BURSA Malaysia ended the week on a mixed note supported by buying interest led by telecommunications stocks, while simultaneously tracking the heavy selloffs in regional peers, analysts said.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.38% or 5.52 points higher to finish at 1,449.74 from Thursday’s close of 1,444.22.
The benchmark index, which opened 2.60 points easier at 1,441.62 to record its intraday low, hit a high of 1,452.32 during the mid-morning session today.
The overall market breadth was negative with losers outnumbering gainers 468 to 297, while 388 counters were unchanged, 1,076 untraded, and nine others suspended.
Total turnover declined to 1.49 billion units valued at RM1.15 bil versus 2.26 billion units worth RM1.97 bil on Thursday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional indices closed lower following the broadly negative cues overnight from Wall Street.
Investors were worried about high inflation and a possible economic recession in the United States (US) which may spillover to other regions.
“Back home, the FBM KLCI trended higher on thin volume, hence, we believe the rally is not sustainable.
“We reckon the local market will face some headwinds amid heightened regional market volatility and negative market sentiment globally.
“As such, we expect the FBM KLCI to trend sideways within the 1,440-1,460 region next week, with immediate support at 1,430 and resistance at 1,460,” Thong told Bernama.
Meanwhile, among the heavyweights, Digi.com was 14 sen better at RM3.64, Public Bank rose 5 sen to RM4.42, CIMB gained 7 to RM5.03, and Petronas Chemicals increased 8 sen to RM9.08.
Maybank and IHH perked up 3 sen each to RM8.62 and RM6.48 respectively, while Tenaga was up 2 sen to RM8.00.
Of the actives, both Yong Tai and Jade Marvel were flat at 9 sen and 91 sen respectively, Hibiscus Petroleum and Top Glove shed 3 sen each to 97 sen and RM1.01 respectively, MYEG rose 1.5 sen to 89.5 sen, while Cypark added half-a-sen to 35 sen.
On the index board, the FBM Emas Index climbed 8.62 points to 10,315.88, FBM Emas Shariah Index shed 22.98 points to 10,480.98, FBM 70 shrank 89.67 points to 12,403.54, FBM ACE increased 33.14 points to 4,784.52, and the FBMT 100 Index put on 12.20 points to 10,059.71.
Sector-wise, the Financial Services Index advanced 72.63 points to 16,056.81, the Industrial Products and Services Index was 0.01 of-a-point weaker at 181.69, and the Plantation Index gained 23.89 points to 6,924.72. – July 1, 2022
