Bursa surges 2.2pc on window-dressing activities
Largest single day rise since September 2015 on window-dressing activities
BURSA Malaysia surged as much as 2.2 per cent, the largest single-day rise since September 2015, due to window-dressing activities on the last trading day of the first half of the year.
Despite the rise, the stock market posted the worst quarterly decline since 2011 as it lost over 9.2 per cent quarter-to-date.
In the second quarter, local stocks entered into technical correction as foreign investors pulled out more than RM9 billion from equities.
On year-to-date basis, the FTSE Bursa Malaysia KLCI (FBM KLCI) lost 5.86 per cent. Yesterday, the index ended 1.55 per cent, or 25.82 points, higher to RM1,691.50 points from Thursday’s closing.
Most of Permodalan Nasional Bhd’s flagship companies gained despite news of chairman Tan Sri Abdul Wahid Omar resigning.
Local institutional investors were net buyers yesterday, resulting in more than three quarters of the 30 index-linked stocks to end in positive territory. Only five stocks were in red while two finished flat.
KLCC Stapled Group and Tenaga Nasional Bhd led gainers with 7.24 and 7.17 per cent gains, respectively, followed by Hartalega Holdings Bhd and Press Metal Aluminium Holdings Bhd.
Stock market analyst Nazarry Rosli said the key FBM KLCI still failed to break the resistance level of 1,700 points yesterday though the local bourse recovered the previous four days of losses.
“Basically the index is still trading on a downtrend and below simple moving average SMA200 day and SMA50 day,” he told NST Business.
The next major support level could be between 1,600 and 1,620 points, he added.