KUALA LUMPUR, March 2 ― Bargain hunting in main index-linked stocks lifted the key index higher at midday today, with hospital operator IHH leading the top gainers.
At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.15 points, or 0.2 per cent, to 1,453.35 from yesterday’s closing of 1,450.20.
The index opened 1.14 points higher at 1,451.34.
However, the market breadth remained negative with decliners outpacing advancers 419 to 301, while 401 counters were unchanged, 1,092 untraded, and 20 others suspended.
Turnover stood at 1.33 billion units worth RM737.26 million.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the benchmark index is hovering at an oversold level, hence providing opportunities for investors to accumulate stocks at attractive levels given their cheaper valuations.
However, he reckons that the overall sentiment remains fragile following the selldown two weeks ago as investors wait for the Bank Negara Malaysia (BNM) monetary policy committee meeting next week on the direction of the overnight policy rate (OPR).
“For now, we are betting that BNM may refrain from hiking the OPR before the US Federal Reserve meeting on March 21 and 22,” he added.
Regionally, most markets were in the red, with Japan’s Nikkei 0.07 per cent lower at 27,496.97, Hang Seng Index weakened 0.40 per cent to 20,536.53 and the Straits Times Index down 0.56 per cent to 3,236.95.
Among the heavyweight counters, IHH jumped 14 sen to RM5.85, IOI Corp added 6.0 sen to RM3.85, QL Resources surged 15 sen to RM5.99 and Hong Leong Financial Group rallied 28 sen higher to RM18.40.
Tenaga Nasional went up 7.0 sen to RM9.35 and Public Bank rose 1.0 sen to RM4.15.
Among the active stocks, Tanco bagged 2.5 sen to 49 sen, Cypark tumbled 12.5 sen to 86 sen and Jade Marvel added 1.0 sen to 31 sen.
On the index board, the FBM Emas Index climbed 16.16 points to 10,573.49, the FBMT 100 Index gained 16.19 points to 10,262.77 and the FBM Emas Shariah Index ticked up 24.89 points to 10,780.88.
The FBM 70 Index dropped 4.66 points to 13,413.51 while the FBM ACE Index declined by 11.27 points to 5,385.16.
Sector-wise, the Financial Services Index decreased 3.38 points to 16,179.74, the Plantation Index advanced 31.71 points to 6,794.13, the Energy Index bagged 9.40 points to 857.72 and the Industrial Products and Services Index inched up 0.11 point to 176.93. ― Bernama
