THE FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded from yesterday’s loss to end higher today, with the key index advancing by 0.48%, thanks to continuous support from foreign investors amid the cautious sentiment across the region, a dealer said.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.02 points to 1,470.71 from Tuesday’s close of 1,463.69.
The index, which opened 0.44 points better at 1,464.13, moved between 1,460.97 and 1,470.96 throughout the day.
On the broader market, gainers outpaced losers 477 to 351, while 391 counters were unchanged, 1,071 untraded, and 20 others suspended.
However, total turnover declined to 2.19 billion units worth RM1.36 bil from 2.41 billion units worth RM1.22 bil on Tuesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said Malaysian equities closed broadly higher with buying interests mainly in technology, utilities and telecommunication stocks.
“We reckon the uptrend will continue. Hence, we see the benchmark index hovering within the 1,465 to 1485 range for the remainder of the week.
“On a technical point of view, we see immediate resistance at 1,500 and support at 1,460,” he told Bernama.
Meanwhile, the key regional indices closed mixed as investors remained divided over the US Federal Reserve’s (Fed) next move amid recession fears. The Fed will announce its decision on the interest rate later tonight (Malaysian time).
Malacca Securities Sdn Bhd senior analyst Kenneth Leong told Bernama that the interest rate hike news has been priced into the market. “However, if the quantum of the rate hike is not within market expectations, we may expect the market to turn volatile.”
Singapore’s Straits Times Index rose 0.41% to 3,205.14, South Korea’s KOSPI added 0.11% to 2,415.53, and Japan’s Nikkei edged up 0.22% to 27,715.75, while Hong Kong’s Hang Seng Index was 1.13% lower at 20,670.04, and China’s SSE Composite Index slid 0.05% to 3,275.76.
Earlier today, Tenaga Nasional Bhd’s (TNB) shares eased due to pockets of power outrage but the company managed to fully restore electricity supply to all areas experiencing power outages at 3.02 pm.
Meanwhile, among the Bursa heavyweights, Maybank added 1 sen to RM8.80, Petronas Chemicals and CIMB Group gained 2 sen each to RM8.64 and RM5.22, respectively, while Public Bank and TNB were flat at RM4.60 and RM8.03, respectively.
Of the actives, Metronic Global perked up 3 sen to 13 sen, UMediC Group advanced 5 sen to 49 sen, MyEG Services slipped 1 sen to 74.5 sen, while Sapura Energy and Serba Dinamik were both flat at 4.5 sen and 11 sen, respectively. – July 27, 2022
