BURSA Malaysia closed broadly higher today on persistent buying interest mainly in technology and energy stocks, in line with better regional market performance, said dealers.
At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.42 points to 1,438.12 from Friday’s close of 1,436.70.
The benchmark index, which opened 2.12 points higher at 1,438.82, fluctuated between 1,431.65 and 1,441.03 throughout the trading session.
On the broader market, gainers beat losers 546 to 365, while 393 counters were unchanged, 1,004 untraded, and 55 others suspended.
Total turnover expanded to 2.65 billion units worth RM1.43 bil from 2.46 billion units worth RM1.47 bil on Friday.
Key regional markets also continued to trend higher following positive cues on Wall Street including the upbeat performance of the tech-heavy Nasdaq Composite last Friday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI which ended 0.1% higher was supported by improved investors’ sentiment amid the strengths of regional currencies against the US dollar.
“As for the local bourse, we are cautiously optimistic about performance of the FBM KLICI in the near term, amid the improvement in regional sentiment while valuation of local equities remain attractive as compared with its regional peers.
“Nonetheless, investors should be wary of both regional and global volatility which remains high,” he told Bernama.
The online equity broker anticipates the FBM KLCI to move wider within the 1,430-1,460 range for remaining week, with immediate support at 1,430 and resistance at 1,490.
Meanwhile, after a torrid time in June, which saw the FBM KLCI slip 8.5% month-to-date, Kenanga Research in its Weekly Technical Review said for the second half of the year, investors may want to exercise prudence given the historical pattern.
Statistically, it said the key market barometer had ended in the red in July in six of the last 10 years, including the most recent year, posting an average monthly return of +1% since 2012.
“For the coming week, investors may look forward to a mixture of macro data releases and corporate news flows.
“On Thursday, there will be the May banking statistics publication and the outcome of the Organisation of the Petroleum Exporting Countries (OPEC) meeting. And this Friday, the Malaysia Manufacturing purchasing managers index (PMI) report will be out,” it said.
Among Bursa Malaysia heavyweights, Hong Leong Bank rose 32 sen to RM20.48, Sime Darby Plantation improved 8 sen to RM4.30, MISC was 12 sen higher at RM7.06, IHH was 6 sen better at RM6.48 and MRDIY added 3 sen to RM2.00.
Maybank meanwhile declined 2 sen to RM8.58, Petronas Chemicals lost 5 sen to RM9.20 but Public Bank added 1 sen to RM4.44.
Of the actives, Green Packet was flat at 6.5 sen, Reach Energy fell half-a-sen to 8 sen, Dagang NeXchange rose 3 sen to 79.5 sen, Sapura Energy was flat at 4.5 sen, and Nylex bagged 5.5 sen to 29.5 sen.
On the index board, the FBM Emas Index was 28.93 points firmer at 10,286.32, FBM 70 gained 80.39 points to 12,524.55, FBM Emas Shariah Index climbed 40.90 points to 10,455.54, FBMT100 Index increased 22.85 points to 10,021.03, and the FBM ACE perked up 61.76 points to 4,831.65.
Sector-wise, the Financial Services Index rose 50.68 points to 16,015.13, the Plantation Index was 5.13 points better at 6,922.86, but the Industrial Products and Services Index eased 0.49 of-a-point to 182.88. – June 27, 2022
