Bursa Malaysia ends higher on bargain hunting

KUALA LUMPUR: Bursa Malaysia ended higher on Tuesday as bargain hunting emerged in selected heavyweights, led by the industrial products and services and plantation counters.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.19 points to 1,548.60 from Friday’s close of 1,544.41.

Bursa Malaysia and its subsidiaries were closed on Monday for the Wesak Day replacement holiday.

The benchmark index, which opened 11.27 points higher at 1,555.68, moved steadily between 1,548.02 and 1,558.11 throughout the day.

On the broader market, gainers surpassed decliners 575 to 424, while 408 counters were unchanged, 848 untraded and 10 others suspended.

Total turnover widened to 5.51 billion units worth RM2.79 billion from 3.17 billion units worth RM2.51 billion last Friday.

Rakuten Trade Sdn Bhd equity research vice-president, Thong Pak Leng said the benchmark index had closed in positive territory after rising by 0.27 per cent.

“Key regional markets are also in positive territory with high buying interest in technology stocks.

“Sentiments also rose on news that Shanghai plans to gradually reopen after spending more than six weeks in lockdown,” he said to Bernama.

On the FBM KLCI, Thong said Rakuten Trade is cautiously optimistic given the improvement in the local market sentiment and foreign support, while on the other hand, investors shall stay alert to the increasing market volatility and external uncertainties.

“Hence, we anticipate the benchmark index to trend sideways within the 1,540-1,560 range, with immediate support at 1,530 and resistance at 1,575,” he added.

Among the heavyweights, Maybank and IHH Healthcare eased one sen each to RM8.95 and RM6.43 respectively, while Public Bank was flat at RM4.53.

Petronas Chemicals gained three sen to RM10.02 and CIMB was two sen higher at RM5.06.

Of the actives, Serba Dinamik rose 4.5 sen to 16.5 sen, Sapura Energy increased three sen to 7.5 sen, KNM gained half-a-sen to 18 sen, Hibiscus Petroleum was 12 sen higher at RM1.47, while Techna-X declined 3.5 sen to eight sen.

Nestle stood as the top gainer after rising by RM1.30 to RM132.80, followed by Petron Malaysia which strengthened 69 sen to RM6.71 and Hengyuan Refining which added 42 sen to RM7.40, while Press Metal Aluminum gained 34 sen to RM5.38 and Panasonic bagged 30 sen to RM28.30.