KUALA LUMPUR (July 1): Bursa Malaysia ended the week on a mixed note, supported by buying interest led by telecommunications stocks, while simultaneously tracking the heavy selloffs in regional peers, analysts said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.38% or 5.52 points higher to finish at 1,449.74 from Thursday's close of 1,444.22.

The benchmark index, which opened 2.6 points easier at 1,441.62 to record its intraday low, hit a high of 1,452.32 during the mid-morning session on Friday.

The overall market breadth was negative with losers outnumbering gainers 468 to 297, while 388 counters were unchanged, 1,076 untraded, and nine others suspended.

Total turnover declined to 1.49 billion units valued at RM1.15 billion versus 2.26 billion units worth RM1.97 billion on Thursday.

Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said key regional indices closed lower following the broadly negative cues overnight from Wall Street.

Investors were worried about high inflation and a possible economic recession in the United States which may spill over to other regions.

“Back home, the FBM KLCI trended higher on thin volume, hence, we believe the rally is not sustainable.

“We reckon the local market will face some headwinds amid heightened regional market volatility and negative market sentiment globally.

“As such, we expect the FBM KLCI to trend sideways within the 1,440-1,460 region next week, with immediate support at 1,430 and resistance at 1,460,” Thong told Bernama.

Meanwhile, among the heavyweights, Digi.Com Bhd was 14 sen better at RM3.64, Public Bank Bhd rose five sen to RM4.42, CIMB Group Holdings Bhd gained seven to RM5.03, and Petronas Chemicals Group Bhd increased eight sen to RM9.08.

Malayan Banking Bhd and IHH Healthcare Bhd perked up three sen each to RM8.62 and RM6.48 respectively, while Tenaga Nasional Bhd was up two sen to RM8.

Of the actives, both Yong Tai Bhd and Jade Marvel Group Bhd were flat at nine sen and 91 sen respectively, Hibiscus Petroleum Bhd and Top Glove Corp Bhd shed three sen each to 97 sen and RM1.01 respectively, MY EG Services Bhd rose 1.5 sen to 89.5 sen, while Cypark Resources Bhd added half-a-sen to 35 sen.

On the index board, the FBM Emas Index climbed 8.62 points to 10,315.88, FBM Emas Shariah Index shed 22.98 points to 10,480.98, FBM 70 shrank 89.67 points to 12,403.54, FBM ACE increased 33.14 points to 4,784.52, and the FBMT 100 Index put on 12.2 points to 10,059.71.

Sector-wise, the Financial Services Index advanced 72.63 points to 16,056.81, the Industrial Products and Services Index was 0.01 of-a-point weaker at 181.69, and the Plantation Index gained 23.89 points to 6,924.72.

Main Market volume decreased to 1.05 billion shares worth RM1.00 billion from 1.41 billion shares valued at RM1.74 billion on Thursday.

Warrants turnover dwindled to 172.71 million units valued at RM32.88 million against 473.03 million units worth RM104.77 million on Thursday.

ACE Market volume fell to 303.48 million shares worth RM113.55 million versus 378.50 million shares valued at RM118.99 million previously.

Consumer products and services counters accounted for 120.91 million shares traded on the Main Market, industrial products and services (320.12 million), construction (28.65 million), technology (105.58 million), SPAC (nil), financial services (35.58 million), property (129.43 million), plantation (34.83 million), REITs (4.65 million), closed/fund (nil), energy (116.83 million), healthcare (66.86 million), telecommunications and media (25.02 million), transportation and logistics (19.65 million), and utilities (7.29 million).