Bursa Malaysia ends higher, continues winning streak

KUALA LUMPUR: Bursa Malaysia ended higher on Friday, continuing its five-day winning streak, boosted by buying across the board amid improving global confidence, a dealer said.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 6.19 points to 1,462.45 compared with yesterday’s closing of 1,456.26.

The index barometer opened 0.31 of a point weaker at 1,455.95 and moved between 1,455.69 and 1,464.78 throughout the day.

In the broader market, gainers surpassed losers 528 to 425, while 460 counters were unchanged, 925 untraded, and 45 others suspended.

Turnover fell to 3.77 billion units worth RM3.40 billion from 4.25 billion units worth RM2.78 billion yesterday.

Rakuten Trade equity research vice-president Thong Pak Leng said a dovish shift from the Federal Reserve (Fed), a lower United States 10-year Treasury note yield and positive development from China have provided some support to the markets and increased investors’ risk appetite.

“Regionally, major indices recorded gains after the Fed maintained rates and outlined a plan for cuts in 2024 and beyond. Meanwhile, the 10-year Treasury note yield slipped below four per cent for the first time since August as traders increasingly anticipate rate cuts in 2024.

“In addition, a substantial increase in China’s industrial output of 6.6 per cent year-on-year against a Reuters poll of 5.6 per cent, which is the highest since November 2022 and surpassing expectations, has further sparked investor sentiment,” he told BK.

On regional equities, Hong Kong’s Hang Seng rose 2.49 per cent to 16,810.44, South Korea’s Kospi added 0.76 per cent to 2,563.56, Japan’s Nikkei 225 added 0.87 per cent to 32,970.55, and Singapore’s Strait Times Index was 0.25 per cent better at 3,115.12.

On the homefront, heavyweights Maybank erased five sen at RM9.0, TNB lost two sen to RM9.95, Public Bank gained one sen at RM4.31, CIMB was two sen better at RM5.83 and Petronas Chemicals was unchanged at RM7.15.

Of the actives, Minetech and Reneuco added 2.5 sen each to 12 sen and 24 sen, respectively, Sarawak Consolidated improved two sen to 85 sen, Widad perked up one sen to 47 sen and Top Glove lost one sen to 90 sen.

On the index board, the FBM Emas Index increased 48.21 points to 10,835.88, the FBMT 100 Index expanded 47.30 points to 10,502.27, and the FBM Emas Shariah Index strengthened 64.91 points to 10,969.75.

The FBM 70 Index improved 77.49 points to 14,474.12 and the FBM ACE Index expanded 41.35 points to 5,180.67.

Sector-wise, the Financial Services Index went up 6.91 points to 16,436.96 and the Energy Index was 12.06 points better at 816.29.

The Industrial Products and Services Index added 0.74 of-a-point to 172.47 and the Plantation Index was 45.75 points better at 7,046.57.

The Main Market volume trimmed to 2.47 billion units valued at RM3.1 billion against 2.67 billion units valued at 2.42 billion on Thursday.

Warrants turnover declined to 666.24 million units worth RM102.66 million from 790.68 million units worth RM121.04 previously.

The ACE Market volume dwindled to 630.38 million shares valued at RM203.94 million versus 784.15 million shares valued at RM233.96 yesterday.

Consumer products and services counters accounted for 444.55 million shares traded on the Main Market, industrial products and services (633.26 million); construction (129.16 million); technology (186.04 million); SPAC (nil); financial services (130.66 million); property (214.96 million); plantation (29.41 million); REITs (17.22 million), closed/fund (4,500); energy (209.73 million); healthcare (245.51 million); telecommunications and media (50.18 million); transportation and logistics (37.19 million); and utilities (139.22 million). – BK