Bursa close to a two-year high
Due to purchases from both domestic and foreign institutions, Bursa Malaysia maintained its positive trend and closed higher for the fifth day in a row, according to an analyst.
Key regional indices also closed higher as a result of the bullish signal from global stocks and expectations for solid earnings from tech titans this week, according to Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd.
He stated that while investors are reassured after Middle East tensions lessened, solid earnings are expected to help offset concerns over the Federal Reserve's interest rate intentions ahead of the release of important US GDP and inflation data.
"In terms of domestic news, the FTSE Bursa Malaysia KLCI (FBM KLCI) is headed for a test of the 1,570 resistance level. Should this level be broken and maintained over time, our opinion is that the benchmark index will continue to rise.
For the remainder of the week, he told Bernama, "we anticipate the FBM KLCI to trend within the range of 1,550-1,570."
Sedek Jantan, head of wealth research and advice at UOB Kay Hian Wealth Advisors, and designated portfolio manager, reported that the FBM KLCI closed marginally higher today after hitting a record-breaking high of 1567.42 in the morning session.
"The FBM KLCI closed today on a positive note, propelled by encouraging signs of easing tensions in the Middle East."
"At the close of trading, the benchmark index saw an uptick of 2.05 points, or 0.13%," he stated.
Sedek stated that the outlook for Malaysian equities is still favorable due to the ringgit's stabilization and the steady flow of encouraging news.
"New sources of foreign direct investment (FDI) can be attracted and fostered by the advancement of domestic reform initiatives."
"Today's and yesterday's KL20 Summit highlights the government's commitment to accelerating the technology ecosystem," he continued.
The FBM KLCI increased 2.05 points to 1,561.64 at 5 p.m. from its closing value of 1,559.59 yesterday.
Throughout the trading day, the benchmark index, which began the day 0.22 of a point higher at 1,559.81, fluctuated between that level and 1,567.57.
Gainers outnumbered decliners on the overall market by 642 to 402, with 507 counters remaining constant, 823 untraded, and 22 others suspended.
From 3.49 billion units valued RM2.53 billion yesterday, turnover climbed to 3.73 billion units worth RM2.79 billion.
The major players saw increases of one sen to RM4.21, five sen to RM6.67 at CIMB, two sen to RM6.83 at Petronas Chemicals, and eight sen apiece to RM9.82 and RM11.72 at Tenaga Nasional and Maybank.
Regarding the actives, Bina Puri, Sapura Energy, and Fitters Diversified were flat at 7.5 sen, 4.5 sen, and 5 sen, respectively. ACE Market debutant Topmix nudged up 11 sen to 42 sen, while Ingenieur Gudang inched down 0.5 sen to 13.5 sen.
The FBMT 100 Index gained 28.02 points to 11,358.26, the FBM Emas Shariah Index strengthened 22.94 points to 11,858.35, the FBM ACE Index recovered 28.81 points to 4,958.15, and the FBM Emas Index surged 31.42 points to 11,715.04 on the index board.
Sector-wise, the plantation index dropped 32.24 points to 7,383.95, the energy index was 2.96 points lower at 969.16, the financial services index jumped 86.06 points to 17,355.35, and the industrial products and services index barely up by 0.48 of a point to 185.56.
From 1.95 billion units valued at RM2.22 billion yesterday, the Main Market volume expanded to 2 billion units priced at RM2.42 billion.
In contrast to yesterday's 979.82 million units valued RM119.15 million, warrant turnover decreased to 935.1 million units valued RM114.23 million.
From 558.35 million shares valued at RM187.78 million to 783.91 million shares valued at RM251.55 million, the ACE Market volume increased.
Along with industrial products and services (460.2 million), construction (187.9 million), technology (230.73 million), SPAC (nil), financial services (95.68 million), property (252.03 million), plantation (32.92 million), REITs (16.2 million), closed/fund (2,000), energy (223.14 million), healthcare (84.56 million), telecommunications and media (30.25 million), transportation and logistics (31.38 million), utilities (48.97 million), and business trust (1.15 million) were among the counters for consumer products and services (306.76 million shares traded on the Main Market).
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