BURSA MALAYSIA REVERSES INTRADAY GAINS TO CLOSE ON FLATTISH NOTE

By Siti Noor Afera Abu

KUALA LUMPUR, July 2 (Bernama) -- Bursa Malaysia closed on a flattish note after reversing all its intraday gains as profit-taking activities sneaked into the picture in the final trading hour today, mainly dragged down by index heavyweights led by telecommunication counters, said an analyst.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.24 of a point to 1,597.96 from Monday's close of 1,598.20.

The benchmark index, which opened 0.38 of a point firmer at 1,598.58, moved between 1,595.62 and 1,602.52 throughout the trading session.

However, on the broader market, gainers thumped decliners 715 to 459, with 469 counters unchanged, 746 untraded and eight others suspended.

Turnover strengthened to 5.39 billion units worth RM3.99 billion from yesterday’s 3.66 billion units worth RM2.77 billion.

Apex Securities Bhd head of research Kenneth Leong expects the market to recover, with the key index attempting to re-claim the 1,600 level.

“The lower liners are enjoying a better run, taking advantage of the improved market sentiment. Investors will be keeping a close watch on US Federal Reserve chairman Jerome Powell's speech later tonight which may provide a hint on an imminent timing towards a rate cut,” he told Bernama.

Meanwhile, Berjaya Mutual Sdn Bhd market strategist Nik Ihsan Raja Abdullah said mild bargain hunting in key index losers helped the market recover, aligning with regional trends.

He said renewed, albeit mild, buying interest is boosting market confidence for a robust start to the third quarter of 2024.

“Our optimism is further reinforced by the strong performance in key sectors driving the market, especially in construction, energy and technology. These sectors have demonstrated significant strength and resilience, contributing to the overall market's upward momentum,” he added.

Among heavyweights, Maybank added two sen to RM9.99, Public Bank gained one sen to RM4.04 and CIMB rose five sen to RM6.88. Both Tenaga Nasional and IHH Healthcare were flat at RM14.0 and RM6.30 respectively.

As for the most active counters, ACE Market debutant UUE Holdings was 45.5 sen up at 69.5 sen, Velesto increased one sen to 27.5 sen, Hiap Teck was up 2.5 sen to 46.5 sen and Powerwell appreciated four sen to 53.5 sen.

JCY fell 2.5 sen to 76.5 sen.

On the index board, the FBM Emas Index increased 30.29 points to 12,312.74, the FBMT 100 Index garnered 25.97 points to 11,884.32, the FBM Emas Shariah Index rose 24.18 points to 12,649.17, the FBM 70 Index surged 141.14 points to 18,074.72, and the FBM ACE Index gained 27.06 points to 5,886.02.

Sector-wise, the Financial Services Index inched up 49.67 points to 17,546.18, the Energy Index perked up 9.48 points to 980.13, and the Industrial Products and Services Index edged up 0.35 of-a-point to 197.14, however, the Plantation Index weakened 25.49 points to 6,985.87. 

The Main Market volume was higher at 2.67 billion units valued at RM3.24 billion from 2.40 billion units valued at RM2.39 billion on Monday. 

Warrants turnover strengthened to 1.58 billion units worth RM228.51 million compared with 322.21 million units worth RM36.42 million previously. 

The ACE Market volume expanded to 1.14 billion shares valued at RM516.15 million against 933.27 million shares valued at RM342.74 million yesterday.

Consumer products and services counters accounted for 309.63 million shares traded on the Main Market; industrial products and services (713.61 million), construction (262.78 million); technology (411.91 million); SPAC (nil); financial services (85.44 million); property (289.23 million), plantation (47.75 million), REITs (14.85 million), closed/fund (28,800), energy (239.0 million); healthcare (47.17 million); telecommunications and media (62.26 million); transportation and logistics (84.63 million); utilities (96.07 million); and business trusts (3.11 million).

-- BERNAMA