Bursa Malaysia Closes At An Intraday High Due To Persistent Buying Support

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Continuous buying in selected industrial products and services, as well as healthcare stocks, propelled Bursa Malaysia to an intraday high on Tuesday, dealers said, as investors gained confidence in the domestic economic outlook.

At 5 p.m., the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 13.77 points, or 0.9 percent, to 1,546.82, up from Monday’s close of 1,533.05.

The index, which began the day 0.46 point higher at 1,533.51, fell as low as 1,526.28 throughout the day.

Market breadth, on the other hand, was negative, with decliners outnumbering gainers 594 to 463, while 409 counters remained unchanged, 837 remained untraded, and 24 others were halted.

Turnover increased to 5.45 billion units valued at RM3.29 billion from 4.38 billion units valued at RM2.98 billion on Monday.

According to a dealer, the 12th Malaysia Plan (12MP) 2021-2025 tabled in Parliament on Monday by Prime Minister Datuk Seri Ismail Sabri Yaakob appeared to have boosted investor confidence in the local market.

“As the 12MP attempts to rehabilitate the country’s pandemic-affected economy, significant development spending has been earmarked, which we believe should benefit the construction industry, which has the largest multiplier effect on the economy,” he said.

Meanwhile, ActivTrades trader Anderson Alves reported that Asian equities stabilised on Tuesday following a mixed performance on Wall Street, where US Treasury yields rose as the US Federal Reserve’s (US Fed) language reinforced the belief that the time for the bond tapering process is near.

“Markets will await any comments from US Federal Reserve Chairman Jerome Powell and officials.

“The subject of Evergrande continues to dominate sentiment, with the People’s Bank of China stating that it will safeguard a healthy property market and protect home buyers’ rights,” he said in a research note on Tuesday.

At home, Petronas Chemicals Group Bhd and Hartalega Holdings Bhd contributed the most points to the benchmark index with a combined 8.76 points, as their respective counters increased 39 sen and 53 sen to RM8.65 and RM6.06, respectively.

Malayan Banking Bhd remained unchanged at RM8.10, Public Bank Bhd increased three sen to RM4.11, IHH Healthcare Bhd increased two sen to RM6.70, Tenaga Nasional Bhd increased five sen to RM9.90, and CIMB Group Holdings Bhd increased four sen to RM4.74.

Fintec Global Bhd and Pegasus Heights Bhd both lost half a sen to 1.5 sen and one sen, respectively, while KNM Group Bhd gained half a sen to 25 sen and Kanger International Bhd remained unchanged at five sen.

The FBM Emas Index increased by 56.64 points to 11,331.83, the FBMT 100 Index increased by 59.55 points to 11,028.99, and the FBM Emas Shariah Index increased by 88.64 points to 12,375.28.

The FBM 70 index decreased by 70.72 points to 14,892.18, while the FBM ACE index decreased by 59.58 points to 7,186.08.

Sectorally, the Industrial Products and Services Index increased 2.83 points to 204.09, the Plantation Index increased 11.91 points to 6,335.56, and the Financial Services Index declined 0.46 point to 15,231.03.

The Main Market traded 3.44 billion shares worth RM2.86 billion on Tuesday, up from 2.74 billion shares worth RM2.46 billion on Monday.

Turnover of warrants increased to 356.79 million units valued at RM56.92 million, up from 339.78 million units valued at RM54.45 million yesterday.

The ACE Market’s volume increased to 1.65 billion units valued at RM373.08 million on Tuesday, up from 1.3 billion units valued at RM461.82 million on Monday.

Consumer products and services counters accounted for 498.49 million of the Main Market’s shares traded, followed by industrial products and services (999.7 million), construction (87.39 million), technology (409.22 million), SPAC (nil), financial services (51.71 million), property (556.61 million), plantation (16.99 million), REITs (6.72 million), closed/fund (112,500), energy (616.67 million), and healthcare (90. (23.14 million).

Published by Zack Baharum

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