KUALA LUMPUR, April 22 — Bursa Malaysia closed the week higher on bargain hunting in selected heavyweights, with the barometer index ending just a whisker above the key 1,600 level, despite weak market sentiment across the region.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.65 points or 0.22 per cent to 1,601.97 from yesterday’s close of 1,598.32.

The market bellwether opened 0.25 of-a-point easier at 1,598.07 and moved between 1,594.72 and 1,603.32 throughout the day.

However, on the broader market, losers beat gainers 538 to 385 while 418 counters were unchanged, 960 untraded, and 25 others suspended.

Total turnover fell to 2.64 billion units worth RM2.56 billion from 2.84 billion units worth RM2.03 billion yesterday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said, regionally, the key indices were mostly lower following the overnight selldown on Wall Street as the US Federal Reserve chairman Jerome Powell suggested more aggressive interest rate hikes to curb inflation.

"Back home, we believe the local market will face some headwinds amid heightened regional market volatility.

"As such, we expect the index to hover at the 1,590-1,610 range for next week with immediate support at 1,580 and resistance at 1,620,” he told Bernama.

Across the region, the Singapore Straits Times Index added 0.38 per cent to 3,361.11, Shanghai’s SSE Composite increased 0.23 per cent to 3,086.92, while Japan’s Nikkei 225 fell 1.63 per cent to 27,105.26, South Korea’s Kospi decreased 0.86 per cent to 2,704.71, and Hong Kong’s Hang Seng Index dipped 0.21 per cent to 20,638.52.

On the local bourse, heavyweights Maybank rose six sen to RM8.94, Public Bank added five sen to RM4.72, IHH Healthcare gained seven sen to RM6.61, Petronas Chemicals lost eight sen to RM10.30, and Press Metal slid 16 sen to RM6.43.

Of the actives, Techna-X, TWL and Vizione were flat at 10.5 sen, nine sen and 10.5 sen, respectively, while Ta Win and MNC Wireless fell half-a-sen each to 15.5 sen and 2.5 sen, respectively.

On the index board, the FBMT 100 Index increased 4.35 points to 11,127.99, the FBM Emas Index was 0.24 of-a-point weaker at 11,484.06, the FBM Emas Shariah Index lost 45.28 points to 12,089.20, the FBM 70 dropped 80.06 points to 13,768.59, while the FBM ACE slipped 78.13 points to 5,725.36.

Sector-wise, the Financial Services Index improved 136.33 points to 16,848.20, the Industrial Products and Services Index eased 1.80 points to 214.75 and the Plantation Index fell 7.22 points to 8,597.87.

The Main Market volume was marginally lower at 1.75 billion shares worth RM1.84 billion compared with 1.93 billion shares worth RM1.85 billion yesterday.

Warrants turnover advanced to 355.93 million units valued at RM49.70 million against 323.97 million units valued at RM43.56 million.

The ACE Market volume declined to 524.63 million shares worth RM167.65 million versus 582.92 million shares worth RM142.39 million previously.

Consumer products and services counters accounted for 294.06 million shares traded on the Main Market, industrial products and services (422.46 million), construction (111.76 million), technology (199.19 million), SPAC (nil), financial services (95.02 million), property (256.36 million), plantation (40.86 million), REITs (10.12 million), closed/fund (nil), energy (233.58 million), healthcare (34.93 million), telecommunications and media (11.39 million), transportation and logistics (26.63 million), and utilities (22.63 million). — Bernama