Improved buying sentiment helps give KL shares a lift

KUALA LUMPUR: Bursa Malaysia reversed its easier trend yesterday to end higher yesterday on improved buying sentiment as concerns over the trade war between China and the United States started to ease.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) ended 20.19 points better to 1,838.81 from Wednesday’s 1,815.94.

After opening 8.52 points higher at 1,824.46 yesterday morning, the benchmark index moved between 1,824.42 and 1,838.81 throughout the day. Market breadth was positive with 660 gainers against 344 losers, while 381 counters were unchanged, 486 untraded and 33 others suspended.

Volume, however, declined to 2.21 billion units valued at RM2.02 billion from 3.27 billion units valued at RM2.78 billion previously.

A dealer said the optimism in the local market was in line with regional stocks, which bounced from a two-month low, as USChina trade war fears started to ease after the former expressed a willingness to talk.

“Furthermore, some traders tooktheopportunitytoaccumulate quality stocks at a cheaper price, following yesterday’s heavy selling,” he said.

The local market was negatively impacted for the past few days by fears of a full-blown trade war between China and the US after China raised tariffs by up to 25 per cent on selected US food products as a counter-measure following the tariffs imposed by the US on imports of aluminium and steel.

Amongheavyweights,Maybank rose 14 sen to RM10.48 and Tenaga gained 12 sen to RM15.82. Public Bank fell added four sen to RM23.94

Of the actively-traded stocks, UMW O&G eased five sen to 23.5 sen, Nexgram was flat at five sen and PUC was 1.5 sen better at 25.5 sen.

The FBM Emas Index increased by 165.77 points to 12,778.14, FBMT 100 Index rose 159.35 points to 12,618.93 and the FBM Emas Shariah Index was 153.04 points better at 12,886.96.

The FBM 70 was 262.44 points higher at 15,179.68 and the FBM Ace improved 135.36 points to 5,019.19.

Sector- wise, the Finance Index garnered 309.02 points to 18,020.33, Plantation Index gained 34.76 points to 7,936.12 and the Industrial Index inched up 7.82 points to 3,199.14.

Main Market volume fell to 1.42 billion units valued at RM1.91 billion from 1.93 billion units valued at RM2.48 billion previously.

Volume on the ACE Market decreased to 438.21 million shares worth RM68.13 million from 642.18 million shares worth RM99.38 million on Wednesday.

Warrants’ volume declined to 352.0 million units valued at RM43.04 million from 696.82 million units valued at RM200.57 million previously.

Consumer products accounted for 56.91 million shares traded on the Main Market, industrial products ( 352.91 million), construction ( 87.23 million), trade and services (661.02 million), technology (66.91 million), infrastructure ( 9.26 million), SPAC (32.95 million), finance (50.43 million), hotels (7.28 million), properties (80.3 million), plantations (21.22 million), mining (78,700), REITs (6.47 million), and closed/fund (6,000).

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