Bursa recoups losses to end previous week slightly higher

BURSA Malaysia managed to recover from earlier losses to end last week marginally higher on late buying, despite the mostly downbeat performance in regional markets, said an analyst.

At 5pm, the FBM KLCI inched up by 0.98 of-a-point to 1,542.39 from Thursday’s close of 1,541.41.

The benchmark index, which opened 0.15 of-a-point better at 1,541.56, moved in a narrow range between 1,537.92 and 1,543.84 throughout the day.

On the broader market, losers beat gainers 538 to 544, while 475 counters were unchanged, 778 untraded, and 18 others suspended.

Turnover increased to 5.08 billion units worth RM2.69 billion from 4.02 billion units worth RM2.94 billion on Thursday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI moved within a tight range on Friday as investors pivoted towards smaller-cap stocks, particularly those within the property, construction, and technology sectors.

“The benchmark index, however, managed to finish in the green due to late buying,“he told Bernama.

In Hong Kong, the Hang Seng Index tumbled 2.16% to 16,499.47, South Korea’s Kospi slipped 0.23% to 2,748.56, Singapore’s Straits Times Index eased 0.07% to 3,217.97, and China’s SSE Composite Index slid 0.95% to 3,048.03.

However, Japan’s Nikkei 225 rose 0.18% to 40,888.43.

Among the heavyweights, Maybank added four sen to RM9.59, Public Bank and Tenaga Nasional gained two sen each to RM4.24 and RM11.56, respectively, while Petronas Chemicals shed eight sen to RM6.79 and CIMB was flat at RM6.55.

As for the actives, Borneo Oil, Alpha IVF and Fitters Diversified were flat at half-a-sen, 32 sen and 5.5 sen, respectively.