BURSA Malaysia snapped a three-day losing streak to end higher today on bargain hunting particularly in plantation, construction and financial services counters, said an analyst.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 12.61 points or 0.79% to 1,593.75 from Monday’s close of 1,581.14.
The barometer index opened 4.68 points firmer at 1,585.82 and moved between 1,584.87 and 1,597.07 throughout the day.
Market breadth was also positive, with advancers surpassing decliners at 573 versus 386, with 411 counters unchanged, 901 untraded, and 26 others suspended.
Total turnover increased to 3.11 billion units worth RM2.60 bil from 2.44 billion units worth RM1.57 bil on Monday.
The market was closed yesterday in conjunction with the Nuzul Al-Quran holiday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said, regionally, the key indices are seemingly on a recovery path following a rebound in the US markets.
Meanwhile, the strict restrictions on movements in several parts of China to curb the spread of the COVID-19 infections have also raised supply chain concerns.
On the domestic front, the bourse’s performance was in tandem with most regional peers which saw a mixed performance.
“Should the momentum continue, we expect the benchmark index to test the 1,600 level again. This psychological mark remains a hurdle after failing to breach it on several attempts due to strong resistance,” he told Bernama.
Thong reiterated that if the FBM KLCI is able to sustain above the 1,600-point mark for a longer period, the outlook for the benchmark index will be positive in the mid-term.
“With continuous buying from foreign funds, we expect the index to trade within the 1,590-1,610 range for the remaining week,” he added.
Regionally, the Singapore Straits Times Index added 0.96% to 3,338.99, Japan’s Nikkei 225 rose 0.86% to 27,217.85, while South Korea’s Kospi shed 0.01% to 2,718.69, Shanghai’s SSE Composite fell 1.35% to 3,151.05, and Hong Kong’s Hang Seng Index dipped 0.40% to 20,944.67.
On the local bourse, heavyweights Maybank gained 5 sen to RM8.80, Public Bank added 2 sen to RM4.65, IHH Healthcare jumped 12 sen to RM6.52, Press Metal increased 1 sen to RM6.55, while Petronas Chemicals lost 10 sen to RM10.30.
Of the actives, Cengild bagged 3.5 sen to 50 sen, Permaju rose half-a-sen to 9.5 sen, TWL was flat at 9.5 sen, while MNC Wireless shed 1 sen to 2.5 sen, and Pappajack dropped 2 sen to 52 sen. – April 20, 2022
