Bursa Malaysia ends higher on improved buying sentiment
KUALA LUMPUR: Bursa Malaysia closed higher today on improved buying sentiment and bargain-hunting, following yesterday's heavy sell-off.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) closed 1.72 points higher at 1,839.62 from 1,837.9 at yesterday's close.
After opening 0.4 of-a-point better at 1,838.3 this morning, the index hovered between 1,838.3 and 1,846.67 throughout the day.
A dealer said traders took advantage of yesterday's sell-off to accumulate quality stocks at a cheaper price, while market sentiment improved after the White House spokeswoman, Sarah Sanders said impending hefty tariffs on steel and aluminium imports would likely exclude Canada, Mexico and a clutch of other countries.
In a note, Kenanga Research said the FBM KLCI would likely trade with a downside-bias towards 1,798 in the immediate term.
"Immediate resistance is seen at 1,840 with the next resistance pegged at 1,883," it added.
Market breadth was slightly positive as gainers led losers 475 to 431 with 446 counters unchanged, 523 untraded and 21 others suspended.
Volume fell to 2.22 billion units worth RM2.05 billion from 3.1 billion units worth RM3.17 billion on Wednesday.
Among heavyweights, Maybank and CIMB eased two sen each to RM10.46 and RM7.13 respectively, Public Bank added six sen to RM23 and Tenaga was flat at RM15.60.
Of the active counters, ACE Market debutant QES Group rose three sen to 22 sen, Sapura Energy was flat at 51 sen and Nexgram half-a-sen higher at four sen.
The FBM Emas Index increased 3.32 points to 12,933.79, the FBMT 100 Index was 0.79 of-a-point better at 12,674.98 and the FBM Emas Shariah Index bagged 6.59 points to 13,091.52.
The FBM 70 fell 36.89 points to 15,356.9 and the FBM Ace edged up 85.67 points to 5,950.71.
Sector-wise, the Industrial Index fell 1.52 points to 3,170.43, the Plantation Index gained 19.24 points to 8,033.88 and the Finance Index was 10.02 points better at 18,010.66.
Main Market volume decreased to 1.19 billion units worth RM1.89 billion from 1.99 billion units worth RM2.99 billion yesterday.
Volume on the ACE Market increased to 640.68 million shares valued at RM107.66 million shares from 500.5 million shares valued at RM75.07 million.
Warrants' volume fell to 388.48 million from 57.31 million from 607.14 million units worth RM100.2 million.
Consumer products accounted for 107.74 million shares traded on the Main Market, industrial products (349.23 million), construction (62.31 million), trade and services (481.92 million), technology (32.14 million), infrastructure (6.72 million), SPAC (50,000), finance (46.36 million), hotels (432,200), properties (72.6 million), plantations (25.74 million), mining (226,100), REITs (10.26 million), and closed/fund (11,000). — Bernama