Late buying lifts FBM KLCI to two-month high

TheEdge Wed, Dec 28, 2022 05:42pm - 8 months View Original

KUALA LUMPUR (Dec 28): Bursa Malaysia jumped to a two-month high on Wednesday (Dec 28) as last-minute buying in mainly telecommunications and financial heavyweights helped the barometer index to recoup earlier losses.

Selective buying was also seen in several other sectors with the plantation and industrial products and services indices swinging back to green.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended at its intra-day high of 1,480.11, up 5.42 points from Tuesday's closing of 1,474.69.

The market bellwether opened 1.14 points lower at 1,473.55 and touched an intra-day low of 1,461.18 on Wednesday.

Market breadth, however, remained weak as losers outpaced gainers 564 to 367, while 387 counters were unchanged, 951 untraded, and 25 others suspended.

Turnover dipped to 2.65 billion units worth RM1.82 billion versus 3.06 billion units worth RM1.85 billion on Tuesday.  

Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng said that looking at its movement pattern, the FBM KLCI could hit the 1,500 level this week.

"It seems that investors are in the year-end sales and shopping mood.

"But the broader market performance today mirrored the regional weakness and with some profit-taking activities," he told Bernama.

Leading the gainers, heavyweight Malayan Banking Bhd (Maybank) increased seven sen to RM8.71, followed by Axiata Group Bhd, which rose nine sen to RM3.10, and Telekom Malaysia Bhd (TM), which gained 19 sen to RM5.40.

Digi.Com Bhd advanced six sen to RM3.98, and Petronas Gas Bhd climbed 32 sen to RM17.12.

Lagging heavyweights are IHH Healthcare Bhd, which eased five sen to RM6.13, and RHB Bank Bhd, which declined five sen to RM5.60, while MISC Bhd lost six sen to RM7.29.

Of the actives, Top Glove Corp Bhd shed three sen to 89.5 sen, Cypark Resources Bhd was 1.5 sen lower at 42.5 sen, while Global Oriental Bhd shed half-a-sen to 26 sen, and Berjaya Corp Bhd slipped half-a-sen to 29 sen.

On the index board, the FBM Emas Index put on 8.02 points to 10,618.9, the FBMT 100 Index went up 14.05 points to 10,335.68, the FBM Emas Shariah Index added 5.96 points to 10,850.38, while the FBM 70 Index slid 85.65 points to 13,010.23, and the FBM ACE Index shaved off 65.95 points to 5,287.7.

Sector-wise, the Financial Services Index climbed 14.67 points to 16.369.04, the Plantation Index added 11.79 points to 7,000.22, the Industrial Products and Services Index rose 0.63 of-a-point to 180.90, but the Energy Index was 4.34 points lower at 783.61.

The Main Market volume dwindled to 1.6 billion shares worth RM1.5 billion against 2.01 billion shares worth RM1.47 billion on Tuesday.

Warrants turnover jumped to 397.96 million units valued at RM75.8 million versus 132.22 million units valued at RM14.27 million.

The ACE Market volume fell to 650.66 million shares worth RM245 million compared with 911.63 million shares worth RM363.78 million previously.

Consumer products and services counters accounted for 246.22 million shares traded on the Main Market, industrial products and services (476.62 million), construction (38.51 million), technology (181.88 million), SPAC (nil), financial services (78.29 million), property (137.15 million), plantation (43.12 million), REITs (four million), closed/fund (100), energy (104.2 million), healthcare (194.74 million), telecommunications and media (23.28 million), transportation and logistics (53.76 million), and utilities (16.87 million).

The content is a snapshot from Publisher. Refer to the original content for accurate info. Contact us for any changes.

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