KUALA
LUMPUR (April 17): Bursa Malaysia snapped four consecutive days of
losses to end higher on Wednesday as bargain hunting emerged following
the recent sell-off, said an analyst.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.42 points, or 0.35%, to 1,540.42 from Tuesday’s close of 1,535.0.
The
benchmark index, which opened 0.05 of a point firmer at 1,535.05, moved
between 1,532.95 and 1,541.88 throughout the trading session.
On
the broader market, gainers trounced decliners 717 to 318, while 469
counters were unchanged, 848 untraded, and 11 others suspended.
Turnover slipped to 3.45 billion units worth RM2.67 billion from 4.93 billion units worth RM3.72 billion on Tuesday.
Rakuten
Trade Sdn Bhd equity research vice president Thong Pak Leng said most
key regional indices also rebounded following the recent sell-off, which
saw Hong Kong’s Hang Seng Index inch up 0.02% to 16,251.84, China's SSE
Composite Index improved 2.14% to 3,071.38, and Singapore’s Straits
Times Index rose 0.63% to 3,164.42.
Nonetheless, gains are capped in certain markets on expectations the US' interest rates will stay high, he said.
"On the
domestic front, we remain cautious as the short-term direction of the
local market is significantly influenced by external factors, such as
regional volatility, interest rates, and geopolitical tensions. However,
we expect stock accumulation to persist on market dips," he said.
Thong
also anticipates the KLCI to trend sideways with an upside bias within
the range of 1,530-1,550 for the remainder of the week with immediate
support at 1,530 and resistance at 1,570.
Meanwhile,
Mohd Sedek Jantan, head of wealth research and advisory and designated
portfolio manager at UOB Kay Hian Wealth Advisors, said investors are
adeptly navigating through a dual narrative, namely the necessity for
additional policy support to facilitate China's gradual recovery and the
backdrop of a resilient US economy.
"Furthermore,
concerns regarding the Middle East crisis appear to be easing as
first-quarter corporate earnings reports continue to be released," he
said.
Among the
heavyweights, Maybank Bhd added two sen to RM9.60, Public Bank Bhd and
CIMB Group Holdings Bhd gained five sen to RM4.15 and RM6.53,
respectively, Tenaga Nasional Bhd put on four sen to RM11.52, and
Petronas Chemicals Group Bhd increased three sen to RM6.83.
As for
the actives, Bina Puri Holdings Bhd and MyEG Services Bhd edged up half a
sen to 8.5 sen and 77.5 sen, respectively, while Alpha IVF Group Bhd
eased half a sen to 33 sen, Avillion Bhd shed 1.5 sen to 4.5 sen, and
Ingenieur Gudang Bhd was flat at 14.5 sen.
On the
index board, the FBM Emas Index climbed 62.43 points to 11,577.44, the
FBMT 100 Index rose 50.41 points to 11,219.39, and the FBM ACE Index
jumped 43.43 points to 4,925.37.
The FBM Emas Shariah Index expanded 60.88 points to 11,757.31 and the FBM 70 Index surged 117.32 points to 16,114.12.
Sector-wise,
the Industrial Products and Services Index inched up 1.23 points to
183.31, the Energy Index perked up 9.23 points to 959.17, and the
Financial Services Index increased 98.54 points to 17,107.49, while the
Plantation Index decreased 41.36 points to 7,357.88.
The Main
Market volume shrank to 2.05 billion units valued at RM2.39 billion
versus 3.03 billion units valued at RM3.36 billion on Tuesday.
Warrants
turnover dwindled to 808 million units worth RM95.66 million against
1.14 billion units worth RM128.5 million the day before.
The ACE
Market volume tumbled to 588.2 million shares worth RM184.38 million
from 744.71 million shares worth RM231.13 previously.
Consumer
products and services counters accounted for 303.25 million shares
traded on the Main Market, industrial products and services (430.87
million), construction (263.5 million), technology (195.25 million),
SPAC (nil), financial services (98.66 million), property (342.52
million), plantation (41.92 million), REITs (10.62 million), closed/fund
(16,000), energy (170.37 million), healthcare (58.37 million),
telecommunications and media (38.15 million), transportation and
logistics (44.90 million), and utilities (54.44 million).
Source: The Edge