Bursa Malaysia snaps 3 day losses to end at intraday high on Friday

BURSA Malaysia snapped three consecutive days of losses to end at its intraday high today on bargain hunting in selected heavyweights led by the financial services and utilities sectors.

This was in tandem with a few key Asian markets which rebounded today while taking the cue from the strong performance of US stocks, buoyed by artificial intelligence (AI) optimism which drove gains in chipmakers and brightened the earnings outlook for technology stocks, a dealer said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.19 points to 1,486.37 from Thursday’s (Jan 18) close of 1,479.18.

The barometer index opened one point better at 1,480.18 and moved to as low as 1,477.05 in the early morning session.

On the broader market, gainers beat losers 639 to 359, while 423 counters were unchanged, 844 untraded and 16 others suspended.

Turnover decreased to 5.39 billion units worth RM2.73 bil from 6.10 billion units worth RM3.62 bil on Thursday. – Jan 19, 2023

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