Bargain-hunting Lifts Bursa Malaysia Higher At Midday
KUALA LUMPUR, Feb 21 (Bernama) -- Bargain hunting in index-linked stocks lifted the key index higher at midday today, with industrial products and services stocks leading the gains, mirroring the positive trend across most Asian markets.
At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.56 points or 0.41 per cent to 1,584.23, from Thursday’s close of 1,577.67.
It opened 2.25 points higher at 1,579.92 and traded between 1,578.14 and 1,585.50 throughout the session.
Market breadth was positive, with gainers leading decliners 461 to 432, while 453 stocks were unchanged, 1,006 untraded, and 21 suspended.
Turnover fell to 1.80 billion shares worth RM1.12 billion.
Hong Leong Investment Bank Bhd said that as long as the index remains below the key 1,590 level, the benchmark is likely to stay in a consolidation phase (support levels: 1,545-1,566-1,577; resistance levels: 1,590-1,600-1,614).
“Investors are expected to assess several factors, including the ongoing earnings season, global trade and geopolitical tensions, the United States Federal Reserve's policy outlook, and potential stimulus measures from China following President Xi Jinping's meeting with prominent entrepreneurs.
“Additionally, they will monitor continued foreign net outflows, which have persisted for the fifth consecutive month from October 2024 to February month-to-date,” it said in a note today.
Among heavyweights, Maybank increased six sen to RM10.50, Tenaga Nasional jumped 14 sen to RM13.94, IHH Healthcare bagged four sen to RM7.25 and Petronas Dagangan surged RM1 to RM20.26. CIMB and Public Bank were unchanged at RM8.35 and RM4.49, respectively.
In active stocks, Ingenieur Gudang inched down half a sen to five sen and Aizo Group fell one sen to 8.5 sen. In contrast, MYEG added two sen to RM1.04, TWL Holdings was half a sen better at 2.5 sen and UEM Sunrise gained 8.5 sen to 97 sen.
On the index board, the FBM Emas Index advanced 41.23 points to 11,955.22, the FBMT 100 Index gained 42.06 points to 11,689.07, and the FBM Emas Shariah Index rose 69.62 points to 11,660.74.
The FBM 70 Index climbed 37.39 points to 17,406.38, but the FBM ACE Index eased 20.70 points to 4,899.83.
By sector, the Financial Services Index was up 37.73 points at 19,308.54, the Industrial Products and Services Index added 1.24 points to 162.44, and the Plantation Index gained 13.26 points to 7,405.56. The Energy Index edged up 0.67 point to 780.62.
-- BERNAMA