KUALA LUMPUR: Bursa Malaysia rebounded to close sharply higher today on persistent bargain hunting, as investors tracked the better overnight performance on Wall Street, analysts said.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.91% or 13.85 points to 1,535.80 from Monday’s close of 1,521.95.
Opening 6.37 points firmer at 1,528.74, the benchmark index moved between 1,527.70 and 1,542.59 throughout the day.
On the broader market, gainers thumped losers 552 to 351, with 368 counters unchanged, 690 untraded and 21 others suspended.
Turnover decreased to 3.04 billion shares worth RM2.56 bil from 3.97 billion shares valued at RM2.85 bil on Monday.
An analyst said the overnight US markets’ positive tone was riding on the strong Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI) for January and a continuation of the impressive fourth-quarter earnings season.
He said improved oil prices also supported the local equity market, with Petronas Chemicals climbing 4.54% or 28 sen to RM6.44 and Petronas Gas increasing 3.39% or 54 sen to RM16.46.
Brent crude has gained 0.59% to trade at US$54.77 per barrel.
Meanwhile, AxiCorp chief market strategist Stephen Innes said China’s equities traded 1.4% higher and seemed in the primary staging position for ‘risk-on’ after opening lower.
“If the market lean is that the 2019 novel coronavirus outbreak is contained predominantly in China, the market should rally a bit more as the follow-the-leader mentality takes hold,” he said.
Other heavyweight stocks that performed better included Axiata (up 15 sen at RM4.35), AmBank (11 sen higher at RM3.80) and Digi (up 11 sen at RM4.40).
Of the actives, AirAsia Group eased 13 sen to RM1.15, DGB appreciated 1.5 sen to 11.5 sen, and Sapura Energy lost one sen to 23.5 sen.
On the index board, the FBM Emas Index advanced 94.31 points to 10,902.83, the FBM Emas Shariah Index recovered 161.50 points to 11,624.35 and the FBMT 100 Index added 92.50 points to 10,716.60.
The FBM 70 was 100.15 points firmer at 13,585.46 and the FBM Ace improved 22.64 points to 5,356.00.
Sector-wise, the Industrial Products and Services Index inched up 2.09 points to 144.33, the Financial Services Index strengthened 25.23 points to 14,682.72 and the Plantation Index rose 67.97 points to 7,144.79.
Main Market volume, however, eased to 1.77 billion shares valued at RM2.30 bil from 2.72 billion shares worth RM2.57 bil on Monday.
Warrants turnover decreased to 404.41 million units worth RM70.41 mil from 479.95 million units valued at RM80.37 mil yesterday.
In contrast, volume on the ACE Market expanded to 869.13 million shares valued at RM183.74 mil from 779.84 million shares worth RM198.80 mil previously.
Consumer products and services accounted for 390.65 million shares traded on the Main Market, industrial products and services (218.95 million), construction (127.60 million), technology (161.85 million), SPAC (nil), financial services (50.43 million), property (148.83 million), plantations (62.50 million), REITs (17.63 million), closed/fund (12,500), energy (406.76 million), healthcare (69.98 million), telecommunications and media (28.14 million), transportation and logistics (66.05 million), and utilities (22.03 million). – Feb 4, 2020, Bernama
