FBM KLCI Ends Higher On Buying In Selected Stocks

By Rosemarie Khoo

KUALA LUMPUR, Oct 15 (Bernama) -- Bursa Malaysia’s market bellwether finished higher today, thanks to mild buying in consumer products and services, telecommunications and banking stocks, amid a mixed regional market performance.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.43 points, or 0.33 per cent, to 1,641.97 from Monday’s close of 1,636.54.

The benchmark index, which opened 2.02 points firmer at 1,638.56, moved between 1,636.89 and 1,643.64 throughout the trading session. 

In the broader market, decliners however thumped gainers 558 to 509, with 493 counters unchanged, 917 untraded, and nine suspended.

Turnover expanded to 2.87 billion units valued at RM2.77 billion from 2.23 billion units worth RM2.09 billion on Monday.   

UOB Kay Hian Wealth Advisors, head of Investment Research Mohd Sedek Jantan said despite the ongoing concerns surrounding the United States (US) corporate earnings and geopolitical risks, the market received a boost from Prime Minister Datuk Seri Anwar Ibrahim’s comments on the Goods and Services Tax (GST).

“He (Anwar) clarified that the GST would only be reinstated if the minimum wage rises to at least RM3,000, providing investors with more confidence and a clearer policy outlook.

“Consequently, consumer and telecommunications stocks emerged as top performers among the FBM KLCI components,” he told Bernama.

Beyond this, Mohd Sedek said the property and financial services sectors led the gains among Bursa sectoral indices.

This momentum is largely attributed to growing anticipation around the upcoming Budget 2025 announcement scheduled for this Friday.

“Investors expect the government to unveil a series of strategic investments, particularly in infrastructure, aimed at sustaining economic growth in the coming years,” he added. 

Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said despite recent gains, the firm remained cautious in the short term as daily trading volumes remain below average.

“Hence, we expect the benchmark index to maintain its sideways pattern with an upward bias for the time being. We maintain our FBM KLCI weekly target at the 1,630-1,650 range,” said Thong.

Among the heavyweights, Nestle gained RM3.50 to RM106.00, SD Guthrie rose 12 sen to RM4.72, Maxis put on 9.0 sen to RM3.75, Sunway perked up 10 sen to RM4.45, Public Bank increased 9.0 sen to RM4.48, and Maybank advanced 12 sen to RM10.66.

As for the active counters, ACE Market debutant Northeast Group garnered half-a-sen to 50.5 sen, Focus Dynamics was flat at 2.0 sen, Pegasus Heights eased half-a-sen to half-a-sen, Mpire Global climbed 2.0 sen to 14 sen, and YTL Corp lost 15 sen to RM2.31.

On the index board, the FBM Emas Index improved 34.25 points to 12,324.20, the FBMT 100 Index ticked up 35.15 points to 12,024.87 and the FBM Emas Shariah Index gained 31.93 points to 12,233.83.

The FBM 70 Index rose 34.48 points to 17,603.80 but the FBM ACE Index shed 13.62 points to 5,075.49.

Sector-wise, the Financial Services Index surged 155.83 points to 19,414.99, the Plantation Index was 47.67 points better at 7,264.35, the Industrial Products and Services Index inched up 0.40 of-a-point to 175.63, while the Energy Index declined 21.39 points to 856.68.

The Main Market volume expanded to 1.57 billion units worth RM2.48 billion from Monday's 1.16 billion units valued at RM1.90 billion.

Warrants turnover swelled to 818.81 million units valued at RM125.52 million from 547.85 million units worth RM73.55 million previously.

The ACE Market volume however dipped to 475.54 million units worth RM166.16 million from 520.65 million units valued at RM110.33 million yesterday.

Consumer products and services counters accounted for 308.10 million shares traded on the Main Market, industrial products and services (201.91 million), construction (165.95 million), technology (163.80 million), SPAC (nil), financial services (89.66 million), property (300.29 million), plantation (25.51 million), REITs (12.27 million), closed/fund (26,200), energy (113.15 million), healthcare (54.38 million), telecommunications and media (29.39 million), transportation and logistics (29.39 million), utilities (80.48 million), and business trusts (63,200).

-- BERNAMA