Bursa Malaysia recoups earlier losses to end at intraday high

KUALA LUMPUR, July 10 — Bursa Malaysia bucked the regional trend after recouping earlier losses to end at its intraday high, lifted by persistent buying in glove makers’ stocks, dealers said.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.59 points to finish at 1,591.84 from Thursday’s close of 1,583.25.

The index opened 4.33 points weaker at 1,578.92 and moved between 1,574.08 and 1,591.84 throughout the session.

However, market breadth was negative as losers outpaced gainers 657 to 425, while 404 counters were unchanged, 467 untraded and 22 others suspended.

Total volume slipped to 8.70 billion shares worth RM5.03 billion from Thursday’s 10.24 billion shares worth RM5.18 billion.

Regionally, China’s Shanghai Stock Exchange fell 1.95 per cent to 3,383.32, Japan’s Nikkei 225 shed 1.06 per cent to 22,290.81, Hong Kong’s Hang Seng Index declined 1.84 per cent 25,727.41, South Korea’s KOSPI slipped 0.81 per cent to 2,150.25 and Singapore’s Straits Times Index dipped 0.63 per cent to 2,652.65.

A dealer said Asian shares traded lower alongside Chinese stocks which also retreated from its eight consecutive days of surge.

The regional peers took cue from the slump in US equities overnight on concerns that a resurgence in Covid-19 cases would derail the world’s biggest economy’s recovery, she said.

Rakuten Trade head of research Kenny Yee said Bursa Malaysia traded mostly lower throughout the morning session, but managed to recoup its losses after the mid-afternoon session, aided by buying in stocks of glove makers.

“Financial stocks rally for the past few days cooled today, but buying in glove makers stocks continued to support the market.

“The FBM KLCI continues its uptrend following an intraday consolidation. Market undertone remains strong as the market is flushed with liquidity,” he told Bernama.

Among heavyweights, Maybank eased one sen to RM7.90, Tenaga fell 12 sen to RM11.36, Top Glove surged 74 sen to RM21.92, Hartalega increased 46 sen to RM17.06, while Public Bank was flat at RM18.50.

Of the most active, PDZ Holdings rose 1.5 sen at 20.5 sen, Dagang Nexchange added 3.5 sen to 25 sen, Dagang Nexchange warrant gained two sen to four sen, Trive Property eased half-a-sen to one sen, while Pegasus warrant was flat at one sen.

On the index board, the FBM Emas Index was 45.85 points higher at 11,206.81, the FBMT 100 Index increased 50.54 points to 11,061.38 and the FBM Emas Shariah Index rose 77.56 points to 12,811.95.

The FBM 70 expanded 26.54 points to 13,816.85, but the FBM ACE dropped 62.27 points to 7,175.65.

Sector-wise, the Financial Services Index edged up 1.06 points to 13,546.64, the Plantation Index improved 2.26 points to 6,861.08 but the Industrial Products and Services Index eased 0.63 of-a-point to 139.07.

Main Market volume widened to 5.70 billion shares worth RM4.21 billion from 5.29 billion shares worth RM4.29 billion on Thursday.

Warrants turnover increased to 751.77 million units valued at RM336.19 million versus 647.72 million units valued at RM243.14 million yesterday.

Volume on the ACE Market declined to 2.25 billion shares worth RM492.04 million from 4.30 billion shares worth RM651.20 million on Thursday.

Consumer products and services accounted for 498.94 million shares traded on the Main Market, industrial products and services (826.79 million), construction (251.40 million), technology (1.50 billion), SPAC (nil), financial services (78.94 million), property (542.31 million), plantations (32.54 million), REITs (9.03 million), closed/fund (5,000), energy (377.41 million), healthcare (125.90 million), telecommunications and media (135.09 million), transportation and logistics (1.27 billion), and utilities (49.76 million). — Bernama