BURSA MALAYSIA ENDS AT FRESH 3-YEAR HIGH AS GLOBAL MARKETS CHEER RATE CUT PROSPECTS

KUALA LUMPUR, July 17 (Bernama) -- Bursa Malaysia pared down gains at the closing bell today with the index recording a fresh three-year high, aligned with the global rally as expectations that the US Federal Reserve (Fed) will soon cut rates fuelled a rush into riskier market segments, said an analyst.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 7.58 points, or 0.47 per cent, to 1,633.54 from Tuesday's close of 1,625.96. 

The benchmark index opened 4.02 points higher at 1,629.98 and subsequently dipped to an intraday low of 1,629.89 before hitting an intraday high of 1,638.03 towards the midday break. 

On the broader market, gainers trounced losers 770 to 445, with 513 counters unchanged, 720 untraded, and six others suspended.

Turnover swelled to 5.28 billion units worth RM3.87 billion from Tuesday's 4.66 billion units worth RM3.52 billion.  

Regionally, Japan's Nikkei 225 eased 0.43 per cent to 41,097.69  Singapore's Straits Times Index went up 0.05 per cent to 3,489.57, and Hong Kong's Hang Seng Index rose 0.06 per cent to 17,739.41.   

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the Bursa Malaysia Construction Index led the market with a more than 3.0 per cent increase as investors anticipated that contract awards would increase driven by public infrastructure and private projects.

The Construction Index jumped 11.01 points or 3.61 per cent to 315.68. 

"Looking ahead, there is anticipation that the FBM KLCI will maintain its momentum. This is expected to be supported by several factors such as the US Fed's recent shift towards rate cuts, renewed interest from foreign investors and heightened enthusiasm surrounding investment themes such as data centres, and semiconductors,” he added.  

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the positive sentiment in the local market was fuelled by attractive valuations, rising investor confidence, and robust foreign buying.

"The FBM KLCI has broken the 1,630 resistance level, and should it hold above this level for an extended period, we predict additional upward potential. The subsequent resistance is expected in the range of 1,650-1,660, with support remaining at 1,610,” he added. 

Of the heavyweights, TNB and Public Bank firmed four sen to RM14.50 and RM4.17, respectively, Press Metal was one sen higher at RM5.99, Petronas Chemicals went up seven sen to RM6.03, CelcomDigi put on 10 sen to RM3.70, IHH Healthcare was flat at RM6.35, and Maybank fell two sen to RM10.08.

Among the active counters, Ekovest increased four sen to 55.5 sen, Berjaya Corp rose three sen to 38.5 sen, SNS Network jumped eight sen to 92 sen, Censof added one sen to 39.5 sen, WCT gained seven sen to RM1.23, and Velesto was flat at 23.5 sen. 

On the index board, the FBM Emas Index bagged 77.68 points to 12,678.41, the FBMT 100 Index climbed 72.53 points to 12,245.66, the FBM Emas Shariah Index leaped 114.33 points to 13,086.92, the FBM 70 Index surged 169.57 points to 18,978.79, and the FBM ACE Index grew 39.14 points to 6,002.22.  

Sector-wise, the Energy Index slipped 3.82 points to 972.38, the Financial Services Index advanced 34.11 points to 17,935.17, the Plantation Index climbed 92.41 points to 7,074.71, and the Industrial Products and Services Index perked up 0.67 of-a-point to 200.79.  

Bursa Malaysia today announced that Ewein Bhd has changed its name to Skygate Solutions Bhd effective 9 am on July 19, 2024.

The Main Market volume increased to 3.07 billion units valued at RM3.42 billion versus Tuesday's 2.52 billion units valued at RM3.07 billion.  

Warrants turnover improved to 1.27 billion units worth RM145.98 million from 1.08 billion units worth RM136.60 million yesterday.  

The ACE Market volume fell to 940.04 million shares valued at RM312.69 million against 1.06 billion shares valued at RM306.73 million previously.  

Consumer products and services counters accounted for 421.25 million shares traded on the Main Market; industrial products and services (647.16 million); construction (502.46 million); technology (387.99 million); SPAC (nil); financial services (87.83 million); property (366.16 million); plantation (64.91 million); REITs (17.25 million); closed/fund (23,800); energy (290.96 million); healthcare (101.09 million); telecommunications and media (37.30 million); transportation and logistics (72.23 million); utilities (72.07 million); and business trusts (6.09 million).

-- BERNAMA