KUALA LUMPUR: Bursa Malaysia closed higher yesterday on continuous bargain hunting following the recent heavy sell-off, amid improved regional sentiment due to the upbeat performance on Wall Street last Friday.
Additionally, sentiment was boosted after the release of Malaysia’s total trade data for 2024 yesterday, which recorded RM2.88 trillion, up 9.2% year-on-year, surpassing the RM2 trillion mark for four consecutive years.
At 5pm, the benchmark FBM KLCI gained 5.62 points, or 0.36%, to 1,572.34 from last Friday’s close of 1,566.72.
The FBM KLCI, which opened 4.42 points higher at 1,571.14, moved between 1,563.48 and 1,575.11 during the day.
Market breadth was positive, with gainers trouncing losers 628 to 397, while 473 counters were unchanged, 879 untraded and 19 others suspended.
Turnover declined to 2.95 billion units valued at RM2.45bil from last Friday’s 3.10 billion units valued at RM3.06bil.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama that key regional indices saw gains, supported by optimism from a conversation between US President-elect Donald Trump and Chinese President Xi Jinping that hinted at potential relief in US-China tensions.
Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the markets reacted positively to Trump’s statement regarding a “very good” phone conversation with Xi last Friday, during which both leaders reportedly agreed to address key trade issues immediately.
“This is seen as a critical step in easing trade tensions and reducing the risk of a second trade war,” he said.
Overall, Mohd Sedek said Bursa Malaysia and regional markets displayed an upbeat mood in anticipation of Trump’s inauguration, adding the robust total trade data had driven manufacturing stocks to an uptrend.
Among the heavyweights, Malayan Banking Bhd gained 14 sen to RM10.28, CIMB Group
Holdings Bhd added two sen to RM8, Tenaga Nasional Bhd
rose 18 sen to RM13.78, Public Bank Bhd
fell 13 sen to RM4.31, and IHH Healthcare Bhd
trimmed one sen to RM7.14.
Among the active stocks, Velesto Energy Bhd added one sen to 19.5 sen, MyEG Services Bhd rose 1.5 sen to 95.5 sen, and Gamuda Bhd
climbed 10 sen to RM4.34.