KUALA LUMPUR: Bursa Malaysia recouped earlier losses in late trading to close higher today, lifted by buying interest in selected index-linked counters amid weak external development, a dealer said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 4.55 points higher at 1,655.31 from Friday’s close of 1,650.76.
The index opened 0.83 of a point lower at 1,649.93 and moved in the red territory for most part of the day, hitting a low of 1,642.66, on the back of weak market sentiment following US President Donald Trump’s trade threats on Mexico and India, coupled with weak economic data from China.
However, some nibbling in blue chips emerged 30 minutes before the trading session ended and helped to lift the composite index into positive territory, reaching a high of 1,656.68.
Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said despite the gloomy external front, Bursa Malaysia was supported by buying from local institutional investors.
“Tenaga and Petronas Chemicals are the main factor for the rebound, alongside Genting and IHH Healthcare.
“There are values in these stocks and the sharp decline in prices recently would provide the right entry point as the long-term story for the stocks are still intact,” he told Bernama.
Mohd Afzanizam also said there would possibly be some bargain hunting from foreign investors, whose were net buyers on Thursday and Friday last week.
Overall, there were 577 losers and 266 gainers, with 355 counters unchanged, 684 untraded and 26 others suspended.
Turnover was paltry at 1.60 billion units worth RM1.55 billion compared with 2.22 billion units valued at RM2.56 billion recorded last Friday.
Among the heavyweights, Tenaga rose 16 sen to RM12.86, while Petronas Chemicals, CIMB and IHH Healthcare gained two sen each to RM8.34, RM5.29 and RM5.52, respectively.
However, Maybank shed three sen to RM8.99 while Public Bank lost six sen to RM23.54.
Of the actively-traded stocks, Hibiscus Petroleum shed five sen to 99 sen, while Ekovest, Sapura Energy and Lambo trimmed half-a-sen each to 76.5 sen, 29 sen, and 5.5 sen.
Bumi Armada was flat at 20 sen.
Bursa Malaysia has extended the suspension of trading on China Stationery Limited until further notice as the company failed to submit its quarterly report for the financial period ended March 31, 2019.
On the scoreboard, the FBM Emas Index rose 3.06 points to 11,591.43 and the FBMT 100 gained 7.6 points to 11,458.1.
The FBM Emas Shariah Index shed 5.53 points to 11,790.23, the FBM 70 erased 87.97 points to 14,152.62, and the FBM Ace Index was down 78.94 points to 4,220.48.
Sector-wise, the Financial Services Index trimmed 18.54 points to 16,829.49, the Industrial Products and Services Index slipped 0.42 of-a-point to 159.63 but the Plantation Index gained 10.3 points to 6,933.16.
Main Market volume declined to 937.37 million shares worth RM1.42 billion from 1.39 billion shares valued at RM2.37 billion recorded last Friday.
Warrants turnover shrank to 397.61 million units worth RM99.19 million from 607.25 million units valued at RM154 million.
Volume on the ACE Market, however, increased to 259.0 million shares worth RM30.67 million from 231.87 million shares valued at RM37.81 million.
Consumer products and services accounted for 150.96 million shares traded on the Main Market, industrial products and services (115.26 million), construction (106.08 million), technology (66.74 million), SPAC (nil), financial services (50.24 million), property (91.12 million), plantation (12.36 million), REITs (9.83 million), closed/fund (nil), energy (242.01 million), healthcare (19.94 million), telecommunications and media (38.08 million), transportation and logistics (19.12 million) and utilities (15.62 million).
Bursa Malaysia will be opened only for the morning session tomorrow in conjunction with Hari Raya Aidilfitri celebrations. - Bernama
