Bursa Malaysia continues year-end rally as it enters last day of 2022 trading

KUALA LUMPUR: Bursa Malaysia started the last trading day of 2022 on a mild rally as markets attempted to close out the year on a high note.

Major Wall Street indices ended higher overnight as investors picked up on oversold stocks as they approached the close of the trading year, with a higher-than-expected jobless claims report helping to lift the gloom.

At 9.05am, the FBM KLCI was up 2.24 points to 1,493.87. There were 187 gainers compared with 107 decliners, suggesting that the lower liners were also seeing buying activity.

Trading volume was 98.2 million shares valued at RM54.71mil.

"The FBM KLCI continues to trade positively, driven by the ongoing year-end window dressing activities in the banking and telco heavyweights.

"Also, with the positive rebound on Wall Street, it may spillover to the local front and trading activities to

stay on an upbeat manner; the FBM KLCI should revisit the 1,500 level," said Malacca Securities Research in a note.

It said that traders will continue to focus on the China reopening theme and position themselves for a potential recovery.

As for individual sectors, the research firm said window-dressing activities could lift banking, medical, telco and gaming stocks.

The China reopening theme cold also favour shipping, tourism, consumer and airports businesses,it added.

Banking stocks on Bursa Malaysia moved higher with Maybank rising two sen to RM8.76, Public Bank adding three sen to RM4.38, Hong Leong Bank gaining 18 sen to RM20.72 and CIMB putting on three sen to RM5.83.

PETRONAS Chemicals climbed nine sen to RM8.62 and Sime Darby Plantation rose four sen.

Technology stocks were also lifted by the overnight rally in the Nasdaq. The Bursa Malaysia index rose 0.9% to 64.11.

Most active counters were Infotec up 3.5 sen to 93 sen, Widad down 0.5 sen to 43 sen and Itronic flat at 7.5 sen.