KUALA LUMPUR, Dec 2 — Bursa Malaysia closed marginally higher today as gains in plantation counters were trimmed by profit-taking activities in selected index-linked financial services heavyweights.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.19 points, or 0.075 per cent, higher at 1,595.48 from Friday’s close of 1,594.29.

The index opened 2.55 points higher at 1,596.84 and moved between 1,593.37 and 1,603.94 today.

On the broader market, decliners led gainers 549 to 497 while 490 counters were unchanged, 879 untraded and 15 suspended.

Turnover was reduced to 2.83 billion units valued at RM2.37 billion versus 3.43 billion units valued at RM3.19 billion on Friday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI traded within a narrow range as investors remained cautious due to foreign selling, which prevented the benchmark index from sustaining the 1,600 mark despite several attempts.

On the regional front, markets surged, led by China and Hong Kong, which recorded gains as China’s November manufacturing data exceeded expectations, supported by recent aggressive stimulus measures.

Thong said that looking ahead, the US is set to release the manufacturing Purchasing Managers’ Index (PMI) later today and the S&P Global Composite PMI on Wednesday.

“Given the unexpected shift in local market sentiments, we recommend maintaining caution amid rising volatility.

“Investors should consider accumulating blue-chip stocks with strong fundamentals, particularly those that have experienced notable declines, as they are now trading at attractive valuations,” he told Bernama.

As such, Rakuten Trade anticipates the FBM KLCI to remain in its sideways pattern, trading within the 1,590–1,610 range for the week.

Mohd Sedek Jantan, head of investment research at UOB Kay Hian Wealth Advisors, credited today’s market stability to Wall Street’s strong performance last Friday, and with gains primarily driven by solid momentum in aluminium producers, bolstered by robust earnings results.

“As we move into December, we anticipate a potential rebound in the index following its 0.60 per cent decline in November.

“Historical data from 2003 to 2023 shows that the FBM KLCI had delivered positive returns in December on 16 occasions, with only five instances of negative performance,” he said.

Heavyweight counters Maybank shed 12 sen to RM10.08, CIMB eased four sen to RM8.21, Tenaga Nasional dropped 18 sen to RM13.48 and IHH fell six sen to RM7.20. Public Bank was flat at RM4.47.

Among the active stocks, Velesto Energy and Aimflex were both half-a-sen lower at 15.5 sen, while Sapura Energy, Capital A and Saudigold were flat at four sen, RM1 and two sen respectively.

On the index board, the FBM Emas Index increased 16.90 points to 12,148.03, the FBMT 100 Index gained 14.30 points to 11,838.09 and the FBM 70 Index was 41.63 points up to 17,901.45.

The FBM Emas Shariah Index expanded 75.59 points to 12,110.28 but the FBM ACE Index erased 8.98 points to 5,122.67.

Sector-wise, the Financial Services Index slipped 143.41 points to 19,046.62 while the Plantation Index garnered 139.74 points to 7,671.56.

The Industrial Products and Services Index went up 3.28 points to 173.57 but the Energy Index dropped 3.68 points to 808.61.

The Main Market volume reduced to 1.55 billion units worth RM2.16 billion against last Friday’s 1.93 billion units worth RM2.93 billion.

Warrants turnover increased to 886.00 million units valued at RM80.89 million from 823.80 million units valued at RM77.47 million previously.

The ACE Market volume slipped to 395.42 million units worth RM127.40 million compared with 676.04 million units worth RM177.21 million million on Friday.

Consumer products and services counters accounted for 285.04 million shares traded on the Main Market, industrial products and services (345.65 million), construction (90.53 million), technology (163.92 million), SPAC (nil), financial services (88.42 million), property (164.73 million), plantation (69.15 million), REITs (9.64 million), closed/fund (3,500), energy (162.40 million), healthcare (58.06 million), telecommunications and media (34.47 million), transportation and logistics (37.82 million), utilities (38.34 million), and business trusts (109,700). — Bernama