KUALA LUMPUR, May 13 — Continuous support on the local front helped Bursa Malaysia to end higher today despite a not-so-rosy regional performance following profit-taking observed in certain markets.

At 5pm, the FBM KLCI gained 2.24 points to 1,602.91 compared to Friday’s close of 1,600.67.

The barometer index opened 1.63 points higher at 1,602.30 and moved between 1,600.43 and 1,604.80 throughout the session.

Gainers led decliners 642 to 494, while 505 counters were unchanged, 709 untraded, and 27 others suspended.

Turnover narrowed to 4.53 billion units worth RM3.01 billion compared to 4.62 billion units worth RM3.27 billion on Friday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI retained its uptrend performance due to buying in consumer products and services, plantation and banking stocks.

"We remain positive on local equities, supported by strong fundamentals, attractive valuations, growing potential and the inflow of foreign funds.

"As such, we anticipate the index to hover within the 1,600-1,620 range this week, with immediate support at 1,600 followed by 1,585, and resistance at 1,615,” he told Bernama.

He said most Chinese stocks faced downward pressure amid anticipation that the Biden administration will unveil plans this week to increase tariffs on electric vehicles, semiconductors, solar equipment and medical supplies imported from China.

"On a positive note, reports suggest that authorities in Beijing are making preparations for the issuance of 1 trillion yuan (RM653.7 billion) in longer-maturity bonds to support domestic stimulus measures.

"As a result, Hong Kong shares finished with further gains as traders welcomed the aforementioned news,” he added.

Head of investment research, UOB Kay Hian Wealth Advisors, Mohd Sedek Jantan said market direction in the upcoming week will also be influenced by pivotal events such as the US April Producer Price Index (PPI) report, scheduled for Tuesday, followed by the Consumer Price Index (CPI) on Wednesday.

Furthermore, attention will be on Friday’s release of Bank Negara Malaysia’s economic figures for the first quarter of 2024.

Among heavyweights, Genting rallied higher, rising by 21 sen to RM4.76 at the close after Genting Singapore Plc reported earnings hit a 10-year high in the first quarter of 2024.

Genting Malaysia, meanwhile, was nine sen higher at RM2.72.

Axiata and CIMB bagged three sen each to RM2.83 and RM6.80, while Public Bank, Hong Leong Bank, and Maybank ended flat at RM4.18, RM19.60, and RM9.87 respectively.

As for the actives, MMAG was 17.5 sen stronger at 37.5 sen, MY E.G. added one sen to 99.5 sen, TWL was unchanged at 2.5 sen, Top Glove rose 1.5 sen to 96.5 sen and Eversendai rose 10 sen to 71.5 sen.

On the index board, the FBM Emas Index put on 31.62 points to 12,118.30, the FBMT 100 Index grew 26.80 points to 11,723.97, and the FBM Emas Shariah Index accumulated 24.41 points to 12,308.96.

The FBM 70 Index jumped 81.63 points to 17,042.00, while the FBM ACE Index climbed 100.74 points to 5,267.49.

Sector-wise, the Financial Services Index gained 32.87 points to 17,555.64, the Industrial Products and Services Index edged up 0.39 of-a-point to 192.66, the Plantation Index inched down 0.26 of-a-point to 7,424.17, and the Energy Index eased 7.31 points to 977.85.

The Main Market volume narrowed to 2.53 billion units worth RM2.55 billion from 2.77 billion units worth RM2.83 billion on Friday.

Warrants turnover advanced to 1.11 billion units worth RM155.54 billion against 1.02 billion units worth RM145.01 billion.

The ACE Market volume widened to 884.03 million shares valued at RM298.12 million versus 820.27 million shares valued at RM289.65 million million previously.

Consumer products and services counters accounted for 433.50 million shares traded on the Main Market, industrial products and services (400.66 million), construction (277.77 million), technology (412.16 million), SPAC (nil), financial services (78.45 million), property (422.98 million), plantation (28.15 million), REITs (12.71 million), closed/fund (115,700), energy (181.75 million), healthcare (152.22 million), telecommunications and media (38.68 million), transportation and logistics (45.02 million), utilities (47.63 million), and business trusts (362,800). — Bernama