KUALA LUMPUR, June 5 (Bernama) -- Bursa Malaysia closed higher, with the benchmark index rising 0.60 per cent as bargain-hunting persisted following the recent sell-off, despite weaker performances across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 10.17 points to 1,693.43 from Thursday's close of 1,683.26. The benchmark index opened 3.19 points higher at 1,686.45 and traded between 1,684.36 and 1,698.53 during the trading session. However, broader market sentiment remained negative, with losers outnumbering gainers 666 to 477. A total of 574 counters were unchanged, 958 untraded and 12 suspended. Turnover fell to 3.41 billion units worth RM3.04 billion from 3.47 billion units worth RM3.58 billion on Thursday.
Malaysia's producer price index (PPI) rose by 1.6% year-on-year (y-o-y) in June 2024, up from 1.4% in May, according to the Department of Statistics Malaysia (DOSM).
Key Highlights:
Overall PPI Increase:
- The PPI for local production increased by 1.6% y-o-y in June.
- This marks the fourth consecutive month of increases across all sectors since March.
Sectoral Performance:
- Mining Sector: Rose by 4.6% y-o-y, down from 6.6% in May. Growth was driven by natural gas extraction (up 4.6%) and crude petroleum (up 4.5%).
- Agriculture, Forestry, and Fishing Sector: Climbed to 3.4% y-o-y from 1.3% in the previous month, with significant contributions from the growing of perennial crops (up 7.5%) and animal production (up 1.7%).
- Manufacturing Sector: Increased by 1.1% y-o-y from 1.0% in May, primarily driven by the manufacture of computer, electronic, and optical products (up 9.2%).
- Utility Sector:
- Water supply index jumped 7.8% in June (May: 8.7%).
- Electricity and gas supply index rose by 1.0% (May: 1.5%).
Monthly PPI Movement:
- On a month-on-month basis, the PPI for local production decreased by 0.1% in June, compared to a 0.9% drop in May.
- The decline was mainly due to a 3.4% drop in the mining sector (May: -5.5%), with natural gas extraction down by 3.7% and crude petroleum extraction down by 3.3%.
Crude Palm Oil (CPO) Prices:
- The average monthly price of crude palm oil (CPO) rose to about RM3,960 per tonne in June, up from RM3,900 per tonne in May.
- The increase in CPO prices is attributed to anticipated limited supply from Malaysia and Indonesia towards the end of 2024, coupled with higher palm oil exports.
Chief Statistician’s Comments:
- Datuk Seri Dr Mohd Uzir Mahidin highlighted that all sectors showed growth for the fourth consecutive month, reflecting a positive trend in local production prices.
- The rise in CPO prices was particularly noted due to expectations of limited supply and increased exports.
The increase in the PPI indicates ongoing sectoral growth and reflects broader economic trends, particularly in manufacturing and agriculture. The continued rise in CPO prices also highlights key market dynamics affecting Malaysia's commodity exports.
Comments
Post a Comment