BURSA MALAYSIA ENDS FIRST DAY TRADING OF 2H 2024 ON POSITIVE NOTE

By Siti Noor Afera Abu

KUALA LUMPUR, July 1 (Bernama) -- Bursa Malaysia closed trading on the first day of the second half of the year firmer in line with the improving performance of regional peers with buying mainly in the financial service stocks.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.51 per cent or 8.11 points to 1,598.20 from Friday's close of 1,590.09.

The benchmark index, which opened 0.17 of a point firmer at 1,590.26, moved between 1,587.03 and 1,598.36 throughout the trading session.

On the broader market, gainers thumped decliners 685 to 408, with 450 counters unchanged, 831 untraded and five others suspended.

Turnover declined to 3.66 billion units worth RM2.77 billion from last week's 4.30 billion units worth RM3.08 billion.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said this positive outcome was driven by the upbeat manufacturing sector data from several regional markets, including Malaysia, and optimistic domestic business sentiment readings from Japan.

“Sentiment among traders has been bullish following the release of the US Personal Consumption Expenditures Price Index data, which showed modest improvement in May, marking a positive start for the Malaysian market in the second half of 2024,” he told Bernama.

Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the global spotlight is on the US Federal Reserve's potential rate cuts after the data released on Friday indicated that US monthly inflation was unchanged in May.

As for the local bourse, he said he is positive about the improving market sentiment given the improving macroeconomic data.

“Barring unforeseen circumstances, we anticipate the FBM KLCI to trend within the range of 1,590-1,610 for the week,” he added.

Among heavyweights Maybank and Public Bank rose one sen each to RM9.97 and RM4.03, Tenaga Nasional increased 22 sen to RM14 and CIMB added three sen to RM6.83. IHH Healthcare was flat at RM6.30.

As for the most active counters, SNS Network and JCY International were 8.5 sen firmer at 84 sen and 79 sen respectively, Nova and EA Technique gained 2.5 sen each to 24 sen and 36.5 sen, while MYEG dropped 2.5 sen to 99.5 sen.

On the index board, the FBM Emas Index increased 66.05 points to 12,282.45, the FBMT 100 Index garnered 60.29 points to 11,858.35, the FBM Emas Shariah Index rose 72.29 points to 12,624.99, the FBM 70 Index surged 91.69 points to 17,933.58, and the FBM ACE Index gained 85.68 points to 5,858.96.

Sector-wise, the Financial Services Index inched up 41.78 points to 17,496.51, the Energy Index perked up 15.23 points to 970.65, the Industrial Products and Services Index edged up 0.94 of-a-point to 196.79, and the Plantation Index climbed 28.64 points to 7,011.36. 

The Main Market volume was marginally higher at 2.40 billion units valued at RM2.39 billion from 2.37 billion units valued at RM2.69 billion on Friday. 

Warrants turnover weakened to 322.21 million units worth RM36.42 million compared with 1.09 billion units worth RM135.71 million previously. 

The ACE Market volume expanded to 933.27 million shares valued at RM342.74 million against 841.89 million shares valued at RM256.32 million last week. 

Consumer products and services counters accounted for 354.35 million shares traded on the Main Market; industrial products and services (636.85 million), construction (176.77 million); technology (412.73 million); SPAC (nil); financial services (60.15 million); property (298.37 million), plantation (36.41 million), REITs (20.13 million), closed/fund (37,400), energy (150.20 million); healthcare (46.54 million); telecommunications and media (43.97 million); transportation and logistics (85.14 million); utilities (80.19 million); and business trusts (3.16 million).

-- BERNAMA