KUALA LUMPUR, Sept 14 (Bernama) -- Bursa Malaysia’s barometer index closed at an intraday high and snapped a four-day losing streak on Monday, as bargain hunting emerged following recent weakness, with half of the key index components advancing. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) ticked up 11.27 points or close 0.66 per cent higher to 1,698.01 from Friday’s close of 1,686.74. The benchmark index opened 0.09 points lower at 1,686.65, fell to an intraday low of 1,682.49 before settling at the intraday high of 1,698.01. Market breadth, however, was negative, with losers beating gainers 764 to 421. A total of 498 counters were unchanged, 1,157 untraded and 26 suspended. Turnover narrowed to 3.18 billion units worth RM2.79 billion, from 3.57 billion units valued at RM3.28 billion on Friday.
KUALA LUMPUR, Sept 14 (Bernama) -- Bursa Malaysia’s barometer index closed at an intraday high and snapped a four-day losing streak on Monday, as bargain hunting emerged following recent weakness, with half of the key index components advancing.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) ticked up 11.27 points or close 0.66 per cent higher to 1,698.01 from Friday’s close of 1,686.74.
The benchmark index opened 0.09 points lower at 1,686.65, fell to an intraday low of 1,682.49 before settling at the intraday high of 1,698.01.
Market breadth, however, was negative, with losers beating gainers 764 to 421. A total of 498 counters were unchanged, 1,157 untraded and 26 suspended.
Turnover narrowed to 3.18 billion units worth RM2.79 billion, from 3.57 billion units valued at RM3.28 billion on Friday.
Head of Research at Berjaya Research Sdn Bhd, Kenneth Leong, said FBM KLCI could extend its rebound in the near term, supported by further bargain hunting.
He added that market participants are likely to take cues from China’s retail sales and industrial production data slated for release tomorrow, which would indicate domestic demand and manufacturing activity in the region, while developments in global markets and commodity prices could continue to influence market sentiment.
“We expect the index to remain range-bound with a mild upward bias, pending stronger catalysts to drive a more sustained recovery.
“Technically, the local bourse has formed a bullish candlestick and could take a jab towards the 1,700 psychological level,” he told Bernama.
Leong said a successful breakthrough could lift the key index towards the immediate resistance levels at 1,714 points, followed by 1,722 points, while support levels remain at 1,680 points and 1,676 points, respectively.
Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that following the recent correction, the benchmark index remains close to oversold territory, which could continue to attract selective bargain hunting.
“We also believe valuations of selected blue chips have become increasingly attractive, particularly banking stocks, where the recent decline in share prices has lifted prospective dividend yields and strengthened their appeal to longer-term investors.
“For the week, we expect market volatility to remain elevated as investors closely monitor developments in West Asia, crude oil prices and the upcoming Federal Reserve and Bank of Japan’s policy decisions,” he said.
Theong said that while these external uncertainties are likely to cap the strength of any near-term recovery, FBM KLCI’s increasingly attractive valuations and potential bargain hunting in fundamentally sound blue chips should provide some downside support.
Among other heavyweights, Maybank added eight sen to RM10.46, Public Bank gained five sen to RM4.85, CIMB rose 18 sen to RM7.97, Tenaga Nasional increased four sen to RM13.64, and IHH Healthcare was 11 sen higher at RM7.76.
As for the top actives, Zetrix AI eased half a sen to 24.5 sen, Top Glove rose three sen to 83 sen, while Jaks Resources and AHB both added one sen to 13.5 sen and 6.5 sen respectively, and Ni Hsin inched up 1.5 sen to 29 sen.
Hong Leong Bank led the top gainers, rising 30 sen to RM23.38, while Hong Leong Industries gained 28 sen to RM17, Hengyuan Refining jumped 21 sen to RM3.45, IOI Corporation grew 20 sen to RM4.93, and Naim firmed 18 sen to RM5.27.
Of the top losers, Malaysian Pacific Industries and Nestle both fell 70 sen to RM40 and RM91.30 respectively. Allianz Malaysia was 66 sen lower at RM21.52, UWC dropped 34 sen to RM6.26, and Fraser & Neave lost 32 sen to RM23.24.
On the index board, the FBM Mid 70 Index lost 38.55 points to 17,690.09, while the FBM ACE Index fell 44.60 points to 5,215.63.
The FBM Emas Index gained 49.71 points to 12,559.91, the FBM Top 100 Index advanced 54.70 points to 12,360.34, and the FBM Emas Shariah Index inched up 15.96 points to 12,412.77.
Sector-wise, the Industrial Products and Services Index edged up 0.42 points to 189.20, and the Energy Index gained 0.49 points to 814.92.
The Main Market’s volume fell to 1.84 billion units valued at RM2.50 billion, down from 1.97 billion units worth RM2.94 billion on Friday.
Warrant turnover narrowed to 909.17 million units worth RM125.97 million compared with 1.05 billion units valued at RM139.33 million last Friday.
The ACE Market’s volume shrank to 429.68 million units valued at RM164.42 million, down from 552.67 million units worth RM205.83 million previously.
Meanwhile, Consumer products and services counters accounted for 279.57 million shares traded on the Main Market, industrial products and services (264.70 million), construction (157.64 million), technology (519.40 million), financial services (66.07 million), property (109.80 million), plantation (53.16 million), real estate investment trusts (14.28 million), closed-end fund (39,300), energy (115.93 million), healthcare (180.78 million), telecommunications and media (25.20 million), transportation and logistics (33.58 million), utilities (25.27 million), and business trusts (57,200).
Source: Bernama
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