KUALA LUMPUR: Bursa Malaysia closed mixed today with the key index rebounded strongly from an earlier downtrend to close at almost four-year high, lifted by late buying interests in selected blue-chips.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI), after languishing in the negative territory for the better part of the day, finished at 1,873.62, up 3.73 points from yesterday’s close of 1,869.89.
On Sept 9, 2014, the index closed at 1,874.12.
The barometer index opened higher this morning but reversed the trend thereafter as the escalating tension over US air strikes against Syria affected trading sentiment.
This resulted in the composite index to record an intra-day low of 1,865.14 in the morning session.
Nevertheless, the oil prices, which rose to their highest levels since late-2014 on concerns over supply coupled with the upbeat US Federal Reserve monetary policy meeting minutes released earlier, helped change the sluggish sentiment, a dealer said.
“With the feel good factor brought in by Chinese trade liberalisation announcement, coupled with this positive news on better US economy prospect the Bursa Malaysia somehow managed to recover the earlier losses,” he told Bernama.
On the local front, he said, the new World Bank’s forecast for Malaysia’s 2018 Gross Domestic Product growth at 5.4%, higher than 5.2% projected earlier, helped further boost appetite.
In its East Asia and Pacific Economic Update released today, the bank said the better growth would be backed by sustained high level of private sector expenditure.
“Malaysia’s growth is expected to remain strong in the near term, albeit at a more moderate pace compared to 2017,” it said.
The local bourse also bucked the regional trend, with Singapore’s Straits Times Index declining 0.32% to 3,468.61, Hong Kong’s Hang Seng Index declined 0.22% to 30,831.28 and Japan’s Nikkei lost 0.12% to 21,660.28.
However, there were 579 losers and 343 gainers, with 374 counters were unchanged, 586 untraded and 23 others suspended.
Volume eased to 3.27 billion units worth RM2.34 billion from 4.65 billion units worth RM3.21 billion yesterday.
Among heavyweights, Public Bank rose eight sen to RM24.04, Tenaga gained four sen to RM15.90, while CIMB was flat at RM7.20.
Maybank declined six sen to RM10.54 and Petronas Chemicals eased three sen to RM8.48.
The most actively-traded stock was Sapura Energy, increased four sen to 68.5 sen, following its plan to develop the SK408 gas field off Sarawak with partners – Petronas Carigali and Sarawak Shell Bhd.
Of the other active stocks, Sino Hua-An gained two sen to to 44 sen, Sumatec inched up half-a-sen to seven sen, while UMW O&G and Borneo Oil were flat at 29.5 sen and eight sen respectively.
The FBM Emas Index slipped 2.47 points to 13,135.61, FBM Emas Syariah Index fell 14.77 points to 13,348.5, FBM 70 erased 77.38 points to 15,770.96 and the FBM Ace decreased 57.71 points to 5,499.88.
The FBMT 100 Index, however, gained 2.25 points to 12,937.32.
Sector-wise, the Finance Index improved 19.29 points to 18,258.31, Industrial Index added 8.59 points to 3,243.54 and the Plantation Index garnered 28.82 points to 8,065.67.
Main Market volume decreased to 2.05 billion units worth RM2.16 billion from 2.91 billion units worth RM2.96 billion on Wednesday.
Volume on the ACE Market dropped to 435.32 million shares valued at RM75.89 million from yesterday’s 958.25 million shares valued at RM162.22 million.
Warrants’ volume was marginally lower at 778.77 million units worth RM103.22 million compared with 778.79 million units worth RM84.58 million previously.
Consumer products accounted for 69.64 million shares traded on the Main Market, industrial products (479.48 million), construction (40.22 million), trade and services (1.12 billion), technology (53.45 million), infrastructure (8.19 million), SPAC (27.15 million), finance (38.59 million), hotels (4.52 million), properties (64.14 million), plantations (23.19 million), mining (71,700), REITs (3.46 million), and closed/fund (9,500).
Bursa Malaysia and its subsidiaries will be closed on May 9, 2018 in conjunction with the 14th General Elections polling day as announced by Prime Minister’s Office. Trading will resume on May 10.
The physical price of gold as at 5pm stood at RM162.36 per gramme, up 58 sen from RM161.78 at 5pm yesterday. — Bernama
Source: The Sun Daily