Bursa Malaysia Ends Higher On Bargain Hunting Despite Lingering US Tariff Uncertainty
KUALA LUMPUR, Jan 21 (Bernama) -- Bursa Malaysia closed higher today as bargain hunting persisted, despite ongoing uncertainty surrounding US President Donald Trump's tariff policies.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.12 points, or 0.52 per cent, to 1,580.46, anchored mainly by industrial products and services, and utility sectors.
The benchmark index opened 2.57 points higher at 1,574.91 from Monday’s close of 1,572.34.
Market breadth remained positive, with gainers outpacing losers 661 to 378 while 505 counters were unchanged, 825 untraded, and nine suspended.
Turnover expanded to 3.42 billion units valued at RM2.61 billion from Monday’s 2.95 billion units valued at RM2.45 billion.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the market recovery continued amid cheap valuations after last week’s sharp losses.
On top of that, he said Trump's instruction to examine global trade imbalances offers some hope of milder tariffs from his administration.
However, he noted that it is too early to predict Trump’s next move.
On his first day in office, Trump ordered his administration to address unfair trade practices globally and ensure Beijing’s adherence to a prior trade agreement, while refraining from introducing new tariffs, particularly on China.
UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan views this move positively, saying this more measured tone has boosted investor confidence as reflected in higher trade volume recorded today.
This sentiment is further reinforced by an improved outlook for China, whose 2024 economic growth met the government’s target of 5.0 per cent, and its December retail sales data showed encouraging signs of recovery.
“As Malaysia is one of China’s key trading partners, the improved economic conditions in China are expected to support Malaysian corporate earnings,” he noted.
Among sector indices, property and industrial products emerged as the top performers.
“Market sentiment has stabilised compared to last week, with the technology sector continuing its steady recovery since last Wednesday,” he added.
On the local bourse, Press Metal led gainers among heavyweights, increasing 20 sen to RM5.18, YTL Corp was 14 sen firmer at RM2.37, Sunway gained 23 sen to RM4.46, Public Bank put on six sen to RM4.37, and YTL Power was 12 sen higher at RM4.02.
Of the active stocks, Harvest Miracle Capital perked up half-a-sen to 17 sen, CBH Engineering advanced 5.0 sen to 36.5 sen, TWL Holdings was flat at 2.5 sen, Mah Sing expanded 11 sen to RM1.49, and Swift Energy Technology rose 2.5 sen to 38 sen.
On the broader market, the FBM Emas Index jumped 75.53 points to 12,141.36, the FBM Emas Shariah Index surged 91.88 points to 12,056.06, the FBMT 100 Index leapt 73.40 points to 11,821.25, the FBM 70 Index soared 160.18 points to 18,222.67, and the FBM ACE Index garnered 51.71 points to 5,246.32.
By sector, the Financial Services Index climbed 36.55 points to 18,835.75, the Plantation Index added 8.76 points to 7,376.16, the Energy Index inched up 2.80 points to 886.00, and the Industrial Products and Services Index rose 2.49 points to 170.95.
The Main Market volume trimmed to 1.51 billion units worth RM2.28 billion against Monday’s 1.53 billion units worth RM2.20 billion.
Warrants turnover expanded to 1.10 billion units valued at RM116.40 million versus 1.05 billion units valued at RM105.45 million previously.
The ACE Market volume surged to 809.45 million units worth RM215.70 million from 367.47 million units worth RM137.67 million yesterday.
Consumer products and services counters accounted for 158.53 million shares traded on the Main Market, industrial products and services (261.06 million), construction (141.73 million), technology (240.46 million), SPAC (nil), financial services (48.17 million), property (304.49 million), plantation (19.23 million), REITs (11.89 million), closed/fund (5,800), energy (166.68 million), healthcare (43.68 million), telecommunications and media (25.09 million), transportation and logistics (23.75 million), utilities (69.57 million), and business trusts (84,300).
-- BERNAMA