KUALA LUMPUR: Bursa Malaysia ended 0.46% higher today, rebounding after a sharp decline yesterday and backed by strong bargain hunting in the technology index, medium sized capitals and selected heavyweights.
At close, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was up 7.43 points to 1,600.31 compared with yesterday’s close of 1,592.88.
The index opened 5.48 points higher at 1,598.36, and traded between 1,596.82 and 1,603.04.
On the broader market, gainers outperforms losers 450 to 319, while 402 counters remained unchanged, 735 untraded and 18 others suspended.
Turnover increased to 2.40 billion units worth RM1.65 billion compared with 2.19 billion units worth RM1.69 billion yesterday.
Phillip Capital Management senior vice president (Investment) Datuk Dr Nazri Khan Adam Khan said the FBM KLCI is expected to rise in the near future, amidst chaotic global conditions, while supported by improving local market fundamentals.
“Going forward, geopolitical tensions and the prolonged trade war between the US and China remain the critical drivers, driving local market sentiment.
‘Following the bullish performance in the US markets, we expect the FBM KLCI to spot relief at the 1,600 level in a tariff-reprieve headline, as President Trump’s administration announces a delay in imposing scheduled September tariffs against China on a wide range of products until December,“ he told Bernama.
On the technical front, he said the FBM KLCI retracted its upward trajectory seen the past trading week and took another turn to the meaningful 1,600 point support threshold.
Despite weak sentiment last week, Nazri said based on the immediate momentum, the technical analysis suggests the index could still climb further.
“Looking ahead, we keep to our view that the FBM KLCI is still in the process of recovery. We see the ongoing ‘Bullish Divergence’ reversal pattern still in play, which suggests that the trend is shifting from downside towards the upside.
“On the upside view, the immediate resistance remains at 1,658 points, followed by the strong 1,700 points resistance mark,’ he added.
Meanwhile, Bank Islam’s chief economist Dr Mohd Afzanizam Abdul Rashid said despite the additional tariffs imposition by the US on Chinese goods being held over to December, the situation remains fluid as there is nothing substantial to hold the market to.
“Investors will still remain cautions on equities as the market continues to be volatile,“ he said.
For the market heavyweights, Public Bank gained six sen to RM20.80, Maybank and Digi improved three sen to RM8.59 and RM5.00 respectively, while Tenaga Nasional and Hong Leong Bank advanced two sen to RM13.62 and RM17.42.
As for the actives, Datasonic gained 6.5 sen to 90 sen, while its warrant added four sen to 42 sen, Sumatec inched up half a sen to 3.5 sen, Berjaya Land advanced two sen to 20.5 sen and Ekovest strengthened one sen to 82 sen.
The FBM Emas Index jumped 45.58 points to 11,445.98, the FBMT 100 Index advanced 42.68 points to 11,170.97, while the FBM Emas Shariah Index gained 45.59 points to 11,841.82.
The FBM 70 recovered 16.38 points to 14,179.21 and the FBM Ace gained 28.18 points to 4,641.86.
Sector-wise, the Financial Services Index rose 70.43 points to 15,680.30, the Plantation Index gained 30.34 points to 6,722.00 and the Industrial Products and Services Index bagged 0.47 point to 151.15.
Main Market volume rose to 1.62 billion shares worth RM1.46 billion compared with 1.42 billion shares valued at RM1.54 billion yesterday.
Warrants turnover decreased to 428.79 million units worth RM119.14 million compared with 442.68 million units worth RM105.42 million.
Volume on the ACE Market increased to 347.13 million worth RM65.10 million compared with 329.81 million shares valued at RM41.30 million.
Consumer products and services accounted for 243.19 million shares traded on the Main Market, industrial products and services (261.78 million), construction (90.37 million), technology (234.19 million), SPAC (nil), financial services (34.44 million), property (93.03 million), plantations (8.99 million), REITs (15.57 million), closed/fund (6,000), energy (359.52 million), healthcare (149.48 million), telecommunications and media (230.31 million), transportation and logistics (28.11 million) and utilities (15.37 million). — Bernama