KUALA LUMPUR, Jan 23 (Bernama) -- Bursa Malaysia’s benchmark index recouped earlier losses to settle higher, maintaining a more than six-year high, buoyed by continued buying interest in technology stocks, while the strengthening of the ringgit against the US dollar further lifted investor sentiment. At 2.27 pm today, the local currency strengthened to 3.9992 versus the greenback, its strongest level in more than seven years. It was last seen at this level on June 18, 2018, at 3.9960/9990. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.85 points or 0.17 per cent to 1,719.99 from yesterday’s close of 1,717.14. The index surpassed its previous peak of 1,719.00 recorded on Feb 26, 2019. The barometer index opened 1.30 points lower at 1,715.84 and moved between an intraday low of 1,711.89 in early trade and a high of 1,723.41 in late afternoon before slipping slightly toward the close. However, market breadth was negative with decl...
KUALA LUMPUR, Jan 21 (Bernama) -- Bursa Malaysia’s benchmark index rebounded to close higher today as investors engaged in bargain hunting at lower levels following yesterday’s profit-taking, in line with gains across most regional markets.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.75 points or 0.39 per cent to 1,705.81 from Tuesday’s close of 1,699.06.
The barometer index opened 4.25 points lower at 1,694.81 and moved between an intraday low of 1,693.95 in early trade and a high of 1,708.62 in late session.
Market breadth was positive, with gainers leading losers 591 to 442, while 568 counters were unchanged, 1,083 counters untraded, and 10 suspended.
Turnover increased to 2.94 billion units worth RM3.14 billion from Tuesday’s 2.85 billion units worth RM2.86 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the benchmark index continued to find firm support around the 1,700 level, underpinned by sustained buying interest in blue-chip stocks.
“This reflects underlying confidence in local fundamentals, as investors remain selective yet willing to accumulate quality names despite external uncertainties.
“Provided buying interest remains intact, the FBM KLCI is expected to stay resilient in the near term, with any pullbacks likely to be mild and orderly,” he told Bernama.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said banking stocks led the gains among the FBM KLCI components, as investors positioned ahead of Bank Negara Malaysia’s monetary policy committee meeting tomorrow, with expectations that the policy rate will be maintained.
He said consumer stocks also advanced, supported by the payment of Sumbangan Tunai Rahmah credits yesterday and ahead of Phase 2 of the civil servants’ salary adjustment tomorrow, which is expected to boost household spending and transaction activity.
Among heavyweights, Maybank rose four sen to RM11.10, Public Bank added two sen to RM4.74, while CIMB and IHH gained five sen each to RM8.22 and RM8.46, respectively. Tenaga Nasional was flat at RM13.80.
On the actively traded list, Velesto, Zetrix AI and Tanco bagged one sen each to 29 sen, 81.5 sen and RM1.29, respectively, while SBS Nexus fell one sen to 23 sen, and IJM dropped eight sen to RM2.49.
Leading gainers included Hong Leong Financial which climbed 56 sen to RM20.84, Dutch Lady advanced 50 sen to RM31.78, Fraser & Neave and Malaysian Pacific Industries perked up 44 sen each to RM36.16 and RM34.00, respectively, while Petronas Gas firmed 38 sen to RM18.80.
As for the top decliners, United Plantations slid 76 sen to RM30.30, Nestle slipped 40 sen to RM115.60, BLD Plantation dipped 30 sen to RM15.30, Far East sank 25 sen to RM3.95, and KL Kepong lost 20 sen to RM20.00.
On the broader market, the FBM Emas Index increased 49.74 points to 12,564.94, the FBM Top 100 Index added 46.50 points to 12,359.04, the FBM ACE Index climbed 37.47 points to 4,918.71, and the FBM Emas Shariah Index jumped 50.78 points to 12,243.49, and the FBM Mid 70 Index advanced 54.77 points to 17,452.61.
Sector-wise, the Financial Services Index soared 104.10 points to 20,548.66, the Energy Index inched down 0.15 of-a-point to 770.68, the Industrial Products and Services Index edged up 1.79 points to 175.07, and the Plantation Index shed 32.96 points to 8,298.13.
The Main Market volume was unchanged at 1.51 billion units while its value rose to RM2.86 billion from Tuesday’s 1.51 billion units worth RM2.58 billion.
Warrants turnover expanded to 939.71 million units worth RM109.84 million from 852.39 million units worth RM115.84 million previously.
The ACE Market volume improved to 483.39 million units worth RM163.83 million from 480.23 million units worth RM167.71 million yesterday.
Consumer products and services counters accounted for 218.78 million shares traded on the Main Market, industrial products and services (283.49 million), construction (141.92 million), technology (214.37 million), financial services (111.97 million), property (166.26 million), plantation (26.41 million), real estate investment trusts (19.60 million), closed-end fund (9,000), energy (156.24 million), healthcare (50.81 million), telecommunications and media (31.74 million), transportation and logistics (65.44 million), utilities (31.30 million), and business trusts (609,900).
Source: Bernama
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