Bursa closes higher on bargain-hunting

BURSA Malaysia ended higher yesterday on mild bargain-hunting in lower liners and small caps, amid cautious sentiment over the local and global economic growth prospects, said dealers.

At the close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.70 points, or 0.16 per cent, to 1,638.38 from Thursday’s close of 1,635.68.

The index opened 2.98 points higher at 1,638.66 and moved between 1,632.58 and 1,639.18 throughout the trading session.

On the broader market, losers led gainers 495 to 384, while 359 counters were unchanged, 674 untraded and 64 others suspended.

Volume declined to 2.84 billion units valued at RM2.06 billion

against Thursday’s 3.77 billion units valued at RM2.53 billion.

News that China would purchase more Malaysian crude palm oil in the future boosted oil palm related stocks. Shares of Sime Darby Plantation rose three sen to RM5.12, Kuala Lumpur Kepong added 10 sen to RM24.80 and TDM gained one sen to 23 sen.

Among heavyweights, Maybank improved one sen to RM9.14, Public Bank added four sen to RM22.64, Petronas Chemicals inched up five sen to RM9.10 while Tenaga eased two sen to RM12.14.

Among the most active counters, Ekovest was flat at 94.5 sen, Bumi Armada dipped 1.5 sen to 23 sen, and Tiger Synergy was down one sen to six sen.

The FBM Emas Index was 11.32 points higher at 11,665.81, the FBMT 100 increased 14.57 points to 11,477.12 and the FBM 70 gained 1.19 points to 14,730.73.

The FBM Emas Shariah Index was 15.97 points firmer at 11,885.92 but the FBM ACE Index fell 22.74 points to 4,793.84.

Sector-wise, the Financial Services Index went up 32.64 points to 16,881.46, the Plantation Index advanced 33.64 points to 7,298.47 and the Industrial Products and Services Index improved 0.40 ofa-point to 172.01.

Main Market volume weakened to 2.20 million shares valued at RM1.94 billion against 2.93 million shares worth RM2.37 billion on Thursday. Warrants turnover fell to 354.91 million units worth RM70.76 million from 395.74 million units valued at RM76.81 million.

Volume on the ACE Market dwindled to 286.34 million shares valued at RM48.79 million versus 437.05 million shares worth RM82.68 million on Thursday.

Meanwhile, the FBM KLCI futures contract on Bursa Malaysia Derivatives ended firmer yesterday, tracking the improved underlying cash market.

At the close, April 2019 gained 8.0 points to 1,636.50, May 2019 increased 6.5 points to 1,632.00, June 2019 added 7.50 points to 1,632.50, and September 2019 was 6.0 points better at 1,629.50

Turnover advanced to 30,960 lots from 29,335 lots on Thursday, while open interest expanded to 61,591 contracts from 57,421 contracts.