KUALA LUMPUR, July 29 — Bursa Malaysia closed at the highest level of the year after surpassing the 1,610-resistance level on last-minute buying today.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ticked up 1.48 points, or 0.09 per cent, to 1,611.42 from 1,609.94 at yesterday’s close.

Previously, the highest closing level this year was on January 3, 2020, when the market benchmark ended at 1,611.38.

At the opening bell today, the key index rose 0.19 of-a-point to 1,610.13 and hovered between 1,589.98 and 1,618.01 throughout the day.

Market breadth, however, remained negative, with losers thumping gainers 685 to 398, while 411 counters were unchanged, 503 untraded and 56 others suspended.

Trading volume narrowed to 10.53 billion units worth RM6.95 billion from 11.85 billion units worth RM7.24 billion yesterday.

The key index was mainly supported by buying in the heavyweights, including Petronas Chemicals and Tenaga which bagged 14 sen each to RM6.28 and RM11.42 respectively, Hartalega which rose 22 sen to RM20.12, PPB which gained 42 sen to RM19.50 and Nestle which surged RM2.20 to RM142.00.

Despite the FBM KLCI breaching the 1,610 level, Maybank Investment Bank Bhd remisier Jeffry Azizi Jaafar said gains on the key index were limited by negative news of Top Glove products being banned by New Zealand’s biggest supermarket chain on allegations of migrant labour abuse.

"Besides, the announcement of the loan moratorium extension by Prime Minister Tan Sri Muhyiddin Yassin today also dented the finance-linked counters’ performance, as the exercise would affect banks’ earnings,” he told Bernama.

In a televised announcement at 3pm today, Muhyiddin said the loan repayment moratorium would be extended by three months to December 31, 2020, for those who had lost their jobs this year due to the impact of the Covid-19 pandemic and had yet to find employment, while a targeted approach would be undertaken for the rest.

"After three months, the moratorium period could be extended by the respective banks according to each individual’s situation,” said the premier.

Of the top gainers, Kossan added 62 sen to RM17.92, Rubberex rose 45 sen to RM5.04, Vitrox advanced 42 sen to RM11.84, MPI was 40 sen higher at RM12.70 and DKSH climbed 38 sen to RM3.47.

Top Glove, on the other hand, suffered as one of the top losers, dipping 26 sen to RM26.14 after the negative news surfaced.

XOX remained the most actively traded stock, giving up 2.5 sen to 25.5 sen. Key Alliance and MQ Technology eased half-a-sen each to 9.5 sen and 12.5 sen respectively, K-One added 4.5 sen to 47 sen and Bioalpha was unchanged at 29 sen.

On the index board, the FBM Emas Index lifted 2.8 points to 11,469.30, the FBMT 100 Index grew 5.22 points to 11,307.98 and the FBM Emas Shariah Index was 17.15 points firmer at 13,465.35.

 The FBM ACE was 47.29 points higher at 8,523.87 but the FBM 70 slid 13.54 points to 14,565.34.

Sector-wise, the Financial Services Index retreated 31.95 points to 13,336.51, the Plantation Index declined 43.95 points to 7,140.41 while the Industrial Products and Services Index edged up 0.95 of-a-point to 142.42.

Main Market volume narrowed to 4.27 billion shares worth RM4.35 billion versus 4.76 billion shares worth RM5.19 billion yesterday.

Warrants turnover slipped to 1.08 billion units valued at RM455.26 million from 1.14 billion units valued at RM501.60 million yesterday.

Volume on the ACE Market also contracted to 5.17 billion shares worth RM2.13 billion compared with 5.93 billion shares worth RM1.54 billion on the previous day.

Consumer products and services accounted for 792.62 million shares traded on the Main Market, industrial products and services (1.28 billion), construction (189.06 million), technology (522.31 million), SPAC (nil), financial services (79.41 million), property (379.98 million), plantations (82.39 million), REITs (9.58 million), closed/fund (59,000), energy (460.60 million), healthcare (152.87 million), telecommunications and media (69.22 million), transportation and logistics (220.28 million) and utilities (25.90 million). — Bernama