BURSA Malaysia ended the last day of the week on a higher note, with buying interest seen mainly in technology and healthcare stocks and selling in plantation counters, said a dealer.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 8.73 points, or 0.61%, to 1,439.78 from Thursday’s close of 1,431.05.
The key index, which opened 0.25 of-a-point higher at 1,431.30, fluctuated between 1,431.30 and 1,439.97 throughout the day.
On the broader market, gainers beat losers 448 to 339, while 369 counters were unchanged, 1,133 untraded, and 10 others suspended.
Total turnover narrowed to 1.73 billion units worth RM900.88 mil from 2.34 billion units worth RM1.56 bil on Thursday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI trended higher due to bargain-hunting activities amid improving sentiment across the region.
“The key regional markets continued to trend higher following positive cue from Wall Street overnight,” he told Bernama.
Back home, he said, Rakuten has been cautiously optimistic given the overall improved sentiment both regionally and globally, with the local market expected to remain in an oversold position.
“Nonetheless, investors should remain cautious as the market has been turbulent in recent weeks, with investors trying to determine whether a recession is looming,” he said.
Looking at the increasing market volatility, Thong anticipated the FBM KLCI to trend in a wider range of 1,430-1,460 for next week, with immediate support at 1,430 and resistance at 1,490.
Among Bursa Malaysia heavyweights, Inari Amertron added 6 sen to RM2.59, Top Glove increased 2 sen to RM1.07, Hartalega lifted 5 sen to RM2.79, IHH Healthcare gained 8 sen to RM6.44, and Maybank rose 4 sen to RM8.60.
Of the actives, Dagang NeXchange and TWL Holdings improved half-a-sen to 76 sen and 7.5 sen, respectively, Reach Energy expanded 3 sen to 8.5 sen, and Sentoria Group climbed 1 sen to 16.5 sen, while Hibiscus Petroleum shed 2 sen to 91.5 sen. – June 24, 2022
