Bursa Malaysia closes higher on late buying

KUALA LUMPUR: Bursa Malaysia reversed earlier losses to finish in the positive territory due to late buying after experiencing choppy trading throughout the day, a dealer said.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.92 of-a-point to 1,448.04 compared with yesterday's closing of 1,447.12.

The key index opened 1.04 points easier at 1,446.08 and moved between 1,443.72 and 1,448.48 throughout the day.

The broader market was also positive, with gainers outpacing losers 482 to 378, while 456 counters were unchanged, 1,012 untraded, and 21 others suspended.

Turnover improved to 3.76 billion units worth RM2.40 billion from 3.28 billion units worth RM2.38 billion yesterday.

Rakuten Trade equity research vice-president Thong Pak Leng said the performance of the local bourse was in tandem with the regional markets as investors are cautious ahead of the US Federal Reserve’s (Fed) rate decision later today.

He noted that economists worldwide foresee the Fed keeping its benchmark overnight borrowing rate in the range of 5.25 per cent to 5.5 per cent.

"As for the local bourse, sentiment might shift towards caution amid increasing market risks and global market volatility.

"Yet, we reckon the valuation of the benchmark index is still appealing, offering opportunities for investors. We anticipate the FBM KLCI to remain in its sideways pattern with an upside bias for the rest of the week, pending new catalysts to emerge, and move between the 1,445-1,455 range,” he told Bernama.

Regionally, Japan’s Nikkei 225 rose 0.25 per cent to 32,926.35, Singapore’s Strait Times Index was 0.06 per cent better at 3,104.26, Hong Kong’s Hang Seng fell 0.89 per cent to 16,228.75, and South Korea’s Kospi erased 0.97 per cent to 2,510.66.

Among heavyweights, Maybank and CIMB were flat at RM9.07 and RM5.79, respectively, Public Bank added one sen at RM4.26, and TNB shed five sen to RM9.88.

Of the actives, TWL lost half-a-sen at three sen, Top Glove added eight sen to 87.5 sen, Bina Puri was one sen better at 9.5 sen, Sarawak Cable climbed three sen to 24 sen, and Sapura Energy perked up half-a-sen to five sen.

On the index board, the FBM Emas Index rose 31.70 points to 10,713.78, the FBMT 100 Index added 31.46 points to 10,381.02, the FBM Emas Shariah Index increased 41.01 points to 10,815.82, the FBM ACE Index climbed 19.78 points to 5,150.81, while the FBM 70 Index jumped 151.56 points to 14,229.74.

Sector-wise, the Financial Services Index shaved off 2.02 points to 16,374.25 and the Energy Index was 6.14 points weaker at 789.33.

The Industrial Products and Services Index added 0.64 of-a-point to 170.74 and the Plantation Index was 19.99 points better at 6,993.57.

The Main Market volume expanded to 2.49 billion units valued at RM2.13 billion against 1.94 billion units valued at RM2.08 billion on Tuesday.

Warrants turnover fell to 644.97 million units worth RM82.56 million from 752.97 million units worth RM93.84 million previously.

The ACE Market volume improved to 617.69 million shares valued at RM187.42 million versus 587.87 million shares valued at RM204.0 million yesterday.

Consumer products and services counters accounted for 363.43 million shares traded on the Main Market, industrial products and services (465.38 million); construction (322.51 million); technology (122.72 million); SPAC (nil); financial services (78.99 million); property (336.02 million); plantation (34.23 million); REITs (18.33 million), closed/fund (3,000); energy (271.64 million); healthcare (286.69 million); telecommunications and media (29.11 million); transportation and logistics (45.37 million); and utilities (113.08 million). - Bernama