Bursa closes higher on improved sentiment, bargain hunting

TheEdge Thu, Apr 18, 2024 05:42pm - 1 month View Original


KUALA LUMPUR (April 18): Bursa Malaysia continued its upbeat momentum to end higher for the second straight day on Thursday, due to an improvement in sentiment and a resurgence in bargain-hunting following the recent downturn, said an analyst. 

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.34 points, or 0.28%, to 1,544.76 from Wednesday's close of 1,540.42.

The benchmark index, which opened 0.58 of a point easier at 1,539.84, moved between 1,538.68 and 1,548.46 throughout the trading session.

On the broader market, gainers trounced decliners 570 to 469, while 493 counters were unchanged, 832 untraded, and 21 others suspended. 

Turnover widened to 3.84 billion units worth RM2.62 billion from 3.45 billion units worth RM2.67 billion on Wednesday.  

Mohd Sedek Jantan, head of wealth research and advisory and designated portfolio manager at UOB Kay Hian Wealth Advisors, said the local bourse’s performance reflected a promising step forward from the recent downward trend, instilling optimism among investors.

Meanwhile, Apex Securities Bhd head of research Kenneth Leong said the improvement in the local market was evident as investors cheered the easing of geopolitical tensions in the Middle East. 

He also highlighted that the positive development was spurred by the strengthening of the ringgit against the US dollar. 

"Looking ahead, we anticipate a further recovery on the back of the calmer market conditions. 

"Meanwhile, investors will be keeping a close tab on Malaysia's advance reading for the gross domestic product [GDP] in the first quarter of 2024 to be released tomorrow [Friday] which will guide the pace of the economic growth," he said. 

Among the heavyweights, Maybank Bhd added seven sen to RM9.67, CIMB Group Holdings Bhd gained six sen to RM6.59, Tenaga Nasional Bhd put on eight sen to RM11.60, Petronas Chemicals Group Bhd rose a sen to RM6.84, and Public Bank Bhd slipped a sen to RM4.14. 

As for the actives, Ingenieur Gudang Bhd, Borneo Oil Bhd, Fitters Diversified Bhd and Velesto Energy Bhd inched down half a sen each to 14 sen, half a sen, 4.5 sen, and 27 sen, respectively. 

Meanwhile, Bursa Malaysia Securities has approved Umedic Group Bhd's transfer under the Health Care sector. It will take effect immediately two market days upon the announcement to the exchange on the transfer date via Bursa Link.

On the index board, the FBM Emas Index climbed 39.53 points to 11,616.97, the FBMT 100 Index rose 36.14 points to 11,255.53, and the FBM ACE Index jumped 22.15 points to 4,947.52.

The FBM Emas Shariah Index expanded 31.02 points to 11,788.33 and the FBM 70 Index surged 70.54 points to 16,184.66.

Sector-wise, the Industrial Products and Services Index inched up 1.14 points to 184.45, and the Financial Services Index increased 25.15 points to 17,132.64.

However, the Energy Index shed 7.17 points to 952.0 and the Plantation Index declined 3.43 points to 7,354.45.

The Main Market volume advanced to 2.23 billion units valued at RM2.31 billion versus 2.05 billion units valued at RM2.39 billion on Wednesday. 

Warrants turnover swelled to 1.09 billion units worth RM152.72 million against 808 million units worth RM95.66 million the day before.  

The ACE Market volume dwindled to 507.34 million shares worth RM162.95 million from 588.2 million shares worth RM184.38 million previously. 

Consumer products and services counters accounted for 267.92 million shares traded on the Main Market, industrial products and services (731.25 million), construction (309.23 million), technology (190.08 million), SPAC (nil), financial services (84.96 million), property (252.73 million), plantation (26.41 million), REITs (20.47 million), closed/fund (23,500), energy (162.14 million), healthcare (35.9 million), telecommunications and media (33.12 million), transportation and logistics (30.49 million), and utilities (83.36 million).
 

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






Related Stocks

BORNOIL 0.005
BURSA 8.830
CIMB 6.920
FBMACE 5902.480
FBMEMAS 12386.450
FBMKLCI 1607.320
FBMSHA 12727.480
FITTERS 0.050
FITTERS-WC 0.005
INGENIEU 0.065
PBBANK 4.080
PCHEM 6.560
TENAGA 14.080
UMC 0.710
VELESTO 0.265

Comments

Login to comment.