Bursa Malaysia Closes Higher On Bargain Hunting

By Rosemarie Khoo Mohd Sani

KUALA LUMPUR, Oct 17 (Bernama) -- Bursa Malaysia closed higher today as bargain hunting stepped in after yesterday's decline, while investors shrugged off the overall regional market weakness, said an analyst.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.54 per cent or 8.81 points to 1,641.44 from Wednesday’s close of 1,632.63.

The benchmark index, which opened 1.84 points higher at 1,634.47, fluctuated between 1,633.72 and 1,642.93 during the trading session.

Market breadth was positive, with advancers outpacing decliners by 634 to 391. A total of 492 counters remained unchanged, 976 were untraded, and 18 were suspended.

Turnover narrowed to 2.68 billion units valued at RM2.45 billion versus 2.79 billion units worth RM3.16 billion on Wednesday.   

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the regional markets ended the day lower with heavy selling of property stocks in China and Hong Kong after China’s housing ministry briefing failed to impress investors.

Japanese stocks also dwindled as investors digested trade data which reported a 1.7 per cent year-on-year decline in exports for September, signalling potential economic weakness.

In contrast, he noted that the regional emerging markets saw buying interest as foreign investors directed their funds toward these countries, attracted by better growth prospects.

“On the domestic front, the benchmark index remains in consolidation mode as global caution dampens investor sentiment, suggesting the index will likely hover within a narrow trading range.

“Hence, we anticipate the FBM KLCI to move within the 1,630-1,650 range towards the weekend,” Thong told Bernama. 

Among the heavyweights, RHB Bank increased 19.0 sen to RM6.48, Sunway and Public Bank rose 8.0 each to RM4.47 and RM4.54 respectively, Sime Darby gained 4.0 sen to RM2.42, and SD Guthrie gained 7.0 sen to RM4.68. 

As for the most active counters, Aizo perked up 1.0 sen to 15.5 sen, SMTrack and Focus Dynamics were unchanged at 2.0 sen and 2.5 sen respectively, SP Setia garnered 8.0 sen to RM1.39, and Sime Darby Property added 1.0 sen to RM1.51. 

On the index board, the FBM Emas Index rose by 54.60 points to 12,323.56, while the FBM Emas Shariah Index gained 51.90 points to 12,217.46.

The FBMT 100 Index climbed 53.92 points to 12,025.74, the FBM 70 Index put on 39.45 points to 17,622.62, and the FBM ACE Index advanced 31.26 points to 5,092.11.

Sector-wise, the Financial Services Index jumped 139.89 points to 19,455.24, the Energy Index firmed 6.94 points to 856.30, the Plantation Index surged 49.75 points to 7,250.23, and the Industrial Products and Services Index gained 1.25 points to 175.23.

The Main Market volume declined to 1.27 billion units worth RM2.18 billion from Wednesday's 1.66 billion units valued at RM2.93 billion.

Warrants turnover increased to 1.00 billion units valued at RM165.06 million against 853.42 million units worth RM148.88 million previously.

The ACE Market volume expanded to 404.38 million units worth RM103.39 million versus 272.28 million units valued at RM83.56 million yesterday.

Consumer products and services counters accounted for 217.21 million shares traded on the Main Market, industrial products and services (291.72 million), construction (88.99 million), technology (119.47 million), SPAC (nil), financial services (88.95 million), property (246.59 million), plantation (15.55 million), REITs (14.08 million), closed/fund (nil), energy (74.80 million), healthcare (44.80 million), telecommunications and media (23.21 million), transportation and logistics (13.47 million), utilities (39.78 million), and business trusts (452,900).

-- BERNAMA