BURSA Malaysia maintained its positive momentum to finish higher today and above the key psychological level of 1,600, supported by persistent buying in utilities and industrial blue chips, said an analyst.
At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.79 points or 0.43 per cent to 1,602.99 compared with Monday’s close of 1,596.20.
The market bellwether opened 0.44 of-a-point firmer at 1,596.64, its intraday low, and steadily moved to its intraday high of 1,603.89 in the late afternoon session.
The broader market turned positive towards the end of trading, with gainers outpacing decliners 500 to 428, while 533 counters were unchanged, 962 untraded, and nine suspended.
Turnover slid to 2.01 billion units valued at RM1.54 bil from 2.37 bil units valued at RM2.04 bil yesterday.
UOB Kay Hian Wealth Advisors’ head of investment research Mohd Sedek Jantan said the FBM KLCI’s gains were predominantly led by utilities and industrial stocks, with 24 of the index’s constituents recording increases, while only two posted declines.
“The rally appeared to be largely fuelled by year-end window-dressing activities as institutional investors reposition their portfolios to enhance performance metrics ahead of the year-end.
“However, overall market activity was subdued, with trading volume only at 2.01 bil shares as many investors took an early break ahead of the Christmas holiday tomorrow,” he told Bernama.
Bursa Malaysia Bhd and its subsidiaries will be closed tomorrow, Dec 25, in conjunction with Christmas Day.
Among heavyweights, Maybank was flat at RM10.08, Public Bank gained three sen to RM4.55, CIMB rose two sen to RM7.97, Tenaga Nasional and YTL Power both put on eight sen to RM14.08 and RM4.19 respectively, and IHH Healthcare added five sen to RM7.08.
For active stocks, Winstar Capital rose 3.5 sen to 64 sen, Vanzo and JCY perked up 1.5 sen each to 18 sen and 52.5 sen respectively, Life Water bagged seven sen to 93 sen, while Sarawak Cable lost one sen to 14 sen. —Dec 24, 2024
Main image: Malay Mail
