KLCI’s uptrend continues for the third consecutive day

KUALA LUMPUR: The FBM KLCI has maintained its uptrend for the third straight day on continuous buying momentum, supported by the positive market sentiment.

At 5pm, the local benchmark index closed 8.79 points, or 0.56% higher at 1,578.89 points. For the week, the FBM KLCI added 56.13 points.

There were 509 gainers, 446 losers and 408 counters traded unchanged on the Bursa Malaysia. Turnover stood at 3.19 billion shares valued at RM2.41bil.

The broadly upbeat mood comes following the release of fourth quarter 2021 gross domestic product (GDP) data.

Malaysia's GDP rose 3.1% in 2021, after logging 3.6% year-on-year growth in the fourth quarter.

Bank Negara said in a statement that the economic recovery was aided by a recovery in the labour market as well as continued policy support.

In terms of fund flows, local institutions and retailers were net sellers on Thursday offloading equities worth RM164mil and RM65mil respectively.

Foreigners emerged as net buyers with total purchases valued at RM228mil.

Plantations stocks dominated the gainers' list on Bursa Malaysia. The Bursa Malaysia Plantation Index rose 4.73% to 7,214.42.

Kuala Lumpur Kepong is the biggest gainer, jumping RM1.40 to RM24.14. Batu Kawan added 70 sen to RM24.88, Genting Plantations rose 43 sen to RM7.29 and Sime Darby Plantation advanced 31 sen to RM4.23.

Sam Engineering shed 98 sen to RM23.50, MPI fell 58 sen to RM39 and British American Tobacco lost 36 sen to RM12.50.

Top Glove declined three sen to RM2.16 and Hartalega eased one sen to RM5.04.

Among the banks, Maybank climbed two sen to RM8.57, Public Bank closed unchanged at RM4.35, CIMB added one sen to RM5.55 and RHB Bank rose six sen to RM5.81.