Bursa closes higher on positive corporate earnings

Market breadth was positive as losers beat gainers 468 to 392 with 380 counters unchanged, 685 untraded and 69 others suspended. — Picture by Azneal Ishak
Market breadth was positive as losers beat gainers 468 to 392 with 380 counters unchanged, 685 untraded and 69 others suspended. — Picture by Azneal Ishak

KUALA LUMPUR, May 31 — Bursa Malaysia closed the last trading day of the month 0.87 per cent higher and what was the fifth straight day of gains, supported by favourable corporate earnings, alongside volatility amongst global peers.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 14.26 points to 1,650.76 after opening 3.26 points higher at 1,639.76.

The index moved between 1,634.14 and 1,650.76 throughout the day.

Market breadth was positive as losers beat gainers 468 to 392 with 380 counters unchanged, 685 untraded and 69 others suspended.

Turnover, however, slipped to 2.22 billion units worth RM2.56 billion from Thursday’s 2.47 billion units worth RM2.67 billion.

Regionally, the Singapore Straits Times Index declined 0.9 per cent to 3,114.77, Japan’s Nikkei was down 1.63 per cent to 20,601.19 and Hong Kong’s Hang Seng  declined 0.79 per cent to 26,901.09.

Asian stocks fell on Friday after Beijing announced it was ready to restrict the sale of rare-earth minerals to the United States, and this, coupled with potential new tariffs to be imposed on Mexican products contirbuted negatively to the market sentiment.

Phillip Capital Management, Asia-Pacific, Senior Vice President (Investment) Datuk Dr Nazri Khan Adam Khan said he believed the local bourse was oversold and undervalued, hence, the market rebound.

“It has been oversold and undervalued for so long. I believe the downside is limited for now, not to mention decent corporate earnings are a silver lining, which will help Bursa Malaysia sustain its uptrend,” he told Bernama.

Among other heavyweights, TNB jumped 30 sen higher to RM12.70, CIMB gained six sen to RM5.27, Sime Darby Plantation bagged 10 sen to RM4.66 and Hong Leong Bank gained 28 sen to RM19. 

Of the actively-traded stocks, TM advanced 15 sen to RM3.61, Lambo was flat at six sen, while Dayang lost 6.5 sen to 97.5 sen and Ekovest fell 2.5 sen to 77 sen. 

The FBM Emas Index added 100.89 points to 11,588.37 and the FBMT 100 was 107.39 points higher at 11,450.50.

The FBM Emas Shariah Index rose 124.40 points to 11,795.77 and the FBM 70 bagged 168.07 points to 14,240.53, but the FBM Ace Index fell 6.86 points to 4,299.42.

Sector-wise, the Financial Services Index firmed up 80.59 points to 16,848.04, the Plantation Index gained 111.62 points to 6,922.86 and the Industrial Products and Services Index was 0.76 of-a-point better at 160.05.

Main Market volume declined to 1.39 billion shares worth RM2.37 billion from 1.69 billion shares worth RM2.51 billion on Thursday.

Warrants turnover increased to 607.25 million units worth RM154 million from 518.84 million units worth RM112.50 million.

Volume on the ACE Market declined to 231.87 million shares valued at RM37.81 million from 257.14 million shares valued at RM46.97 million.

Consumer products and services accounted for 249.63 million shares traded on the Main Market, industrial products and services (151.55 million), construction (176.8 million), technology (111.22 million), SPAC (nil), financial services (65.13 million), property (126.86 million), plantation (21.57 million), REITs (5.83 million), closed/fund (63,000), energy (273.20 million), healthcare (25.71 million), telecommunications and media (94.89  million), transportation and logistics (63.44 million) and utilities (33.60 million). — Bernama

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