Bursa Malaysia ends volatile week on firmer note

The Malaysian stock market was hit with external shocks which came after the US presidential election November 10, 2016. — Picture by Hari Angara
The Malaysian stock market was hit with external shocks which came after the US presidential election November 10, 2016. — Picture by Hari Angara

KUALA LUMPUR, April 12 — Bursa Malaysia ended the week on a higher note after three consecutive days of losses, boosted by gains in heavyweights such as Tenaga, Axiata and Malaysia Airports.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.94 points to 1,630.17 from 1,624.23 at yesterday’s close.

The index opened 0.3 of-a-point higher at 1,624.53 and fluctuated between 1,623.44 and its intraday high of 1,631.09 throughout the day.

Market breadth was mixed with 399 gainers and 411 losers while 439 counters were unchanged, 630 untraded and 32 others suspended.

Volume was lower at 3.26 billion units worth RM2.08 billion from 3.58 billion units worth RM2.27 billion.

Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said the FBM KLCI managed to recover almost half of losses yesterday.

“The market is actually quite mixed, as we have more stocks down but active stocks are primarily related to two sectors — construction and oil and gas which are mostly gainers.

“However, the construction index is down amid news the East Coast Rail Link (ECRL) will be resumed at RM44 billion,” he said.

In the meantime, regional Asian markets exhibited mixed tone after Chinese trade data showed imports fell more than expected, signalling ongoing fragility in the country, despite a rebound seen in exports data at a five-month high.

It was reported the Chinese’s dollar-denominated imports were down 7.6 per cent in March from a year ago, while dollar-denominated exports rose 14.2 per cent, with investors now seeking for fresh directions from new data, next week.

China is expected to released its gross domestic product numbers on April 17.

On the home front, heavyweights Tenaga rose 22 sen or 1.8 per cent to RM12.28, after yesterday’s 4 per cent fall.

Axiata added six sen to RM4.15, IHH Healthcare was five sen higher at RM5.60 and Malaysia Airports increased 21 sen to RM6.82.

Maybank inched up one sen to RM9.27 and Public Bank lost two sen to RM22.60.

Topping the active list, Sapura Energy rose one sen to 34.5 sen after bagging five new engineering, construction and drilling contracts worth RM1.3 billion.

Bina Puri gained three sen to 21.5 sen and Econpile Holdings was 3.5 sen higher at 61.5 sen, benefiting from the ECRL announcement.

Bumi Armada was flat at 20 sen.

The FBM Emas Index rose 28.06 points to 11,561.46, the FBMT 100 was 27.85 points higher at 11,385.97 but the FBM 70 shed 19.53 points to 14,478.49.

Meanwhile, the FBM Emas Shariah Index climbed 35.08 points to 11,762.39 and the FBM Ace Index rose 35.39 points to 4,749.40.

Sector-wise, the Financial Services Index added 7.8 points to 16,822.07, the Plantation Index put on 36.22 points to 7,269.34, while the Industrial Products and Services Index declined 0.99 of-a-point to 168.13. 

Main Market volume decreased to 2.37 billion shares worth RM1.89 billion from 2.80 billion shares worth RM2.10 billion yesterday.

Warrants turnover declined to 401.6 million units valued at RM93.2 million from 469.5 million units valued at RM102.3 million previously.

Volume on the ACE Market swelled to 491.4 million shares worth RM89.7 million from 302.3 million shares worth RM70.1 million yesterday.

Consumer products and services accounted for 324 million shares traded on the Main Market, industrial products and services (223.1 million), construction (541.3 million), technology (70.9 million), SPAC (nil), financial services (32 million), property (240.1 million), plantation (18.3 million), REITs (8.0 million), closed/fund (6,600), energy (757.3 million), healthcare (19.1 million), telecommunications and media (52.8 million), transportation and logistics (42.7 million), and utilities (40.6 million). — Bernama