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KUALA LUMPUR: Bursa Malaysia maintained its positive momentum to close higher today supported by persistent buying in selected financial services and utilities counters amid mixed sentiments on the regional stock markets.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.28 points to 1,460.28 from 1,457.0 at Monday’s close.
The barometer index opened 0.14 of-a-point easier at 1,456.86 and moved between 1,456.27 and 1,463.29 throughout the day.
On the broader market, gainers overwhelmed decliners 603 to 369 while 402 counters were unchanged, 966 untraded and 13 others suspended.
Turnover improved to 3.87 billion units worth RM2.12 billion from 3.53 billion units worth RM1.89 billion on Monday.
Public Bank and Tenaga Nasional were the top two contributors towards the local benchmark index uptrend, rising 6.0 sen and 9.0 sen to RM4.21 and RM9.89 respectively, with a combined contribution of 2.77 points.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices showed mixed trends after China reported lower consumer and business activity in July, while China’s central bank also lowered a critical interest rate to support the economy.
Additionally, he told Bernama that concerns about the potential resurgence of prices in the United States continue to be on people’s minds, with rising gasoline costs adding to the problems for the upcoming months.
“Back home, we believe the market undertone will remain stable despite a weak regional performance, given the political stability in the country and continuous inflow of foreign funds. At the same time, we believe oil and gas (O&G) stocks will persist as a short-term play, with Brent crude oil staying above US$80 per barrel.
“We maintain our FBM KLCI target for the week at circa 1,450-1,470 range with immediate resistance at 1,490 and support at 1,440,” he said.
Among other heavyweights, Maybank, CIMB and CelcomDigi added 3.0 sen each to RM9.03, RM5.68 and RM4.41, IHH Healthcare went up 1.0 sen to RM6 while Petronas Chemicals slipped 3.0 sen to RM6.80.
Among the actives, Classita fell 1.0 sen to 7.5 sen, Sapura Energy
was flat at 5.5 sen, ACE Market debutant Glostrext gained 6.5 sen to 25.5 sen and MyEG added 2.0 sen to 79.5 sen.
On the index board, the FBM Emas Index was 35.83 points better at 10,748.24, the FBMT 100 Index gained 32.72 points to 10,432.97, the FBM Emas Shariah Index added 14.12 points to 10,950.40, the FBM 70 Index improved 83.61 points to 14,147.82 and the FBM ACE Index grew 9.90 points to 5,335.22.
Sector-wise, the Financial Services Index advanced 94.28 points to 16,401.15, the Industrial Products and Services Index added 0.56 of-a-point to 168.02, and the Energy Index rose 1.37 points to 835.48, while the Plantation Index shaved off 56.55 points to 7,017.47.
The Main Market volume widened to 2.54 billion units valued at RM1.75 billion from 2.45 billion units valued at RM1.58 billion on Monday.
Warrants turnover narrowed to 364.06 million units worth RM62.32 million versus yesterday’s 442.27 million units worth RM67.76 million.
The ACE Market volume rose to 962.33 million shares valued at RM310.41 million compared with 638.67 million shares valued at RM241.85 million previously.
Consumer products and services counters accounted for 843.15 million shares traded on the Main Market, industrial products and services (311.72 million); construction (133.70 million); technology (221.62 million); SPAC (nil); financial services (62.17 million); property (480.08 million); plantation (33.56 million); REITs (13.89 million), closed/fund (384,000); energy (256.44 million); healthcare (48.06 million); telecommunications and media (27.03 million); transportation and logistics (35.44 million); and utilities (72.20 million). – Bernama
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