BURSA Malaysia closed the week higher on bargain hunting in selected heavyweights, with the barometer index ending just a whisker above the key 1,600 level, despite weak market sentiment across the region.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.65 points or 0.22% to 1,601.97 from Thursday’s close of 1,598.32.
The market bellwether opened 0.25 of-a-point easier at 1,598.07 and moved between 1,594.72 and 1,603.32 throughout the day.
However, on the broader market, losers beat gainers 538 to 385 while 418 counters were unchanged, 960 untraded, and 25 others suspended.
Total turnover fell to 2.64 billion units worth RM2.56 bil from 2.84 billion units worth RM2.03 bil on Thursday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said, regionally, the key indices were mostly lower following the overnight selldown on Wall Street as the US Federal Reserve chairman Jerome Powell suggested more aggressive interest rate hikes to curb inflation.
“Back home, we believe the local market will face some headwinds amid heightened regional market volatility.
“As such, we expect the index to hover at the 1,590-1,610 range for next week with immediate support at 1,580 and resistance at 1,620,” he told Bernama.
Across the region, the Singapore Straits Times Index added 0.38% to 3,361.11, Shanghai’s SSE Composite increased 0.23% to 3,086.92, while Japan’s Nikkei 225 fell 1.63% to 27,105.26, South Korea’s Kospi decreased 0.86% to 2,704.71, and Hong Kong’s Hang Seng Index dipped 0.21% to 20,638.52.
On the local bourse, heavyweights Maybank rose 6 sen to RM8.94, Public Bank added 5 sen to RM4.72, IHH Healthcare gained 7 sen to RM6.61, Petronas Chemicals lost 8 sen to RM10.30, and Press Metal slid 16 sen to RM6.43.
Of the actives, Techna-X, TWL and Vizione were flat at 10.5 sen, 9 sen and 10.5 sen, respectively, while Ta Win and MNC Wireless fell half-a-sen each to 15.5 sen and 2.5 sen, respectively.
