KUALA LUMPUR, Dec 11 (Bernama) -- Bursa Malaysia’s key index closed higher today, supported by bargain hunting following the United States Federal Reserve’s (Fed) 25-basis-point cut to its benchmark rate, despite a downturn in regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 14.39 points, or 0.89 per cent, to end at its intraday high of 1,625.39, compared with Wednesday’s close of 1,611.00. The benchmark index opened 1.86 points firmer at 1,612.86 before easing to a low of 1,609.96 in early trade. It later regained momentum and climbed steadily to finish at the day’s high. However, on the broader market, decliners led gainers 558 to 460. A total of 512 counters were unchanged, 1,228 were untraded and 16 suspended. Turnover decreased to 2.99 billion units worth RM2.35 billion from 3.86 billion units worth RM2.21 billion on Wednesday.
KUALA LUMPUR, Dec 11 (Bernama) -- Bursa Malaysia’s key index closed higher today, supported by bargain hunting following the United States Federal Reserve’s (Fed) 25-basis-point cut to its benchmark rate, despite a downturn in regional markets.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 14.39 points, or 0.89 per cent, to end at its intraday high of 1,625.39, compared with Wednesday’s close of 1,611.00.
The benchmark index opened 1.86 points firmer at 1,612.86 before easing to a low of 1,609.96 in early trade. It later regained momentum and climbed steadily to finish at the day’s high.
However, on the broader market, decliners led gainers 558 to 460. A total of 512 counters were unchanged, 1,228 were untraded and 16 suspended.
Turnover decreased to 2.99 billion units worth RM2.35 billion from 3.86 billion units worth RM2.21 billion on Wednesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional bourses retreated as technology counters came under pressure after Oracle’s softer-than-expected earnings reignited concerns over the sustainability of the artificial intelligence (AI) rally.
“These tech losses largely overshadowed the dovish signals from the US Fed, which not only trimmed interest rates but also indicated its intention to step up asset purchases,” he told Bernama.
As for the local market, Thong said the benchmark index is expected to maintain its sideways pattern despite today’s gains, as persistent foreign fund outflows continue to exert selling pressure.
“Only a decisive breakout above the 1,630 level, supported by strong volume, would signal renewed momentum and potentially pave the way for a move towards the 1,650 region.
“We anticipate the FBM KLCI to hover within the 1,610 to 1,630 range towards the weekend,” he added.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said that the FBM KLCI rebounded strongly today, recovering the losses registered yesterday as market sentiment improved following the US Fed’s latest rate cut.
“The renewed optimism lifted 21 of the 30 index constituents, with banking stocks once again providing the main support. The sector continued to benefit from expectations of firmer loan demand and better rate visibility,” he said.
Among heavyweights, Maybank added 14 sen to RM10.26, Public Bank improved five sen to RM4.42, CIMB Group rose 13 sen to RM7.95, while Tenaga Nasional and IHH Healthcare were unchanged at RM12.74 and RM8.40, respectively.
On the most active list, Borneo Oil was unchanged at half-a-sen, BMS Holdings gained two sen to 21 sen, Velesto Energy edged down half-a-sen to 27.5 sen, Tanco Holdings eased one sen to RM1.15, while Pharmaniaga advanced two sen to 25.5 sen.
Top gainers included Kuala Lumpur Kepong which advanced 32 sen to RM19.52, Hong Leong Financial Group climbed 30 sen to RM18.16, Westports rose 22 sen to RM5.67, Hong Leong Bank added 18 sen to RM21.60, and Telekom Malaysia gained 16 sen to RM7.88.
Among the top losers, BLD Plantation dropped RM1.46 to RM15.04, Nestle shed 80 sen to RM114.20, Gamuda declined 24 sen to RM4.89, Dutch Lady eased 18 sen to RM30.10, and Malaysian Pacific Industries slipped 18 sen to RM32.00.
Source: Bernama
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