KUALA LUMPUR, April 20 — Bursa Malaysia snapped a three-day losing streak to end higher today on bargain hunting particularly in plantation, construction and financial services counters, said an analyst.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 12.61 points or 0.79 per cent to 1,593.75 from Monday’s close of 1,581.14.
The barometer index opened 4.68 points firmer at 1,585.82 and moved between 1,584.87 and 1,597.07 throughout the day.
Market breadth was also positive, with advancers surpassing decliners at 573 versus 386, with 411 counters unchanged, 901 untraded, and 26 others suspended.
Total turnover increased to 3.11 billion units worth RM2.60 billion from 2.44 billion units worth RM1.57 billion on Monday.
The market was closed yesterday in conjunction with the Nuzul Al-Quran holiday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said, regionally, the key indices are seemingly on a recovery path following a rebound in the US markets.
Meanwhile, the strict restrictions on movements in several parts of China to curb the spread of the Covid-19 infections have also raised supply chain concerns.
On the domestic front, the bourse’s performance was in tandem with most regional peers which saw a mixed performance.
“Should the momentum continue, we expect the benchmark index to test the 1,600 level again. This psychological mark remains a hurdle after failing to breach it on several attempts due to strong resistance,” he told Bernama.
Thong reiterated that if the FBM KLCI is able to sustain above the 1,600-point mark for a longer period, the outlook for the benchmark index will be positive in the mid-term.
“With continuous buying from foreign funds, we expect the index to trade within the 1,590-1,610 range for the remaining week,” he added.
Regionally, the Singapore Straits Times Index added 0.96 per cent to 3,338.99, Japan’s Nikkei 225 rose 0.86 per cent to 27,217.85, while South Korea’s Kospi shed 0.01 per cent to 2,718.69, Shanghai’s SSE Composite fell 1.35 per cent to 3,151.05, and Hong Kong’s Hang Seng Index dipped 0.40 per cent to 20,944.67.
On the local bourse, heavyweights Maybank gained five sen to RM8.80, Public Bank added two sen to RM4.65, IHH Healthcare jumped 12 sen to RM6.52, Press Metal increased one sen to RM6.55, while Petronas Chemicals lost 10 sen to RM10.30.
Of the actives, Cengild bagged 3.5 sen to 50 sen, Permaju rose half-a-sen to 9.5 sen, TWL was flat at 9.5 sen, while MNC Wireless shed one sen to 2.5 sen, and Pappajack dropped two sen to 52 sen.
On the index board, the FBMT 100 Index increased 89.17 points to 11,094.28, the FBM Emas Index was 93.07 points firmer at 11,449.98, the FBM Emas Shariah Index bagged 117.38 points to 12,131.57, the FBM 70 climbed 116.69 points to 13,822.12, and the FBM ACE ticked up 90.52 points to 5,809.89.
Sector-wise, the Financial Services Index improved 87.96 points to 16,578.40, the Industrial Products and Services Index edged up 0.34 of-a-point to 215.18, and the Plantation Index put on 244.02 points to 8,607.38.
The Main Market volume rose to 1.86 billion shares worth RM2.34 billion compared with 1.68 billion shares worth RM1.35 billion on Monday.
Warrants turnover swelled to 354.06 million units valued at RM59.61 million against 95.99 million units valued at RM7.33 million.
The ACE Market volume surged to 892.13 million shares worth RM206.19 million versus 667.08 million shares worth RM213.31 million previously.
Consumer products and services counters accounted for 306.66 million shares traded on the Main Market, industrial products and services (499.94 million), construction (147.53 million), technology (158.59 million), SPAC (nil), financial services (97.30 million), property (246.86 million), plantation (119.07 million), REITs (11.42 million), closed/fund (nil), energy (148.68 million), healthcare (38.80 million), telecommunications and media (28.10 million), transportation and logistics (40.37 million), and utilities (21.50 million). — Bernama
