KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing. On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion. Dealers said that investors were cautious following geopolitical developments in Asia.
KUALA LUMPUR (Oct 3): Bursa Malaysia ended slightly higher on Tuesday amid mixed regional markets.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 1.25 points to 1,420.01 from Monday’s closing of 1,418.76.
The index, which opened 0.18 of a point lower at 1,418.58, moved between 1,417.94 and 1,424.11 during the session. On the broader market, decliners beat gainers 545 to 401, while 425 counters were unchanged, 924 untraded and 23 others suspended.
Turnover increased to 3.22 billion units worth RM2.20 billion from 3.01 billion units worth RM1.8 billion on Monday.
SPI Asset Management managing director Stephen Innes noted that the local bourse bucked the mainly negative regional trend as surging global sovereign yields hurt risk sentiment. "Low valuations are attractive in Malaysia, but frankly it's difficult for investors to get excited locally given property market woes in China and the higher US (bond) yields,” he said.
Public Investment Bank Bhd sees the KLCI trading sideways between 1,430 and 1,400 points in the near term with a slight bearish bias, amid “entirely suppressed upward momentum”. "Support level for the index is at 1,400 while resistance is at 1,430,” it said in a note.
At the close, heavyweight counters Maybank Bhd added two sen to RM8.77, CIMB Group Holdings Bhd gained one sen to RM5.41 and Tenaga Nasional Bhd firmed up seven sen to RM9.97.
Of the actives, KNM Group Bhd and Widad Group Bhd put on one sen to 15 sen and 52 sen, respectively, while Evergreen Max Cash Capital Bhd went up four sen to 45.5 sen.
MyEG Services Bhd rose three sen to 81.5 sen while Bumi Armada Bhd fell 1.5 sen to 54.5 sen.
On the index board, the FBM Emas Index weakened by 3.53 points to 10,535.37, the FBMT 100 Index was 2.39 points lower at 10,201.96 and the FBM Emas Shariah Index crept up 0.36 of a point to 10,823.5.
The FBM 70 Index narrowed by 52.49 points to 14,079.76. However, the FBM ACE Index was stronger by 16.14 points to 5,162.25.
Sector-wise, the Plantation Index strengthened by 6.78 points to 6,859.92 and the Financial Services Index expanded by 29.1 points to 15,905.22.
The Industrial Products Services Index eased by 0.35 of a point to 170.08 and the Energy Index dropped 16.86 points to 871.72.
The Main Market volume increased to 2.01 billion units worth RM1.9 billion from 1.75 billion units worth RM1.51 billion on Monday. Warrant turnover expanded to 449.01 million units valued at RM50.37 million against 201.25 million units valued at RM19.08 million previously.
The ACE Market volume fell to 762.92 million shares worth RM253.65 million from 1.02 billion shares worth RM266.77 million previously.
Consumer products and services counters accounted for 249.29 million shares traded on the Main Market, industrial products and services (478.64 million); construction (114.07 million); technology (137.77 million); SPAC (nil); financial services (93.24 million); property (266.5 million); plantation (25.44 million); REITs (14.97 million), closed/fund (48,000); energy (424.32 million); healthcare (59.52 million); telecommunications and media (43.01 million); transportation and logistics (39.21 million) and utilities (59.22 million).
Source: The Edge
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