BURSA Malaysia closed at its intra-day high and breached the resistance at the 1,590-point level, as buying support in selected index-linked counters escalated at the eleventh hour.
Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the buying interest was propelled by the strong corporate earnings for the first quarter ended March 31, 2021, released today.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 16.08 points, or 1.02%, higher at 1,593.90 compared with 1,577.82 at Tuesday’s close.
The index opened 1.54 points firmer at 1,579.36 and moved between 1,576.77 and 1,593.90 throughout the day.
Market breadth was positive with gainers outnumbering losers 555 to 491, while 464 counters were unchanged, 681 untraded and 39 others suspended.
On the broader market, buying momentum was strong with total volume swelling to 8.61 billion units worth RM7.33 bil from 6.33 billion units worth RM3.84 bil yesterday. – May 27, 2021
