Bursa snaps seven-day losing streak

KUALA LUMPUR, Oct 12 — Bursa Malaysia snapped its seven-day losing streak to end higher today on renewed bargain hunting activity.    

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) strengthened 22.25 points or 1.30 per cent to finish at 1,730.74 against Thursday's close of 1,708.49.   

The index moved between 1,703.92 and 1,732.16 after opening  4.57 points weaker at 1,703.92. 

On the scoreboard, market breadth was positive with gainers leading losers 578 to 334 while 351 counters were unchanged, 609 untraded and 17 others were suspended.

Volume, however, was easier at 2.22 billion units valued at RM2.49 billion versus 3.10 billion units valued at RM3.70 billion.  

Regionally, Japan's Nikkei 225 rose 0.46 per cent to 22,694.66, Singapore's Straits Times Index increased 0.93 per cent to 3,075.47 and Hong Kong's Hang Seng Index jumped 2.12 per cent to 25,801.49.  

Inter-Pacific Securities Research Head Pong Teng Siew said the improving market sentiment was in line with the strengthening of the Dow Jones Industrial Average futures by more than 200 points, which gave pointers for investors to essentially come back to the market to bargain hunt. 

"Whether this can be sustained, it is still an outside question. I would think that we will have to wait for the news about how the Dow Jones Industrial Average (index) performs on Monday, that is the best gauge. I am quite sure that the Dow Jones will rebound tonight on bargain hunting," he told Bernama.  

On the oil market, Brent crude futures was up 0.93 per cent to US$81.01 per barrel while the ringgit stood at 4.1530/1560 against the US dollar from 4.1580/1600 yesterday.  

Among Bursa Malaysia's heavyweights, Maybank surged 30 sen to RM9.58, Public Bank rose eight sen to RM24.98, TNB soared 32 sen to RM14.60, Petronas Chemicals rose six sen to RM9.28, CIMB improved 29 sen to RM5.95 and Hong Leong Bank increased 20 sen to RM20.50.  

But Axiata fell 10 sen to RM3.91 and Sime Darby Plantation decreased three sen to RM5.21.

As for actives, MYEG jumped nine sen to RM1.56, Vortex Consolidated added one sen to nine sen, Hibiscus Petroleum eased one sen to RM1.18 while Sapura Energy and Borneo Oil edged down half-a-sen to 36 sen and 5.5 sen, respectively. 

Gamuda expanded five sen to RM2.35 while MMC Corp improved two sen to RM1.15, after the Minister of Economic Affairs Datuk Seri Mohamed Azmin Ali confirmed that the Cabinet has set up a committee to review the underground station contract that was awarded to MMC-Gamuda for the Mass Rapid Transit 2 project.

The FBM Emas Index strengthened 123.28 points to 11,981.86, the FBM Emas Shariah Index bagged 96.41 points to 11,988.96 and the FBMT 100 Index surged 123.92 points to 11,809.62.  

The FBM Ace Index increased 103.67 points to 5,008.02 while the FBM 70 widened by 36.88 points to 13,860.09.  

Sector-wise, the Plantation Index was 19.26 points higher at 7,411.80, the Financial Services Index strengthened 309.32 points to 17,528.62 while the Industrial Products and Services Index added 0.72 of-a-point to 171.60.   

Main Market volume eased to 1.45 billion shares, valued at RM2.34 billion, against 2.08 billion shares, valued at RM3.52 billion, traded on Thursday.      

Warrants turnover fell to 452.14 million units, worth RM91.12 million, against Thursday's 566.80 million units, worth RM105.21 million, recorded yesterday.   

Volume on the ACE Market slipped to 315.58 million units, valued at RM58.90 million, versus Thursdays 455.56 million units, 'worth RM82.14 million.    

Consumer products and services accounted for 228.85 million shares traded on the Main Market, industrial products and services (260.25 million), construction (155.48 million), technology (159.06 million), SPAC (289,000), financial services (60.38 million), property (100.02 million), plantations (20.80 million), REITs (7.36 million), closed/fund (49,000), energy (333.31 million), healthcare (42.32 million), telecommunication and media (35.67 million), transportation and logistics (14.59 million), and utilities (30.02 million). — Bernama