KUALA LUMPUR, March 16 — Bursa Malaysia ended at its intraday high on Wednesday as bargain hunting emerged after three days of losses, an analyst said.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.89 per cent or 13.91 points firmer at 1,571.32 from 1,557.41 at Tuesday’s close.
The index, which opened 3.15 points lower at 1,554.26, went down to its intraday low in the early morning session.
On the broader market, the local bourse saw 732 gainers and 263 losers, while 378 counters were unchanged, 938 untraded, and 14 others suspended.
Total turnover declined to 2.59 billion units worth RM2.71 billion from 2.69 billion units valued at RM2.50 billion on Tuesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said key regional indices were higher as investors took opportunities to bargain hunt for cheaper stocks following the recent selldown.
“As for the local bourse, we expect bargain hunting to continue given the cheap valuations of local stocks, continuous inflow of foreign investors and improving macroeconomic situation in the country.
“However, investors should stay alert on the increasing market risks and volatility and external uncertainties,” he told Bernama.
As such, Thong said the FBM KLCI was expected to trade within the 1,560-1,580 range for the remainder of the week.
“On a technical perspective, the immediate resistance is seen at 1,580 and support at 1,540,” he added.
Among the gainers, heavyweights Press Metal rose 24 sen to RM6.36, Maybank added 23 sen to RM8.90 and CIMB perked up 21 sen to RM5.30.
Other heavyweights, Public Bank improved four sen to RM4.52, Petronas Chemicals increased 11 sen to RM9.31, Tenaga Nasional gained eight sen to RM9.10, while IHH fell three sen to RM6.37.
As for the most actives, DNeX bagged eight sen to RM1.00, BSL Corporation eased half-a-sen to 21 sen, Widad and Pasukhas were both flat at 34 sen and 2.0 sen respectively, and Hibiscus rose 8.0 sen to RM1.10.
On the index board, the FBM ACE rose 130.50 points to 5,269.21, FBM 70 was 313.18 points higher at 13,090.22, FBM Emas Index increased 145.27 points to 11,122.80, FBMT 100 Index perked up 130.93 points to 10,837.12, and the FBM Emas Shariah Index improved 167.34 points to 11,753.17.
Sector-wise, the Financial Services Index advanced 155.87 points to 16,468.43, the Industrial Products and Services Index ticked up 3.97 points to 200.16, and the Plantation Index climbed 36.62 points to 7,941.20.
The Main Market volume was lower at 1.58 billion shares valued at RM2.45 billion compared with 1.70 billion shares worth RM2.28 billion on Tuesday.
Warrants turnover fell to 561.52 million units worth RM110.67 million against 606.38 million units valued at RM135.38 million yesterday.
The ACE Market volume expanded to 443.32 million shares valued at RM141.79 million versus 384.06 million shares worth RM91.19 million previously.
Consumer products and services counters accounted for 183.87 million shares traded on the Main Market, industrial products and services (446.25 million), construction (107.59 million), technology (296.23 million), SPAC (nil), financial services (116.37 million), property (74.17 million), plantation (77.11 million), REITs (13.27 million), closed/fund (10,500), energy (140.23 million), healthcare (66.57 million), telecommunications and media (30.51 million), transportation and logistics (13.08 million), and utilities (21.39 million). — Bernama
