FBM KLCI ends higher on window dressing

KUALA LUMPUR: Bursa Malaysia ended higher today on year-end window dressing and in line with the uptrend in most regional markets.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 7.06 points to close at 1,610.61 compared with yesterday’s close of 1,603.55, with the key index moving between 1,598.48 and 1,610.91 throughout the day.

The benchmark index opened 3.62 points weaker at 1,599.93.

Market breadth was positive with gainers leading losers by 512 to 325, while 401 counters were unchanged, 738 untraded and 19 others suspended.

Turnover increased to 2.23 billion shares worth RM1.47 bil from 1.9 bil shares worth RM1.05 bil recorded yesterday.

In a note, Malacca Securities Sdn Bhd said window-dressing activities would likely resume over the near term, given that as it stands, there is no change in the market’s fundamentals.

“Going into the final days of the week, there appears to be some more upside potential after a mild pullback of late, which can provide some impetus for further near-term upsides amid some bargain hunting and window-dressing activities that are likely to lift the global markets.

“In the interim, the FBM KLCI could push towards the 1,621 level amid the resumption of window dressing. The support levels, meanwhile, are spotted at 1,590 and subsequently at 1,580,” it said.

Among heavyweights, Maybank declined three sen to RM8.61, Public Bank added 20 sen to RM19.88, TNB fell 12 sen to RM13.26, Petronas Chemicals eased two sen to RM7.36 and CIMB increased half-a-sen to RM5.30.

Of the actives, Sapura Energy was 1.5 sen higher at 27.5 sen, Bumi Armada was unchanged at 54 sen, while KNM Group and TDM gained 2.5 sen each to 37.5 sen and 34.5 sen. – Dec 27, 2019, Bernama

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