BURSA Malaysia ended broadly higher today due to improving market sentiment across the region, said an analyst.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 11.33 points, or 0.71% firmer at 1,597.31 from Wednesday’s close of 1,585.98.
The benchmark index opened 7.64 points higher at 1,593.62 and moved between 1,590.17 and 1,600.60 throughout the day.
On the broader market, gainers outpaced decliners 584 to 354, while 436 counters were unchanged, 916 untraded, and 82 others suspended.
Total turnover rose marginally to 2.48 billion units worth RM2.19 bil from 2.21 billion units worth RM1.89 bil on Wednesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said regionally, key indices trended higher as investors took the opportunity to pick up stocks at a bargain after the recent sell-off.
The China State Council’s pledge to stabilise employment at its latest meeting also helped lift investor sentiment, he added.
Locally, the FBM KLCI trended higher due to continuous foreign buying, particularly in the plantation, gaming, and banking sectors.
“We see the benchmark index remaining sideways despite the bargain-hunting today due to strong resistance at 1,600,” he told Bernama.
Thong remains cautious given the growing market volatility.
“Hence, we believe some profit-taking will take place and expect the FBM KLCI to trend within the narrow range of between 1,590-1,600 towards the weekend,” he said.
Among the heavyweight counters, Maybank added 6 sen to RM9.04, Public Bank was flat at RM4.17, Petronas Chemicals gained 18 sen to RM10.10, IHH Healthcare improved 8 sen to RM6.65 and CIMB went up 4 sen to RM5.19.
Of the actives, MN Holdings increased 2.5 sen to 23.5 sen, Techna-X rose 1 sen to 12 sen, Tanco bagged 3.5 sen to 34 sen, Anzo lost 2 sen to 1.5 sen, while Sapura Energy was flat at 3.5 sen. – April 28, 2022
