Categories: MarketsNews

Press Metal, PetChem lead Bursa Malaysia rally

Despite that, the market breadth remained mixed with decliners leading gainers by 416 to 410

IMPROVED risk sentiment and bargain hunting in heavyweights led by Press Metal Aluminium Holdings Bhd and Petronas Chemicals Group Bhd (PetChem) saw Bursa Malaysia’s main index gaining 0.9% at the close.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 12.49 points, or 0.89%, to 1,409.09 compared to yesterday’s closing of 1,396.6.

The market bellwether, which opened five points higher at 1,401.6, moved between 1,398.42 and 1,409.23 throughout the session.

Market breadth remained mixed with decliners leading gainers by 416 to 410 while 430 counters were unchanged, 1,040 untraded and 24 others suspended.

Turnover, however, shrank to 2.83 billion units worth RM1.51 billion from yesterday’s 3.37 billion units valued at RM1.72 billion.

Rakuten Trade Sdn Bhd VP (equity research) Thong Pak Leng said, similarly, key regional markets were mostly in positive territory as concerns over the banking sector crisis have eased.

“Nonetheless, we believe it is too early to gauge whether the overall banking sector problems in the US and Europe have been resolved completely until the situation remains stable for at least nine to 12 months.

“As for the local bourse, despite the improving market sentiment, investors need to remain vigilant due to the rising volatility and uncertainty globally,” he told Bernama.

Thong expects the FBM KLCI to consolidate within the 1,400-1,415 range for the rest of the week.

Among other heavyweights, most were in positive territory except for Tenaga Nasional Bhd, MISC Bhd, Axiata Group Bhd and Genting Malaysia Bhd which were in the red.

Press Metal and Sime Darby Plantation Bhd jumped 14 sen to RM4.83 and RM4.30 respectively, PChem rose 13 sen to RM6.95, Public Bank Bhd gained five sen to RM3.94 and Malayan Banking Bhd put on seven sen to RM8.51.

Among the actives, Computer Forms (M) Bhd trimmed 4.5 sen to 18.5 sen, Vinvest Capital Holdings Bhd improved two sen to 24.5 sen, Vizione Holdings Bhd perked up half-a-sen to six sen, while Sapura Energy Bhd and Fitters Diversified Bhd were unchanged at four sen and eight sen, respectively.

On the index board, the FBM Emas Index gained 67.89 points to 10,301.91, the FBM T100 Index advanced 70.42 points to 10,000.83 and the FBM Emas Shariah Index put on 51.81 points to 10,619.29.

The FBM 70 Index improved by 17.9 points to 13,289.54 and the FBM ACE Index lost 11.44 points to 5,205.51.    

Sector-wise, the Financial Services Index surged 137.89 points to 15,560.39, the Energy Index perked up 20.48 points to 813.43, the Plantation Index garnered 58.02 points to 6,714.74 and the Industrial Products and Services Index inched up 2.04 points to 168.

The Main Market volume dwindled to 1.79 billion shares worth RM1.23 billion against 2.13 billion shares worth RM1.45 billion yesterday.   

Warrants turnover decreased to 367.94 million units worth RM56.89 million from 456.14 million units worth RM66.12 million previously.

The ACE Market volume fell to 671.62 million shares worth RM222.67 million from 779.51 million shares worth RM202.91 million yesterday.

Consumer products and services counters accounted for 274.03 million shares traded on the Main Market, industrial products and services (528.06 million); construction (111.09 million); technology (236.3 million); SPAC (nil), financial services (53.25 million); property (99.15 million); plantation (26.96 million); REITs (6.97 million), closed/fund (3,000); energy (222.27 million); healthcare (106.88 million); telecommunications and media (54.53 million); transportation and logistics (50.33 million); and utilities (22.5 million). — Bernama / pic TMR File


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