The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 6.58 points higher at 1,629.22 against the close of 1,628.55 points yesterday. The index opened 0.83 of a point better at 1,623.47 and fluctuated between 1,621.86 and 1,632.60 through the day.
China’s fourth-quarter gross domestic product growth of 6.8 per cent was in line with analysts’ expectations, which bolstered sentiment in the local market.
Hit by the slump in crude oil prices as well as subdued regional markets, the FBM KLCI slipped at early trade and was swinging between gains and losses before ending the morning session higher.
“Sustained buying interest was seen on the local bourse as the key index managed to claw back higher to perform better than its regional peers,” Kenanga Research said.
Market breadth was positive with gainers outpacing losers 588 to 301 while 338 counters were unchanged, 523 untraded and 11 others were suspended.
Total volume rose to 2.20 billion shares, worth RM1.77 billion, from the 2.13 billion shares, valued at RM1.87 billion, yesterday.
Forex Time Research analyst Lukman Otunuga said the renewed wave of risk aversion from the incessant decline in oil prices and ongoing fears around the slowing global growth still weighed heavily on investor sentiment and this might drag Asian stocks lower in the near term.
Brent crude fell to US$27.67 per barrel after the lifting of sanctions on Iran, and this affected markets across the region. The removal of sanctions has paved the way for Iran to add 500,000 barrels of crude oil to the already over-supplied market, further exacerbating the situation.
Regionally, Japan’s Nikkei improved 0.55 per cent to 17,048.37, Hong Kong’s Hang Seng rose 2.07 per cent to 19,635.81 and Singapore’s Straits Times perked 1.55 per cent to 2,633.15.
Back home, heavyweights Maybank gained 4 sen to RM8.33, Public Bank rose 4 sen to RM18.18, Petronas Chemicals increased 18 sen to RM7.19, but TNB eased 8 sen to RM12.90.
Leading the top losers list were Petronas Gas, which gave up 40 sen to RM21.10. Enra fell 30 sen to RM2.02, Time dotCom lost 25 sen to RM7.44 and Bintulu Port slid 14 sen to RM7.01.
On the scoreboard, the FBM Emas Index rose 51.89 points to 11,417.60, the FBMT100 Index gained 47.02 points to 11,095.27 and the FBM Emas Shariah Index added 43.14 points to 12,370. The FBM 70 increased 62.50 points to 12,898.42 and the FBM Ace expanded 110.22 points to 6,185.04.
Sector-wise, the Industrial Index was up 13.12 points to 3,136.50, the Finance Index increased 72.27 points to 13,683.57 and the Plantation Index rose 14.15 points to 7,519.29.
Main Market volume advanced to 1.32 billion units, worth RM1.60 billion, from yesterday’s 1.27 billion units, worth RM1.70 billion.
Turnover on the ACE Market increased to 599.70 million shares, valued at RM117.70 million, from 454.21 million shares, worth RM94.34 million yesterday.
Warrants fell to 271.88 million units, valued at RM46 million, from 404.24 million units, worth RM72.69 million yesterday.
Consumer products accounted for 285.54 million shares traded on the Main Market, industrial products (318.08 million), construction (38.44 million), trade and services (396.83 million), technology (34.22 million), infrastructure (15.22 million), SPAC (62.94 million), finance (34.96 million), hotels (1.05 million), properties (112.29 million), plantations (14.90 million), mining (0), REITs (9.56 million) and closed/fund (68,000). — Bernama
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