Bursa Malaysia rebounds to close marginally higher

KUALA LUMPUR: Bursa Malaysia pared earlier losses to close at its intraday high yesterday on mild-buying support in key heavyweights led by Axiata, a dealer said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) finished at 1,637.79, up 0.80 of- a-point, from Thursday’s close of 1,636.99.

After opening 2.68 points easier at 1,634.31, the index moved between 1,632.46 and 1,637.79 throughout the day.

Axiata was among the top gainers, adding 18 sen to RM4.68, Public Bank rose 14 sen to RM19.80, Genting increased nine sen to RM4.70, Maxis added four sen to RM6.00 and Maybank added two sen to RM7.94.

However, market breadth was mixed as losers beat gainers by 392 to 360, while 334 counters were unchanged, 628 untraded and 24 others suspended.

Volume rose 1.31 billion shares worth RM1.81 billion from 1.21 billion shares worth RM1.48 billion on Thursday.

The benchmark index was mired in the negative territory for most part of the trading session but picked up momentum late in the day.

Regional markets were traded mixed on improved sentiment as investors digested the rate-hike outcome and continued with the year- end window dressing, the dealer said.

Hong Kong’s Hang Seng eased 0.01 per cent to 22,057.89, Japan’s Nikkei 225 rose 0.66 per cent to 19,401.15 and Singapore’s Straits Times improved 0.24 per cent to 2,937.86.

In a note, Public Investment Bank said: “Granted there may not be exciting developments now to warrant a re- entry in a big way as capital outflows continue to run its course amid current uncertainties which are likely to persist for a while, the markets are primed for investors with a longer-term horizon and to position for a turnaround.”

Of the other heavyweights, RHB Bank and Telekom each rose five sen to RM4.82 and RM5.95, IOI Corp gained three sen to RM4.43, MISC perked four sen to RM7.36 and SapuraKencana added two sen to RM1.63.

The FBM Emas Index fell 6.18 points to 11,452.50, FBMT 100 Index declined 7.19 points to 11,180.35 and the FBM Emas Shariah Index eased 11.15 points to 11,993.44.

The FBM 70 lost 54.55 points to 13,094.16, but the FBM Ace climbed 1.28 points to 4,750.71.

Sector-wise, the Finance Index increased 13.44 points to 14,356.54, the Industrial Index fell 13.81 points to 3,084.15 and the Plantation Index slid 29.45 points to 7,742.04.

Main Market turnover rose to 885.59 million units worth RM1.74 billion from 763.22 million units worth RM1.4 billion on Thursday.

The ACE Market volume declined to 197.41 million shares valued at RM24.76 million from 202.71 million shares valued at RM24.96 million yesterday.

Warrants fell to 224.07 million units worth RM47.63 million from 241.42 million units worth RM470.87 million previously. — Bernama