KUALA LUMPUR, May 29 — Bursa Malaysia continued its uptrend for the second consecutive day today, backed by better market sentiment as investors assess decent corporate earnings.
At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 9.10 points to 1,623.67 after opening 0.11 of-a-point higher at 1,614.68.
The index moved between 1,611.48 and 1,626.64 throughout the day.
Market breadth was positive as gainers beat losers 441 to 405 with 339 counters unchanged, 767 untraded and 74 others suspended.
Turnover declined to 1.95 billion units worth RM1.83 billion from yesterday’s 2.40 billion units worth RM4.52 billion.
Bank Islam chief economist Mohd Afzanizam Abdul Rashid said the market performed well today despite the volatility in the global stock markets.
“It is still a technical rebound from the oversold position, however, we are cautious if the durability of this current situation would provide support for the bourse,” he told Bernama.
He further added that TNB had lifted the benchmark index today following the release of its first-quarter (Q1) 2019 results yesterday.
“TNB has supported the index, even though its net profit has declined, but looking at the operational side, it is doing fine,” he added.
TNB’s Q1 net profit dropped by 26.56 per cent year-on-year or RM562.9 million to RM1.56 billion. However, the group reported higher operating profit of RM2.5 billion in Q1 2019 compared with RM697.0 million in the preceding quarter.
At the close today, TNB gained 66 sen to RM12.32, with 17.70 million shares traded.
Among other heavyweights, IHH advanced 14 sen to RM5.50, Petronas Gas put on 48 sen to RM16.82, Press Metal perked up 21 sen to RM4.45 and Digi rose nine sen to RM4.81.
Of the actively-traded stocks, Ekovest added 4.5 sen to 77.5 sen and its warrants were up five sen to 26 sen, Bumi Armada climbed half-a-sen to 20 sen and IWCity added 9.5 sen 82 sen.
The FBM Emas Index added 43.22 points to 11,368.24 and the FBMT 100 was 45.03 points higher at 11,226.28.
The FBM Emas Shariah Index rose 99.81 points to 11,555.56, the FBM Ace Index gained 23.18 points to 4,291.47 but the FBM 70 fell 17.59 points to 13,814.16.
Sector-wise, the Financial Services Index dropped 27.45 points to 16,612.70, the Plantation Index shed 33.90 points to 6,827.30 but the Industrial Products and Services Index was 0.05 of-a-point better at 160.14.
Main Market volume shrank to 1.39 billion shares worth RM1.74 billion from 1.79 billion shares worth RM4.41 billion yesterday.
Warrants turnover declined to 278.73 million units worth RM47.71 million from 324.88 million units worth RM69.1 million yesterday.
Volume on the ACE Market climbed to 282.49 million shares valued at RM46.98 million from 279.72 million shares valued at RM41.55 million previously.
Consumer products and services accounted for 192.99 million shares traded on the Main Market, industrial products and services (209.43 million), construction (294.21 million), technology (96.51 million), SPAC (nil), financial services (45.14 million), property (147.27 million), plantation (16.06 million), REITs (13.94 million), closed/fund (31,900), energy (272.5 million), healthcare (29.19 million), telecommunications and media (25.96 million), transportation and logistics (18.47 million) and utilities (27.63 million). — Bernama