Bursa Malaysia reverses losses to close higher

: A rally on the Dow Jones Industrial Average prompted bullish performances across global stock markets on Tuesday, including Bursa , which reversed its losses from yesterday, with the benchmark FTSE Bursa KLCI index gaining 6.65 points to 1,671.28.

The index eased 0.91% or 15.27 points to finish at 1,664.63 points yesterday.

Inter- Securities Sdn Bhd research head Pong Teng Siew said the local bourse was mechanically tracking Dow Jones’ performance which rebounded following the rise in oil prices.

“Bursa Malaysia and other stock markets will continue to go up, unless the news on international market, global economy or major get progressively worse, then only it will turn bearish,” he told Bernama.

The benchmark index opened 3.33 points better at 1,667.96 and moved between 1,666.84 and 1,672.94 throughout the day.

On the scoreboard, market breadth was positive with 523 gainers to 346 losers while 405 counters remained unchanged, 630 untraded and 20 others were suspended.

Volume jumped to 3.02 billion units, valued at RM2.10 billion, from 2.54 billion units, worth RM2.32 billion on Monday.

Pong also said investors shrugged off news on the weak US jobs data and ’s export data.

Commenting on the Bloomberg report, which disclosed that Bursa Malaysia was the only stock exchange in the region that fell in aggregate in the year to date, he said weak corporate earnings recorded between November and December 2019 resulted in the poor performance of the bourse.

“In went up slightly higher after that but when the reporting season saw financial reports remaining unattractive, the composite index fell again,” he explained.

The ’s Strait Times improved 4% this year and the Indonesia Stock Exchange is up 3%, the FBM KLCI lost over 1%.

Among heavyweights, Maybank, PBBank and Tenaga gained two sen each to RM9.49, RM24.40 and RM12.64, respectively, PChem advanced six sen to RM9.26 but IHH shed one sen to RM5.85.

Of actives, Sapnrg improved one sen to 32.5 sen, Velesto and Armada each added 2.5 sen to 30.5 sen and 19 sen, respectively, MyEG was six sen better at RM1.29 and PresBhd increased four sen to 56.5 sen.

The FBM Emas Index rose 51.24 points to 11,687.90, the FBMT 100 expanded 48.22 points to 11,536.52, the FBM 70 leapt 68.38 points to 14,118.47, the FBM Emas Shariah Index earned 42.09 points to 11,692.05 and the FBM Ace Index advanced 42.51 points to 4,724.84.

Sector-wise, the Financial Services index was 68.02 points higher at 17,382.34, the Industrial Products and Services Index was 1.02 points better at 169.70 but the Plantation Index was 2.27 points easier at 7,248.27.

Main Market volume increased to 2.24 billion shares, valued at RM1.92 billion, from Monday’s 1.86 billion shares, valued at RM2.16 billion.

Warrants turnover increased to 498.54 million units, worth RM115.2 million, versus 436.88 million units, valued at RM95.13 million on Monday.

Volume on the ACE Market rose to 281.66 million shares, valued at RM62 million, versus Monday’s 236.73 million shares, worth RM62.74 million.

Consumer products and services accounted for 235.24 million shares traded on the Main Market, industrial products and services (306.08 million), construction (217.1 million), technology (276.1 million), SPAC (nil), financial services (51.77 million), property (97.97 million), plantation (14.36 million), REITs (9.86 million), closed/fund (nil), energy (934.81 million), healthcare (38.06 million), telecommunications and media (20.38 million), transportation and logistics (24.16 million), and utilities (15.43 million). — Bernama

Source: The Sun Daily

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