KUALA LUMPUR, March 17 —The local equity market continued its upward trajectory with Bursa Malaysia closing 1.24 per cent higher today on buying support across-the-board except for plantation counters, analysts said.

At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 19.56 points firmer at 1,590.88 from 1,571.32 at yesterday’s close.

The market bellwether opened 6.24 points higher at 1,577.56, and fluctuated between 1,577.56 and 1,592.90 throughout the trading session.

The broader market was also positive with 756 gainers and 296 losers, while 402 counters were unchanged, 856 untraded, and 14 others suspended.

Total turnover increased to 3.34 billion units worth RM3.71 billion from 2.59 billion units valued at RM2.71 billion on Wednesday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional markets were also in the positive territory, except for Indonesia, following the overnight rally on Wall Street.

He said China and Hong Kong’s technology shares soared while investors digested the US Federal Reserve’s view that the world’s largest economy is strong enough to weather the campaign against high inflation that is now underway.

"On the domestic front, we are cautiously optimistic given the improvement in the local and regional market sentiment accompanied by foreign support.

"Hence, we anticipate the FBM KLCI break the 1,600 psychological level towards the weekend,” Thong told Bernama.

Among gainers, Nestle rose 80 sen to RM135.80, Hong Leong Bank increased 44 sen to RM20.64 and Petronas Dagangan gained 40 sen to RM20.40.

Meanwhile, heavyweights Maybank perked up eight sen to RM8.98, Public Bank added 11 sen to RM4.63, Petronas Chemicals improved 11 sen to RM9.42, CIMB gained 18 sen to RM5.48, and IHH Healthcare recovered two sen to RM6.39.

Tenaga lost two sen to RM9.08 and Press Metal declined one sen to RM6.35.

Of the actives, Dagang NeXchange shed one sen to 99 sen, AT Systematization and XOX were both flat at two sen respectively, and Hibiscus was unchanged at RM1.10.

On the index board, the FBM Emas Index was 151.88 points better at 11,274.68, FBM Emas Shariah Index increased 110.21 points to 11,818.37, FBM 70 advanced 267.87 points to 13,358.09, FBMT 100 Index rose 153.51 points to 10,990.63, and the FBM ACE ticked up 94.61 points to 5,363.82.

Sector-wise, the Industrial Products and Services Index bagged 2.82 points to 202.98, the Financial Services Index surged 327.15 points to 16,795.58, while the Plantation Index fell 113.78 points to 7,827.42.

The Main Market volume was higher at 2.00 billion shares valued at RM3.40 billion compared with 1.58 billion shares worth RM2.45 billion on Wednesday.

Warrants turnover expanded to 748.13 million units worth RM130.23 million against 561.52 million units valued at RM110.67 million yesterday.

The ACE Market volume swelled to 596.16 million shares valued at RM173.65 million versus 443.32 million shares worth RM141.79 million previously.

Consumer products and services counters accounted for 227.50 million shares traded on the Main Market, industrial products and services (518.87 million), construction (77.07 million), technology (442.13 million), SPAC (nil), financial services (157.25 million), property (105.48 million), plantation (81.82 million), REITs (12.45 million), closed/fund (32,000), energy (170.37 million), healthcare (129.87 million), telecommunications and media (38.66 million), transportation and logistics (17.00 million), and utilities (25.00 million). — Bernama