BURSA Malaysia closed higher across the board today as bargain hunting emerges amid the improving investor sentiment across the region, said an analyst.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.22 points, or 0.58%, to 1,436.98 from Tuesday’s close of 1,428.76.
The barometer index, which opened 1.26 points higher at 1,430.02, moved in an uptrend momentum throughout the day with intraday high recorded at 1,438.37.
On the broader market, gainers outpaced losers 602 to 271, while 385 counters were unchanged, 1,030 untraded and seven others suspended.
Total turnover widened to 2.47 billion units worth RM1.41 bil from 1.73 billion units valued at RM1.32 bil on Tuesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional indices closed mostly higher after a sharp rebound in US stocks overnight while some investors speculated that the worst of 2022’s equity rout is over.
“Back home, although we reckon the local bourse to remain in cautious mode, we believe bargain hunting activities will continue given the reasonable valuations of the FBM KLCI at the moment.
“Additionally, the FBM KLCI remained in oversold position at the present level,” he said.
In view of the greater volatility, Thong anticipates the FBM KLCI to trend within a wider range of 1,420 to 1,450 for the remainder of the week with immediate support at 1,410 while resistance at 1,460.
Among the heavyweights, Maybank rose four sen to RM8.60, Public Bank gained 3 sen to RM4.43, Petronas Chemicals soared 25 sen to RM8.55, IHH Healthcare increased 1 sen to RM6.43, while CIMB Group was down 1 sen to RM5.09.
Of the actives, Bintai Kinden Corporation increased 3.5 sen to 12 sen, Top Glove Corporation fell three sen to 99 sen, while MMAG Holdings, Metronic Global and G3 Global were flat at 5 sen, 8.5 sen and 4 sen. – July 20, 2022
