Bursa M’sia ends higher supported by banking, plantation stocks

KUALA LUMPUR: Bursa Malaysia closed higher for the second consecutive day yesterday, with the benchmark index ending above the 1,500-psychological level, thanks to persistent buying support in selected heavyweights, especially banking and plantation counters.

The FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.63 of-apoint to end the week at 1,506.19 compared with Thursday’s close of 1,505.56, as gains were limited by mild profit-taking.

The benchmark index, which opened 0.49 of-a-point weaker at 1,505.07 yesterday morning, moved between 1,504.21 and 1,511.80 throughout the trading session.

Market breadth was positive with gainers leading losers 440 to 367, while 442 counters were unchanged, 1,034 untraded, and 24 others suspended.

Total turnover decreased to 2.08 billion units worth RM1.63 billion from 2.55 billion units worth RM1.97 billion Thursday.

Sime Darby Plantation was the biggest gainer among the 30 index-linked counters, putting on 1.98 per cent or nine sen to RM4.64, while CIMB was the largest contributor to the gains in the composite index after rising six sen to RM5.43.

Inter-Pacific Asset Management Sdn Bhd executive director and fund manager Datuk Dr Nazri Khan Adam Khan said the market was dominated by foreign buying, mostly in banking stocks as inflation pressure from the United States eased.

“Bursa Malaysia is making a comeback with all sectoral indices showing positive trend. The lower liners are also making a comeback and the market breadth is very positive.

“We saw strong jump in foreign buying...and the market was also supported by retail and local institutions,” he told Bernama.

Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI failed to break the 1,510 resistance despite the strongerthan-expected Q2 2022 GDP growth due to some profit-taking during the late trading session.

“We reckon the benchmark index to possibly consolidate within the 1,500-1,515 range for next week,” he said, adding immediate resistance is located at 1,510 followed by 1,530, while support is at 1,480.

Among heavyweights, Maybank gained three sen to RM8.97, Petronas Chemicals perked up two sen to RM8.80, IHH Healthcare aded one sen to RM6.49, Tenaga rose five sen to RM8.63, Hong Leong Bank increased 10 sen to RM20.88, while Public Bank was flat at RM4.65.

Of the actives, Top Glove fell seven sen to 85.5 sen, Hartalega fell 28 sen to RM2.00, Avillion added two sen to 12 sen, while Metronic and Dagang NeXchange were flat at five sen and 89 sen respectively.