Bursa snaps 3-day losing streak

THE FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded today, snapping a three-day losing streak and bucking the regional trend as market participants cheered the slightly better than expected 2022 GDP data, a dealer said. 

At 5pm, the benchmark FBM KLCI gained 9.95 points, or 0.68%, to 1,474.59 compared to yesterday’s close of 1,464.64. 

The key index opened 0.41 points better at 1,465.05 and moved between 1,463.31 to 1,476.03 throughout the session. 

However, the market breadth was negative as decliners thumped gainers 540 to 403, while 403 counters were unchanged, 828 untraded and 18 others suspended.

Turnover increased to 4.08 billion units worth RM2.5 billion against yesterday’s 3.57 billion units worth RM2.19 billion. 

Malaysia’s economic growth jumped to a 22-year record high of 8.7% in 2022 against 3.1% in the previous year. 

However, Bank Negara Malaysia (BNM) said the nation’s GDP expanded by 7% in the fourth quarter of 2022 (4Q22), versus 14.2% in 3Q22, as support from the stimulus measures and low base effects waned.

Rakuten Trade Sdn Bhd equity research VP Thong Pak Leng reckons that the strong set of GDP data boosted investor confidence. 

“Besides, the (uptrend) was also driven by bargain hunting activities following three consecutive days of sell-down,” he told Bernama

Regionally, key indices closed mostly lower following negative cues from Wall Street overnight as high inflation and worries about a slowing economy, as well as lacklustre corporate results, weighed on US markets. 

Bursa Malaysia heavyweight stocks Malayan Banking Bhd gained 13 sen to RM8.75, Public Bank Bhd added seven sen to RM4.20 and Petronas Chemicals Group Bhd bagged one sen RM8.25. Tenaga Nasional Bhd advanced 24 sen to RM9.77 and CIMB Group Holdings Bhd was flat at RM5.37. 

MyEG Services Bhd emerged as the most actively traded stock on Bursa Malaysia at the close today after the government announced that private vehicle owners are no longer required to display road tax stickers on their vehicles. Instead, they can use the digital Motor Vehicle Licence starting today. 

Its business also involves road tax renewals, among other government-related services.

MyEG shares tumbled 14.69%, or 10.5 sen, to 61 sen with the trading volume spiking to 787.22 million shares. The stock opened higher at 73.5 sen today from 71.5 sen at the close yesterday.

In other active stocks, Velesto Energy Bhd expanded two sen to 24 sen, EG Industries Bhd rallied 9.5 sen to 75.5 sen, Zen tech International Bhd fell 1.5 sen to 3.5 and Sapura Energy Bhd was flat at 4.5 sen.

On the index board, the FBM Emas Index earned 45.04 points to 10,740.04, the FBM T100 Index strengthened 46.21 points to 10,405.73 and the FBM Emas Shariah Index went down 0.11 point to 11,046.41. The FBM 70 Index dwindled 42.95 points to 13,569.98 and the FBM ACE Index was 68.47 points lower at 5,744.00. 

Sector-wise, the Plantation Index edged up 7.86 points to 6,886.65, the Energy Index rose 11.49 points to 896.37 and the Financial Services Index surged 198.16 points to 16,1113.37. The Industrial Products and Services Index eased by 0.18 of-a-point to 190.15. 

The Main Market volume widened to 2.64 billion shares worth RM2.05 billion compared to yesterday’s 2.12 billion shares worth RM1.76 billion.

Warrant turnover improved to 425.55 million units worth RM49.88 million from 342.21 million units worth RM51.05 million yesterday. 

The ACE Market volume was trimmed to 1.01 billion shares worth RM398.66 million from 1.11 billion shares worth RM380.62 million previously.

Consumer products and services counters accounted for 233.1 million shares traded on the Main Market, industrial products and services (515.78 million); construction (149.98 million); technology (988.38 million); SPAC (nil), financial services (56.56 million); property (170.9 million); plantation (34 million); REITs (5.34 million), closed/fund (12,700); energy (329.95 million); healthcare (75.15 million); telecommunications and media (24.81 million); transportation and logistics (37.59 million) and utilities (23.54 million). — Bernama / pic TMR File