KUALA LUMPUR: Bursa Malaysia ended the week modestly higher, driven by steady gains in heavyweights led by rubber glove and industrial products counters as the broader market breadth also turned positive.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 0.70 of-a-point to 1,608.43 compared to Thursday’s close of 1,607.73.
The market bellwether opened 0.45 of-a-point lower at 1,607.28 and moved between 1,605.44 and 1,610.81 throughout the day.
Overall market breadth turned positive at the last leg of trading, as gainers surpassed losers by 574 versus 478, while 454 counters were unchanged, 687 untraded and 17 suspended.
Total volume decreased to 6.55 billion shares worth RM4.19 billion from 7.90 billion shares worth RM4.98 billion on Thursday.
Bank Islam Malaysia Bhd economist Adam Mohamed Rahim said glove counters continued to be supported by the rise in COVID-19 cases in Malaysia and overseas.
“Overall, market sentiment was supported by the rally in China stocks following President Xi Jinping’s renewed green pledge which bolstered energy stocks, while a flare-up of pandemic cases in Asian countries helped to support healthcare shares.
“In addition, the move by the European Central Bank to maintain stimulus, somehow, made investors less concerned about the impact of a possible hike in US capital gains taxes,” he told Bernama.
Yesterday, US President Joe Biden proposed to double the capital gains tax for those earning US$1.0 million and above.
As a result, the US stock markets retreated Thursday with the Dow Jones Industrial Average and Nasdaq Composite losing 0.94% each to 33,815.90 and 13,818.41 respectively, while the S&P 500 declined 0.92% to 4,134.98.
Regionally, Japan’s Nikkei was lower by 0.57% to 29,020.63. It was reported that Prime Minister Yoshihide Suga is set to announce a targeted state of emergency for Tokyo, Osaka, and two other prefectures.
In China, the Hang Seng Index gained 1.12% to 29,078.75 and the SSE Composite Index added 0.26% to 3,474.17.
Back home, Top Glove and Hartalega led the gainers among heavyweights, rising 11 sen to RM5.73 and 24 sen to RM10.78 respectively.
Press Metal rose nine sen to RM5.30, Supermax was 18 sen higher at RM5.95, and Axiata went up four sen to RM3.82.
Conversely, Public Bank lost three sen to RM4.17, CIMB declined five sen to RM4.19, and Petronas Chemicals dipped four sen to RM7.87.
Among the active counters, Focus Dynamics was one sen higher at 12.5 sen, Mah Sing increased seven sen to RM1.01, Ucrest up six sen to 47.5 sen, and Key Asic put on one sen to 20.5 sen.
Transportation and logistics counters led the top gainers list with Transocean surging 30% or 77 sen to RM3.34, Freight Management climbed 29.8% or 45 sen to RM1.96, while Complete Logistics rose 8.30% or 12 sen to RM1.56.
On the index board, the FBM Emas Index recovered 5.60 points to 11,840.46, the FBMT 100 went down 0.64 of-a-point to 11,492.06, and the FBM 70 was 22.46 points weaker at 15,607.90.
The FBM Emas Shariah edged up 35.40 points to 13,307.69 and the FBM ACE surged 103.64 points to 8,686.05.
Sector-wise, the Plantation Index dropped 13.82 points to 6,842.29, the Financial Services Index was lower by 73.19 points at 14,974.23, and the Industrial Products and Services Index edged up 0.42 of-a-point to 196.14.
Main Market volume dwindled to 3.74 billion shares worth RM3.39 billion compared with 4.51 billion shares worth RM3.80 billion on Thursday.
Warrants turnover increased to 543.78 million units valued at RM55.23 million from 447.19 million units valued at RM45.82 million previously.
Volume on the ACE Market declined to 2.26 billion shares worth RM742.74 million from 2.94 billion shares worth RM1.14 billion yesterday.
Consumer products and services accounted for 489.12 million shares traded on the Main Market, industrial products and services (911.11 million), construction (229.23 million), technology (803.69 million), SPAC (nil), financial services (49.19 million), property (562.14 million), plantations (24.89 million), REITs (3.63 million), closed/fund (15,000), energy (214.66 million), healthcare (143.19 million), telecommunications and media (101.43 million), transportation and logistics (186.60 million), and utilities (25.34 million). — Bernama