Bursa Malaysia ends firmer on foreign & local funds support

NST Mon, Apr 29, 2024 06:00pm - 1 month View Original

KUALA LUMPUR: Bursa Malaysia closed higher on Monday due to strong buying from foreign funds and support from local institutions.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.50 points to 1,582.66 from last Friday's close of 1,575.16.

The benchmark index opened 1.14 points better at 1,576.30 and moved between 1,575.0 and 1,583.34 throughout the day. 

On the broader market, gainers beat decliners 561 to 403 while 616 counters were unchanged, 793 untraded and 112 others suspended. 

Turnover improved to 4.24 billion units worth RM3.25 billion from 4.11 billion units worth RM3.25 billion last Friday. 

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices also finished higher as foreign funds continue to flow into the region. 

Additionally, Thong said investors also took into account the positive cues from Wall Street last Friday. 

"As for the local bourse, we maintain a positive stance on the resurgence of global funds into the region, accompanied by robust corporate earnings. 

"Nonetheless, we remain cautious about potential profit-taking activities. Therefore, we expect the FBM KLCI to fluctuate within the range of 1,570-1,590 for the week, with immediate resistance anticipated at 1,600 and support levels at 1,560 and 1,545. 

"Additionally, we anticipate resistance at the psychological threshold of 1,600," he told Business Times. 

Among the heavyweight stocks, Malayan Banking Bhd fell four sen to RM9.75, CIMB Group Holdings Bhd and Tenaga Nasional Bhd shed was flat at RM6.61 and RM11.92 respectively, while IHH Healthcare Bhd gained ten sen to RM6.37. 

As for the actives, My E.G. Services Bhd shaved half sen to 91.0 sen, Capital A Bhd advanced 5.5 sen to 79 sen, Top Glove Corp Bhd added five sen to 88 sen, while TWL Holdings Bhd and Bina Puri Holdings Bhd were flat at three sen and 7.5 sen respectively.

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TWL-WD 0.005
TWL-WE 0.005


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