KUALA LUMPUR, July 6 — Bursa Malaysia ended 1.56 per cent firmer today in tandem with the performance of its regional peers, taking a cue from the surge in Chinese blue chips.
China’s Shanghai Stock Exchange rallied today amid hopes of further economic stimulus and an economic rebound.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 24.25 points to finish at 1,576.90 from Friday’s close of 1,552.65.
The index opened 1.14 points higher at 1,553.79 and moved between 1,553.79 and 1,577.82 throughout the period.
Overall, market breadth was positive with gainers thumping losers 744 to 333, while 407 counters were unchanged, 440 untraded and 23 others suspended.
Total volume increased to 8.73 billion shares worth RM5.07 billion from last Friday’s 6.72 billion shares worth RM3.81 billion.
Regionally, China’s Shanghai Stock Exchange surged 5.71 per cent to 3,332.88, Japan’s Nikkei Index gained 1.83 per cent to 22,714.44, Hong Kong’s Hang Seng Index rose 3.81 per cent 26,339.16, and Singapore’s Straits Times Index added 1.26 per cent to 2,686.47.
AxiCorp global chief market strategist Stephen Innes said sentiment remained incredibly constructive for Asia and global risk assets as positive economic data and optimism on a potential vaccine managed to offset rising US COVID-19 cases, as equities across the board moved higher.
Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the FBM KLCI was higher today despite concerns on Covid-19 infections in the advanced economies as well as potential hostility between the United States and China.
“Rubber glove-related counters are the main driver which resonates well with the health crisis narratives,” he told Bernama.
He said Bank Negara Malaysia’s (BNM) Overnight Policy Rate (OPR) decision would be closely watched tomorrow for market direction, as any decision should have some bearing on the banking-related stocks.
“We foresee the BNM would keep the OPR unchanged as tentative signs of economic recovery are quite visible.
“There is no compelling case for additional monetary easing at this juncture despite the window or room for further monetary accommodation is quite tangible. A possible correction in the FBM KLCI is very likely should the BNM cut the OPR,” he added.
Among the heavyweights, Maybank added 12 sen to RM7.83, Tenaga gained 10 sen to RM11.86, Public Bank rose 28 sen to RM17.34, Hartalega surged 50 sen to RM16.50 and Petronas Chemicals increased 26 sen to RM6.94.
Of the most active, Pegasus edged up half-a-sen to two sen, Anzo added five sen to 23 sen and Iris improved 2.5 sen each to 23 sen while Trive Property and DGB Asia were flat at one sen and three sen respectively.
On the index board, the FBM Emas Index gained 179.96 points to 11,087.99, the FBMT 100 Index advanced 176.69 points to 10,937.26 and the FBM 70 soared 253.30 points to 13,581.0.
The FBM Emas Shariah Index climbed 252.12 points to 12,734.50 and the FBM ACE surged 312.0 points to 7,052.81.
Sector-wise, the Industrial Products and Services Index grew 2.60 points to 142.77 the Financial Services Index expanded 128.67 points to 13,206.72 and the Plantation Index rose 53.29 points to 6,866.64.
Main Market volume widened to 5.55 billion shares worth RM4.16 billion from 3.37 billion shares worth RM3.06 billion last Friday.
Warrants turnover advanced to 784.97 million units valued at RM296.64 million versus 495.4 million units valued at RM159.26 million previously.
Volume on the ACE Market contracted to 2.39 billion shares worth RM617.40 million from 2.85 billion shares worth RM589.32 million last Friday.
Consumer products and services accounted for 616.30 million shares traded on the Main Market, industrial products and services (1.10 billion), construction (265.57 million), technology (1.12 million), SPAC (nil), financial services (60.66 million), property (759.65 million), plantations (73.46 million), REITs (6.20 million), closed/fund (36,000), energy (961.82 million), healthcare (142.80 million), telecommunications and media (79.61 million), transportation and logistics (329.51 million), and utilities (44.18 million). — Bernama