Bursa Malaysia bucks regional trend, CI ends at intraday high

KUALA LUMPUR: Bursa Malaysia bucked the regional trend to close higher yesterday, with its key index rebounding from a two-day losing streak, thanks to improved risk appetite in selected heavyweights.

The benchmark FTSE Bursa Malaysia KLCI ( FBM KLCI), which recovered during the afternoon session, rose 5.78 points to finish at an intraday high of 1,608.35 after hitting a low of 1,589.81 earlier.

However, on the broader market, losers led gainers 676 to 479, while 585 counters were unchanged, 342 untraded and 12 others suspended.

Total volume decreased to 6.27 billion units worth RM4.0 billion from 7.42 billion units worth RM5.89 billion on Monday.

Regional bourses were mostly on a selling mode amid weaker market sentiment due to the fall in the US market and rising Covid-19 cases.

Inter-Pacific Asset Management Sdn Bhd chief executive officer Datuk Dr Nazri Khan Adam Khan said the barometer index started the day on a weak note as investors took the cue from the overnight sell-offs on Wall Street and took profits.

He also said profit-taking would usually dominate the market for the first two days of the New Year on selling by institutional investors as they had been holding their positions since Christmas due to low liquidation environment.

“January traditionally is a good-performing month and we are seeing the market is starting to rebound.

“This profit-taking is just temporary as fundamental-wise, we are on a good stance given our economy is on track for recovery, (with) improving occupancy rate, arrival of Covid-19 vaccine, while commodity prices are stable,” he told Bernama.

Nazri Khan said the next support level is now spotted at 1,600 and resistance is at 1,620-level.

Of the heavyweights, Public Bank bagged 10 sen to RM20.62, Tenaga chalked up eight sen to RM10.54, IHH Healthcare increased 13 sen to RM5.65, and Top Glove earned 22 sen to RM5.72.

Maybank eased four sen to RM8.31 and Petronas Chemicals lost 11 sen to RM7.10.

Among actives, BCMall shed four sen to 32 sen, Ageson inched up half-a-sen to 13.5 sen, AT Systematization shed one sen to 17.5 sen, and Yong Tai perked up 1.5 sen to 32 sen.

On the index board, the FBM Emas Index improved 12.93 points to 11,619.39, the FBMT 100 Index gained 13.83 points to 11,357.99, the FBM Emas Shariah Index increased 31.35 points to 12,974.75, and the FBM ACE expanded 23.76 points to 10,817.1.

However, the FBM 70 dipped 87.1 points to 14,911.44.