Bursa Malaysia shares close broadly higher

SPI Asset's Innes said the local bourse took its cue from the recovery rally in the United States.

KUALA LUMPUR: Shares on Bursa Malaysia closed broadly higher yesterday, with buying momentum seen in the broader market, although the FBM KLCI ended 0.06% lower.

At 5pm, the benchmark FBM KLCI lost 0.95 of a point to 1,528.38 from Wednesday’s close of 1,529.33.

The FBM KLCI opened 0.04 of a point easier at 1,529.29 and moved between 1,525.39 and 1,532.66 throughout the day.

Gainers beat losers 557 to 370 on the broader market, while 468 counters were unchanged, 904 untraded and 10 others suspended.

Turnover rose to 3.68 billion units valued at RM2.28bil from Wednesday’s 2.81 billion units valued at RM1.93bil.

SPI Asset Management managing director Stephen Innes said the local bourse took its cue from the recovery rally in the United States, which offered global markets a bit of a respite.

“This was due to the US yielding the easing touch as traders considered the negative reaction was overdone,” he told Bernama.

Wall Street closed higher overnight, rebounding from the recent inflation-fuelled selloff. The Dow Jones Industrial Average added 0.40%, to end at 38,424.27, Nasdaq rose 1.3%, to close at 15,859.15 and S&P 500 rose 0.96% to finish at 5,000.62.

Losers in the heavyweights were led by CelcomDigi Bhd, losing three sen at RM4.23, followed by Petronas Dagangan Bhd, easing 30 sen to RM21.96, Sime Darby Plantation Bhd and IOI Corp Bhd were down four sen each to RM4.44 and RM3.98.

Other heavyweights like Malayan Banking Bhd was flat at RM9.40, Public Bank Bhd and CIMB Group Holdings Bhd declined one sen each to RM4.39 and RM6.36, while Tenaga Nasional Bhd added four sen to RM11.10.

As for the actives, TWL Holdings Bhd was unchanged at 3.5 sen, Minetech Resources Bhd added two sen at 17 sen, Widad Group Bhd improved one sen to 13.5 sen, Sarawak Cable Bhd gained 7.5 sen to 23.5 sen and Sarawak Consolidated Industries Bhd advanced four sen to 41 sen.