Bursa Malaysia ends at day’s high on last-minute heavyweight buying

KUALA LUMPUR: Bursa Malaysia rose 0.64% to end at the day’s high on the back of consistent buying in index-linked counters at the eleventh hour.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was up 10.22 points at 1,603.56 compared with Friday’s close of 1,593.34.

The key index opened 4.94 points higher at 1,598.28, which was also the intra-day low.

An analyst said this was in line with the positive market sentiment both locally and globally, which had pushed the local bourse to break through its immediate resistance level of 1,600.

On the broader market of Bursa Malaysia, gainers outnumbered losers 451 to 361, while 410 counters were unchanged, 738 untraded and 28 others suspended.

Volume expanded to 2.5 billion shares worth RM1.85 billion from 2.3 billion shares worth RM1.91 billion last Friday.

The biggest gainers among the heavyweights included Petronas Chemicals, which climbed 14 sen to RM7.62 and added 1.97 to the FBM KLCI, while Tenaga Nasional rose 12 sen to RM14.00, contributing 1.20 to the index.

Among the other heavyweights, Kuala Lumpur Kepong was up 28 sen at RM21.98, while Digi and Dialog both added three sen to RM4.71 and RM3.50, respectively.

An analyst said the index’s movement was in line with its regional peers which showed positive performance across the board.

“We can see that the index had a steady climb today from the opening, and interest spiked in the last 10 minutes of trading, witnessing an incremental jump on the KLCI from 8.06 to 10.22.

“We expect the momentum will continue as it has surpassed its resistance level, backed by the upbeat global market environment,” she said.

As at 5pm, the Dow Jones Industrial Average was 1.11% higher at 27,347.36, Singapore Straits Times rose 0.20% to 3,235.73, Hong Kong’s Hang Seng was up 1.65% to 27,547.30 while South Korea’s KOSPI inched up 1.43% to 2,130.24.

Among the actives, Sapura and ARB both gained half-a-sen to 26.5 sen and 37.5 sen, Prestariang added one sen to 52.5 sen, while IFCA MSC increased 4.5 sen to 54.5 sen.

The FBM Emas Index was 71.88 points stronger at 11,352.01, the FBMT 100 Index improved 74.02 points to 11,126.70, and the FBM Emas Shariah Index expanded 103.88 points to 11,928.26.

Meanwhile, the FBM Ace advanced 48.62 points to 5,028.05 and the FBM 70 enlarged 104.98 points to 14,044.90.

Sector-wise, the Financial Services Index added 5.32 points to 15,579.99, the Industrial Products & Services Index edged up 1.40 point to 154.59, and the Plantation Index earned 87.74 points to 6,836.78.

Main Market volume narrowed to 1.77 billion shares worth RM1.65 billion from 2.05 billion shares worth RM1.47 billion last Friday.

Warrants turnover, meanwhile, increased to 289.75 million units valued at RM49.84 million from last Friday’s 276.73 million units valued at RM43.23 million.

Volume on the ACE Market rose to 488.57 million worth RM148.06 million from last week’s 466.39 million units worth RM124.56 million.

Consumer products and services accounted for 292.56 million shares traded on the Main Market, industrial products and services (298.60 million), construction (134.34 million), technology (178.38 million), SPAC (nil), financial services (37.97 million), property (145.80 million), plantations (39.52 million), REITs (71.94 million), closed/fund (4,000), energy (473.60 million), healthcare (30.98 million), telecommunications and media (86.28 million), transportation and logistics (40.26 million) and utilities (12.97 million). — Bernama

source https://www.thesundaily.my/business/bursa-malaysia-ends-at-day-s-high-on-last-minute-heavyweight-buying-GY1573932