Late recovery lifts Bursa Malaysia off intraday low

  • Markets
  • Friday, 02 Jun 2023

KUALA LUMPUR: A late recovery lifted the key index of Bursa Malaysia to end off its intraday low today while the overall sentiment remains weak ahead of the long weekend.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.75 points to 1,381.26 from 1,383.01 at yesterday’s close, with mild losses in banking counters continuing to contribute to the decline.

The key index opened 2.81 points higher at 1,385.82 this morning to mark its intraday high and thereafter slid to an intraday low of 1,376.78 during the mid-morning session.

The broader market was positive with 568 advancers and 336 decliners, while 412 counters were unchanged, 940 untraded and 27 others suspended.

Turnover expanded to 3.60 billion units worth RM1.94 billion versus 2.94 billion units worth RM1.81 billion on Thursday.

At the close, only the financial and property and consumer products and services indices were in the red.

An analyst said bargain hunters have begun to nibble on beaten-down counters after the FBM KLCI suffered three days of losses. Positive key regional equity performance also helped to spur sentiment.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the regional indices ended higher following a positive cue from Wall Street overnight as investors reassess the likelihood the US Federal Reserve will pause interest rate hikes in June.

He said China and Hong Kong markets rebounded from six-month lows on renewed hopes of an economic recovery in the country.

"We believe the sell-down in local equities seems unjustified as performance of the first-quarter earnings was largely within expectations, while the outlook of the local economy remains positive,” Thong said, adding this would continue to inspire bargain hunting in the domestic market.

Among heavyweights, CelcomDigi gained 10 sen to RM4.48, Petronas Chemicals, MISC and Inari Amertron increased six sen each to RM6.55, RM7.21 and RM2.54 respectively.

Public Bank and CIMB eased five sen to RM3.78 and RM4.81 respectively, Maxis lost six sen to RM4.10 and Hong Leong Bank slid 32 sen to RM18.96.

Among the actives, KNM added 1.5 sen to eight sen, Dagang Nexchange garnered 6.5 sen to 51.5 sen, MyEG perked up one sen to 85 sen, Vsolar climbed five sen to 29 sen, while Borneo Oil decreased half-a-sen to 1.5 sen.

On the index board, the FBM Emas Index improved by 3.94 points to 10,207.17, the FBMT 100 Index gave up 1.63 points to 9,908.45, the FBM Emas Shariah Index put on 37.51 points to 10,590.86, the FBM 70 Index expanded 42.83 points to 13,604.64, while FBM ACE Index jumped 120.51 points to 5,070.26.

Sector-wise, the Financial Services Index slipped 99.34 points to 15,093.95, while the Industrial Products and Services Index added 1.00 point to 159.78, the Energy Index rose 4.60 points to 811.28, and the Plantation Index increased 17.77 points to 6,624.56.

The Main Market volume was little changed at 2.16 billion units valued at RM1.61 from 2.15 billion units valued at RM1.61 billion yesterday.

Warrants turnover surged to 417.89 million units worth RM56.58 million against 178.78 million units worth RM35.22 million on Thursday.

The ACE Market volume soared to 1.03 billion shares valued at RM265 million from 611.59 million shares valued at RM189.98 million previously.

Consumer products and services counters accounted for 314.07 million shares traded on the Main Market, industrial products and services (525.36 million); construction (57.21 million); technology (431.08 million); SPAC (nil); financial services (78.60 million); property (206.23 million); plantation (22.42 million); REITs (11.11 million), closed/fund (63,500); energy (302.13 million); healthcare (59.05 million); telecommunications and media (50.56 million); transportation and logistics (40.08 million); and utilities (60.61 million). - Bernama

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