Bursa Malaysia snaps two-day losing streak

BURSA Malaysia snapped two consecutive days of losses to end higher on Thursday with the key index rising by 0.77% on bargain-hunting activities.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 11.38 points or 0.77% to 1,480.93 from Wednesday’s closing of 1,469.55.

The market bellwether opened 2.91 points higher at 1,472.46 and moved between 1,471.91 and 1,481.01 throughout the day.

Market breadth was positive with advancers leading decliners 479 to 418, while 404 counters were unchanged, 908 untraded, and nine others suspended.

Turnover increased to 3.31 billion units worth RM1.96 bil from Wednesday’s 3.24 billion units worth RM1.71 bil.

Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said the reopening of China’s borders has boosted investor sentiment as it will stimulate tourism and consumption, while at the same time, able to mitigate the regional supply chain problem.

“We anticipate the index to move higher, within the 1475-1490 range towards the weekend,” he added.

Among heavyweights, Maybank increased 7.0 sen to RM8.78, Public Bank, IHH Healthcare and Digi rose 2.0 sen each to RM4.30, RM6.01 and RM3.86, respectively, while Petronas Chemicals declined 5.0 sen to RM8.40 and Hong Leong Bank shed two sen to RM20.34.

As for the actives, Citaglobal bagged three sen to 35.5 sen, Top Glove improved by 5.0 sen to 91 sen, Artroniq garnered 6.0 sen to 78.5 sen, Green Packet was flat at 6.5 sen, Revenue Group fell 19 sen to 48.5 sen, and Hong Seng Consolidated shed one sen to 17 sen. – Jan 5, 2023

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