds (nil), energy (192.10 million), healthcare (40.45 million), telecommunications and media (21.42 million), transportation and logistics (25.97 million), and utilities (39.09 million).

Source: The Edge