KUALA LUMPUR, Feb 15 — The FTSE Bursa Malaysia KLCI (FBM KLCI) reversed earlier losses to end in positive territory on bargain hunting during the late trading session, amid the mixed performance in regional peers.

At 5 pm, the benchmark FBM KLCI went up 4.22 points to end at an intraday high of 1,488.19 compared with yesterday's close of 1,483.97.

The key index opened 1.17 points weaker at 1,482.80 and hit a low of 1,478.31 before the midday break.

However, the market breadth remained negative as decliners led advancers 450 to 433, while 407 counters were unchanged, 923 untraded and nine others suspended.

Turnover increased to 3.49 billion units worth RM2.02 billion against Tuesday's 3.20 billion units worth RM2.16 billion.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that the key regional indices were mostly downbeat following the negative cue from Wall Street overnight after the US inflation came in higher than expected.

He said the US Consumer Price Index rose 6.4 per cent year-on-year in January 2023, slightly higher than economists’ prediction of 6.2 per cent.

"Back home, we maintain our positive view on local equities driven by strong corporate earnings and improving local economic fundamentals.

"As such, we anticipate the FBM KLCI to remain on an uptrend mode and re-test the 1,500-mark for the remainder of the week. On a technical point of view, we spot the immediate resistance at 1,500 and support at 1,460," Thong said.

Bursa Malaysia heavyweights Maybank was flat at RM8.80, Public Bank fell 1.0 sen to RM4.18. Petronas Chemicals rose 7.0 sen to RM8.22, while CIMB and Tenaga Nasional added 2.0 sen each to RM5.43 and RM9.95, respectively.

As for active stocks, MYEG earned 7.0 sen to 69.5 sen, both Zen Tech and Hong Seng increased half-a-sen to 3.5 sen and 21.5 sen, respectively, and ATA IMS went up 5.5 sen to 38 sen, while Saudee declined half-a-sen to 4.0 sen.

On the index board, the FBM Emas Index soared 38.88 points to 10,826.64, the FBMT 100 Index advanced 36.07 points to 10,493.48 and the FBM Emas Shariah Index perked up 62.13 points to 11,174.01. The FBM 70 Index added 74.15 points to 13,649.29 and the FBM ACE Index climbed 19.17 points to 5,710.84.

Sector-wise, the Financial Services Index rose 4.56 points to 16,161.06 and the Industrial Products and Services Index ticked up 1.18 points to 190.71, while the Energy Index eased 4.08 points to 892.64 and the Plantation Index shed 13.64 points to 6,902.90.

The Main Market volume swelled to 2.29 billion shares worth RM1.64 billion compared with Tuesday’s 2.09 billion shares worth RM1.74 billion.

Warrants turnover expanded to 359.74 million units worth RM50.75 million from 292.57 million units worth RM33.18 million yesterday.

The ACE Market volume increased to 896.29 million shares worth RM330.37 million from 813.03 million shares worth RM380.42 million previously.

Consumer products and services counters accounted for 295.30 million shares traded on the Main Market, industrial products and services (576.45 million); construction (112.78 million); technology (794.12 million); SPAC (nil), financial services (45.01 million); property (102.70 million); plantation (26.44 million); REITs (6.40 million), closed/fund (12,000); energy (137.51 million); healthcare (67.78 million); telecommunications and media (17.67 million); transportation and logistics (36.95 million); and utilities (10.52 million). — Bernama

TAGS: Bursa Malaysia, FBM KLCI, Rakuten Trade, US inflation, corporate earnings