KL shares close on firm note, CI rebounds

Business Times

Shares on Bursa Malaysia finished on a firm note, with the FTSE Bursa Malaysia KLCI (FBM KLCI) bouncing back from yesterday's losses to close 7.05 points higher at 1,785.88 today.

The benchmark index, spurred by bargain hunting, fluctuated between 1,782.82 and 1,786.58 throughout the trading, with gains mostly recorded in finance and index-linked counters.

RHB Research Institute Technical Analyst Mohammad Ashraf Abu Bakar said the local market performed positively today due to yesterday's oversold activity.

"If the composite index stays above the 1,782 points level, it could sustain the upward momentum, perhaps it could reach the 1,800 points level again.

"The strengthening of the ringgit will give support to slow down the foreign selling," he told Bernama.

Mohammad Ashraf also said the positive overnight performance on Wall Street had slightly lifted investors' sentiment and helped cushion the selling pressure on most Asian equity markets.

He noted the support level currently ranges from 1,770 to 1,760, with the resistance level at between 1,795 and 1,800.

On the scoreboard, the Finance Index bolstered 107.82 points for 16,396.33, the Plantation Index rose 25.81 points to 8,332.18 but the Industrial Index slipped 6.2 points to 3,025.17.

The FBM Emas Index chalked up 43.48 points to 12,335.68, the FBMT100 Index increased 38.41 points to 12,047.2, the FBM 70 gained 7.69 points to 13,591.68 and the FBM Ace soared 144.32 points to 6,016.67.

Market breadth was positive as gainers trounced losers 443 to 301, while 276 counters were unchanged, 573 untraded and 17 others suspended.

Volume rose to 1.55 billion shares valued at RM1.63 billion, from 1.26 billion shares worth RM2.00 billion registered on Tuesday.

Among actives, Minetech Resources added 1.5 sen to 23 sen and IRIS Corp gained five sen to 44.5 sen.

For heavyweights, Maybank rose seven sen to RM9.63, TNB chalked up eight sen to RM11.36, and CIMB earned six sen to RM6.91.

However, both Axiata Group and Sime Darby lost five sen each to RM6.50 and RM8.82 respectively.

Main Market volume increased to 1.12 billion units worth RM1.51 billion, from 1.06 billion units worth RM1.95 billion on Tuesday.

Turnover on the ACE market expanded to 409.02 million shares worth RM111.23 million, from yesterday's 173.27 million shares worth RM49.34 million.

Warrants, however, declined to 20.42 million units worth RM2.30 million, from 26.8 million units worth RM3.05 million previously.

Consumer products accounted for 119.35 million shares traded on the Main Market, industrial products 271.99 million, construction 56.03 million, trade and services 292.49 million, technology 38.34 million, infrastructure 21.08 million, SPAC 75.73 million, finance 55.65 million, hotels 1.19 million,

properties 155.71 million, plantations 21.13 million, mining 22,000, REITs 9.68 million and closed/fund 24,000.-- Bernama

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