Bursa Ends Higher on Bargain-Hunting
The Malaysian stock market, as represented by the FTSE Bursa Malaysia KLCI (FBM KLCI), managed to maintain its upbeat momentum and ended higher today, driven by bargain-hunting following the recent sell-off.
Analysts’ Views
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng attributed the market’s performance to key regional indices being in an upbeat territory, following a positive cue from Wall Street overnight. "The China and Hong Kong markets also rebounded strongly on hopes for stimulus to prop up the world’s second-largest economy," he said. "China’s finance ministry will hold a briefing on Saturday that could provide details on planned government moves."
Market Performance
The FBM KLCI notched up 6.03 points, or 0.36%, to 1,640.94, against yesterday’s close of 1,634.91, with the barometer index moving between 1,638.67 and 1,646.14 throughout the day. The broader market saw gainers leading decliners 568 to 434, with 540 counters unchanged, 899 untraded, and 22 suspended.
Turnover
Turnover fell to 2.63 billion units valued at RM2.3 billion from 3.22 billion units valued at RM2.47 billion yesterday. Among the heavyweights, Maybank and IHH Healthcare added four sen each to RM10.54 and RM7.26 respectively, while CIMB climbed five sen to RM8.08, Petronas Chemicals edged up one sen to RM5.61, and Hong Leong Bank was unchanged at RM21.10.
Sectoral Performance
The financial services index added 57.58 points to 19,303.27, the plantation index rose 27.38 points to 7,199.55, and the industrial products and services index ticked up 0.54 of-a-point to 175.82, while the energy index was 2.18 points lower at 881.88.
Conclusion
The Malaysian stock market closed higher today, driven by bargain-hunting and positive cues from regional markets. As investors await the tabling of Budget 2025 next week, further bargain-hunting may take place. The market is expected to trend within the range of 1,640-1,650 towards the weekend.
FAQs
- What was the closing level of the FBM KLCI today?
The FBM KLCI closed at 1,640.94, up 6.03 points or 0.36% from yesterday’s close. - What was the trading range for the FBM KLCI today?
The FBM KLCI moved between 1,638.67 and 1,646.14 throughout the day. - How many counters were unchanged, untraded, and suspended in the broader market?
There were 540 counters unchanged, 899 untraded, and 22 suspended. - What was the turnover in the broader market?
The turnover fell to 2.63 billion units valued at RM2.3 billion from 3.22 billion units valued at RM2.47 billion yesterday.