Bursa Malaysia Ends Higher, Tracking Most Regional Markets

By Zarul Effendi Razali

KUALA LUMPUR, Aug 18 (Bernama) -- Bursa Malaysia closed higher today, tracking the mostly positive performance of regional markets, supported by continued buying in selected heavyweights, a dealer said.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.62 points, or 0.55 per cent, to close at 1,584.96 from Friday’s close of 1,576.34.

The benchmark index opened 1.92 points firmer at 1,578.26, and moved between 1,575.48 and 1,588.61 throughout the day.

The broader market, however, was slightly negative, with decliners leading advancers 514 to 491, while 469 counters were unchanged, 1,112 untraded and six suspended. 

Turnover rose to 2.54 billion units worth RM2.72 billion from 2.01 billion units worth RM2.03 billion on Friday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI resumes its uptrend after two days of profit-taking as sentiment continues to improve.

"Key regional indices were higher, buoyed by signs of progress in US-Russia talks over a potential ceasefire in Ukraine. Meanwhile, investors are closely watching for any signals on US interest rates from the Federal Reserve’s annual retreat in Jackson Hole.

“On the domestic front, we remain optimistic on the positive developments in improving geopolitical conditions. The benchmark index is currently retesting the 1,585 resistance level and closed the session at 1,584.96, just below this immediate threshold,” he told Bernama.

Thong anticipates the local benchmark index to trend within 1,570-1,600 for the week, saying a clear breakout above 1,585 with decent volume would open the path toward 1,600, followed by 1,636.

Among the heavyweights, Maybank slipped 2.0 sen to RM9.78, Public Bank added 1.0 sen to RM4.46, CIMB climbed 8.0 sen to RM7.33, while Tenaga Nasional and IHH Healthcare were flat at RM13.62 and RM6.82, respectively.

Of the most active counters, Tanco earned half-a-sen to 73.5 sen, Velesto and Oversea Enterprise were flat at 18.5 sen and 2.5 sen, respectively, while Pharmaniaga eased half-a-sen to 17 sen.

Across the broader market, the FBM Emas Index increased 47.74 points to 11,778.80, the FBMT 100 Index gained 49.73 points to 11,562.59, the FBM Emas Shariah Index climbed 38.78 points to 11,693.63, the FBM 70 Index advanced 13.89 points to 16,674.57, and the FBM ACE Index went up 0.77 of-a-point to 4,714.22.

By sector, the Financial Services Index garnered 50.30 points to 18,130.37, the Plantation Index bagged 30.73 points to 7,534.76, the Industrial Products and Services Index perked up 0.63 of-a-point to 158.35, while the Energy Index fell 2.48 points to 738.35.

The Main Market volume rose to 2.54 billion units valued at RM2.72 billion from Friday’s 1.17 billion units valued at RM1.82 billion.

Warrants turnover jumped to 694.21 million units worth RM98.99 million from 474.97 million units worth RM66.97 million previously.

The ACE Market volume expanded to 459.40 million units worth RM150.63 million from 359.0 million units worth RM135.16 million last Friday.

Consumer products and services counters accounted for 228.71 million shares traded on the Main Market; industrial products and services (182.62 million), construction (153.34 million), technology (158.41 million), financial services (92.19 million), property (160.26 million), plantation (22.70 million), REITs (28.55 million), closed-end fund (5,800), energy (20.35 million), healthcare (90.43 million), telecommunications and media (37.71 million), transportation and logistics (39.43 million), utilities (71.57 million), and business trusts (37,500).

-- BERNAMA