.JPG "An investor monitors the stock prices in the gallery of the RHB Investment Bank Bhd headquarters in Kuala Lumpur March 17, 2020. u00e2u20acu2022 Picture by Hari Anggara")
KUALA LUMPUR, July 17 — Bursa Malaysia closed on a stronger note Friday amid gains almost across the board with investors actively seeking out domestic shares after yesterday’s downtrend, as hopes of further stimulus in Europe and the United States outweighed Covid-19 worries and the fall on Wall Street.
At 5pm, the FTSE Bursa Malaysia KLCI’s (FBM KLCI) jumped 31.33 points to 1,596.33 from yesterday’s revised close of 1,565.00.
The market opened 10.30 points weaker at 1,563.01 and the benchmark index moved between 1,563.01 and 1,599.59 throughout the day.
Market breadth was negative with losers surpassing gainers 690 to 341, while 390 counters were unchanged, 543 untraded and 27 others suspended.
Total volume was higher at 9.5 billion units worth RM5.85 billion from 9.28 billion units worth RM4.14 billion yesterday.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said Friday’s gains came about as investors brushed off concerns over the US detention order on Top Glove’s subsidiaries, sending the stock about 17 per cent higher.
“As such, the Bursa Malaysia Healthcare Index led gainers among the sectors with a daily jump of nearly 10 per cent,” he told Bernama.
In addition, most equity markets in Asia closed higher today amid anticipation of more incoming economic stimulus by governments worldwide.
Among others, Hang Seng Index increased 0.47 per cent to 25,089.17 and Shanghai’s SSE Composite Index rose 0.13 per cent to 3,214.13.
However, Wall Street snapped its four-day winning streak to end lower yesterday, dragged by technology stocks as traders digested worse-than-expected weekly jobless claims numbers.
However, an analyst said concerns over the US-China trade war remained, especially after the United Kingdom announced that it would ban Huawei’s equipment from the country’s high-speed wireless network, with US President Donald Trump appearing to take credit from the move.
On the domestic front, Top Glove jumped RM3.28 to RM22.98 from yesterday’s revised closing price of RM19.70 and Hartalega was up RM1.94 at RM17.10.
Maybank added 12 sen to RM7.94 and TNB climbed 18 sen to RM11.54.
Of the most active, XOX increased 4.5 sen to 15 sen, Lambo rose one sen to four sen and Pegasus remained flat at 2.5 sen.
On the index board, the FBM Emas Index inched up 232.04 points to 11,272.45, the FBMT 100 Index advanced 233.36 points to 11,130.21 and the FBM Emas Shariah Index was 389.99 points stronger at 12,999.28.
The FBM 70 rose 353.63 points to 14,052.74 and the FBM ACE expanded 323.65 points to 7,490.90.
Sector-wise, the Financial Services Index gained 43.23 points to 13,577.44, the Plantation Index inched up 6.47 points to 6,968.82 and the Industrial Products and Services Index was 0.91 of-a-point better at 138.68.
Main Market volume narrowed to 3.87 billion units worth RM4.89 billion from 4.76 billion units worth RM3.34 billion yesterday.
Warrants turnover increased to 693.55 million shares valued at RM328.29 million from 564.59 million shares valued at RM252.85 million previously.
Volume on the ACE Market was higher at 4.93 billion units worth RM634.19 million compared with 3.96 billion units worth RM551.50 million on Thursday.
Consumer products and services accounted for 543.04 million shares traded on the Main Market, industrial products and services (845.83 million), construction (232.73 million), technology (338.96 million), SPAC (nil), financial services (58.43 million), property (849.54 million), plantations (137.42 million), REITs (12.99 million), closed/fund (38,600), energy (328.46 million), healthcare (176.59 million), telecommunications and media (120.48 million), transportation and logistics (196.29 million) and utilities (29.32 million). — Bernama
