KUALA LUMPUR: Bursa Malaysia’s index has extended its winning streak to four consecutive days, ending higher yesterday, as bargain hunting continued in banking heavyweights, with the market remaining largely in positive territory throughout the trading session.
At 5pm, the FBM KLCI rose 4.37 points, or 0.26%, to 1,627.72 from Tuesday’s close of 1,623.35.
The benchmark index, which opened 0.59 points firmer at 1,623.94, recorded an intraday low at that level before hitting a high of 1,628.01. On the broader market, gainers outnumbered decliners 541 to 532, while 566 counters were unchanged, 1,216 untraded and 21 suspended.
Turnover declined to 3.25 billion units worth RM3.03bil from 3.60 billion units worth RM3.32bil on Tuesday.
Financial services counters Public Bank Bhd
rose five sen to RM4.75 and AMMB Holdings Bhd gained seven sen to RM6.34, while Malayan Banking Bhd added two sen to RM9.98.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng maintained a mildly positive outlook, as the recent correction has brought valuations of selected blue chips to more attractive levels, creating opportunities for further accumulation.
Looking ahead to the week, he expected the FBM KLCI to consolidate with a mild upward bias, although the recovery was likely to remain selective given weak broader market participation. — Bernama
