Bursa Malaysia closes higher, tracking regional peers

KUALA LUMPUR: Bursa Malaysia closed higher yesterday in line with its regional peers led by gains on the Shanghai Stock Exchange.

At 5 pm, the FT SE Bursa Malaysia KLCI (FBM KLCI) ended at 1,686.82, up 1.2 points, from Tuesday’s close of 1,685.62.

The benchmark index opened 0.64 of-a-point lower at 1,684.98 and moved between 1,684.08 and 1,688.33 throughout the day.

On the scoreboard, market breadth was positive with 532 losers to 328 gainers, while 397 counters remained unchanged, 612 untraded and 18 others were suspended.

Volume was higher at 3.16 billion units valued at RM2.5 billion from 2.58 billion units worth RM2.11 billion.

“Regionally, the equity markets were slightly higher as the National People’s Congress (NPC) commenced its 10-day meeting beginning March 5 in Beijing.

“Investors will be closely monitoring the meeting which is expected to discuss the country’s slowing growth and geopolitical tensions,” a dealer said.

Meanwhile, Phillip Capital Management senior vice-president (investment) Datuk Dr Nazri Khan Adam Khan said emerging markets have similarly shown a solid recuperation from December’s downward spiral, up by nearly nine per cent.

“However, we believe the recovery, thus far, has yet to attract the interest of global investors as both actively-managed and passive funds have had a gradual increase in outflow on top of piling withdrawals since the last six months, signaling a cautious approach to equities as economic momentum remains in the negative,” he told Bernama.

On the local front, Bank Negara Malaysia announced yesterday that it was keeping the overnight policy rate unaltered at 3.25 per cent which was consistent with economists’ expectation.

“Overall, the FBMKLCI should trade cautiously between the support level of 1,680 and the resistance level of 1,700,” he added.

Other heavyweights, Maybank rose one sen to RM9.54, Petronas Chemicals added 11 sen to RM9.30, Public Bank slipped eight sen to RM24.52 and CIMB was seven sen weaker at RM5.52.

Of actives, My EG jumped 18 sen to RM1.19, Sapura Energy gained half-a-sen to 32 sen, Velesto improved one sen to 27 sen while VS Industry was five sen lower at RM1.03.

The FBM Emas Index increased 41.55 points to 11,771.36, the FBMT 100 Index rose 35.91 points to 11,625.11 and the FBM Emas Shariah Index advanced 90.42 points to 11,763.27.

The FBM 70 jumped 157.82 points to 14,150.14 while the FBM Ace Index appreciated 31.98 points to 4,720.89.

Sector-wise, the Financial Services Index lost 73.45 points to 17,557.36, the Plantation Index added 44.02 points to 7,317.01 and the Industrial Products and Services Index perked 1.65 points to 169.61.

Main Market volume increased to 2.41 billion shares valued at RM2.38 billion from 1.76 billion shares worth RM1.93 billion.

Warrants turnover fell to 496.72 million units valued at RM98.78 million from 516.76 million units worth RM116.06 million.

Volume on the ACE Market decreased to 250.20 million shares worth RM51.75 million versus 302.50 million shares valued at RM67.80 million.

Consumer products and services accounted for 256.75 million shares traded on the Main Market, industrial products and services (394.99 million), construction (230.52 million), technology (456.99 million), SPAC (nil), financial services (66.61 million), property (145.69 million), plantation (41.08 million), REITs (4.29 million), closed/fund (2,100), energy (703.04 million), healthcare (38.88 million ), telecommunications and media (21.56 million), transportation and logistics (33.75 million), and utilities (19.93 million).

For further information on stocks and prices, please visit www.bursamalaysia.com.