KUALA LUMPUR, May 12 ― Bursa Malaysia ended the half-day trading day today modestly higher despite minor volatility in its key index, thanks to gains in banking and rubber glove stocks.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded from its recent losses to finish the day 4.88 points higher at 1,582.52 against 1,577.64 at Tuesday's close.
The key index, which opened 1.35 points weaker at 1,576.29 this morning, fluctuated between 1,572.99 and 1,583.13 throughout the session.
Overall market breadth turned positive with gainers trouncing losers 582 to 361, while 460 counters were unchanged, 788 untraded, and 12 others suspended.
Amid relatively thin trading ahead of the long holiday break, total volume shrank to 2.59 billion shares worth RM1.92 billion from 5.5 billion shares valued at RM2.9 billion on Tuesday.
Strong buying was also spotted among the small capitalisation stocks which saw the FBM SCAP Index soar 159.34 points to 16,634.38.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said the FBM KLCI closed 0.3 per cent lower despite heading into the long weekend, whereby investors tend to reduce trading activities.
Investors on Bursa Malaysia also seem to be shrugging off inflation worries coming from a spike in commodity prices, which could force the United States Federal Reserve to raise its interest rates.
Main gainers among the index-linked counters were rubber glove stocks, namely Supermax and Top Glove which advanced by 3.0 per cent and 3.3 per cent respectively, in tandem with current daily Covid-19 cases, which remain elevated in Malaysia and other countries such as India.
“The banking sector also saw some interest by investors in anticipation of incoming economic growth after Malaysia recorded a contraction in the first quarter of 2021. Its gross domestic product of -0.5 per cent was smaller than the -3.4 per cent registered in the previous quarter.
“Taking cue from the rise in commodity prices such as crude palm oil which has been steadily increasing on the premise of tight supply, plantation companies such as Kuala Lumpur Kepong and PPB group recorded gains of above 1.0 per cent on Wednesday,” he told Bernama.
Among heavyweights, Maybank bagged two sen to RM8.21, Public Bank rose four sen to RM4.14, while Press Metal was flat at RM5.40.
However, PChem fell 12 sen to RM8.10, Tenaga eased four sen to RM9.87, and IHH Healthcare lost 13 sen to RM5.45.
Of the actives, Focus Dynamics shed half-a-sen to six sen, Green Ocean and Permaju were flat at 4.5 sen and 14.5 sen respectively, Mtouche inched up half-a-sen to 28.5 sen, while Tanco added one sen to 14.5 sen.
On the index board, the FBM Emas Index was 29.78 points higher at 11,563.04, the FBMT 100 Index increased 22.54 points to 11,233.97, and the FBM ACE rose 49.67 points to 7,946.16.
However, the FBM Emas Shariah Index slid 4.81 points to 12,930.4 and the FBM 70 dipped 16.92 points to 14,975.84.
Sector-wise, the Financial Services Index surged 144.44 points to 14,850.54, the Plantation Index increased 17.47 points to 7,073.78, while the Industrial Products and Services Index slipped 0.1 of-a-point to 197.24.
Main Market volume decreased to 1.54 billion shares worth RM1.65 billion compared with 3.33 billion shares valued at RM2.40 billion yesterday.
Warrants turnover dwindled to 189.46 million units worth RM21.27 million from 336.22 million units valued at RM36.68 million yesterday.
Volume on the ACE Market declined to 863.09 million shares worth RM257.38 million from 1.85 billion shares valued at RM458.09 million previously.
Consumer products and services accounted for 246.54 million shares traded on the Main Market, industrial products and services (461.02 million), construction (59.83 million), technology (141.33 million), SPAC (nil), financial services (56.52 million), property (210.79 million), plantation (53.28 million), REITs (1.96 million), closed/fund (nil), energy (93.79 million), healthcare (75.23 million), telecommunications and media (37.43 million), transportation and logistics (84.94 million), and utilities (13.02 million).
In conjunction with the Hari Raya Aidilfitri holidays on Thursday and Friday, Bursa Malaysia and its subsidiaries will be closed on the two days and trading will resume on Monday, May 17. ― Bernama
