Bursa Malaysia ends higher on improving global sentiment

BURSA Malaysia extended yesterday’s gains to close higher today, bolstered by the improving global sentiment and bargain hunting activities in selected heavyweight stocks, a dealer said.

At 5pm, the benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 11.74 points to end at 1,409.36 from Monday’s close of 1,397.62.

It opened 6.14 points firmer at 1,403.76 and moved between 1,402.9 and 1,411.55 throughout the day.  

Market breadth was positive with gainers outpacing decliners 567 to 280, while 331 counters remained unchanged, 1,175 untraded and 30 others suspended.

Total turnover widened to 1.92 billion units worth RM1.46 billion from 1.79 billion units worth RM1.45 billion on Monday.

Rakuten Trade Sdn Bhd VP of equity research Thong Pak Leng said the FBM KLCI trended higher today as investors continued to bargain hunt stocks at lower levels after recent selldowns.

He said key regional indices also trended broadly higher after stocks on Wall Street rallied overnight.

“Investors believe that a weakening US economy may push the Federal Reserve into reducing its hawkish tone,” he told Bernama.

Back home, in view of the greater market volatility, Thong anticipated the FBM KLCI to trend within a wider range of 1,390 to 1,420 for the remaining of the week with immediate resistance at 1,450, with support at 1,400 followed by 1,380.

Meanwhile, Malacca Securities Sdn Bhd senior analyst Kenneth Leong predicts the FBM KLCI to further recovery towards 1,430 and 1,460, with support at 1,385 if the local bourse stays above the 1,400 level.

“The FBM KLCI charged higher today, taking cue from gains on Wall Street overnight as the rebound move was noted throughout the session. With the calmer market sentiment, we expect gains likely to extend overtime as investors bargain hunt on beaten down stocks.

“Moving forward, the focus will remain towards the tabling of Budget 2023 on Friday,” he said.

Among the heavyweight stocks, Malayan Banking Bhd gained eight sen to RM8.68, Public Bank Bhd added two sen to RM4.27, CIMB Group Holdings Bhd improved 11 sen to RM5.23 and IHH Healthcare Bhd reduced four sen to RM5.85, while Petronas Chemicals Group Bhd was flat at RM8.39.

Of the actives, both Citaglobal Bhd and Top Glove Corp Bhd ticked up 2.5 sen to 26.5 sen and 62 sen, Cypark Resources Bhd edged up three sen to 46 sen and Hiap Huat Holdings Bhd rose two sen to 16 sen, while PT Resources Holdings Bhd was flat at 45.5 sen.

On the index board, the FBM Emas Index advanced 83.51 points to 10,050.91, the FBM 70 earned 91.92 points to 12,180.71 and the FBM T100 Index grew by 79.87 points to 9,802.83, the FBM Emas Shariah Index rose 74.44 points to 10,069.54 and the FBM ACE strengthened 56.89 points to 4,709.

Sector-wise, the Energy Index was 10.27 points firmer at 684.52, the Financial Services Index jumped 148.22 points to 16,091.43 and the Industrial Products and Services Index edged up 1.20 points to 169.86.

The Plantation Index, however, reduced by 70.93 points to 6,438.06.

The Main Market volume widened to 1.36 billion shares worth RM1.26 billion against Monday’s 1.11 billion shares worth RM1.21 billion.

Warrant turnover reduced to 107.86 million units valued at RM13.55 million from 214.84 million units valued at RM42.82 million previously.

The ACE Market volume trimmed to 443.62 million shares worth RM180.15 million from 461.78 million shares worth RM194.78 million yesterday.

Consumer products and services counters accounted for 143.82 million shares traded on the Main Market, industrial products and services (543.9 million), construction (38.45 million), technology (139.19 million), SPAC (nil), financial services (57.46 million), property (143.18 million), plantation (19.37 million), REITs (4.82 million), closed/fund (13,000), energy (128.13 million), healthcare (80.58 million), telecommunications and media (26.17 million), transportation and logistics (29.47 million) and utilities (9.88 million). — Bernama / pic TMR File