BURSA MALAYSIA ENDS HIGHER ON POSITIVE SENTIMENT, CI UP 0.83 PCT

By Abdul Hamid A Rahman

KUALA LUMPUR, Nov 6 (Bernama) -- Bursa Malaysia closed higher today, buoyed by supportive local economic policies, positive sentiment from strong technology stocks earnings, and a favourable United States (US) market outlook, an analyst said.

Add to that, Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 3.0 per cent is poised to encourage domestic spending and investment.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.47 points, or 0.83 per cent, to close at its intraday high of 1,634.17, compared to Tuesday’s close of 1,620.70.

The benchmark index opened 3.71 points higher at 1,624.41 and subsequently hit a low of 1,623.52 in early trade before trending upwards toward the closing session.

Market breadth was positive, with advancers trumping decliners 849 to 352, while 428 counters were unchanged, 765 untraded, and nine suspended.

Turnover expanded to 3.39 billion units valued at RM2.92 billion versus 2.58 billion units valued at RM2.47 billion on Tuesday.

UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the upbeat sentiment in the local bourse was also driven by steady buying interest across the board, particularly in the technology sector.

“This positive momentum was buoyed by Palantir Tech’s stronger-than-expected earnings, which showcased substantial growth in artificial intelligence-driven revenue and enhanced sentiment toward technology stocks locally.

“Leading the day’s gains among FBM KLCI components were stocks tied to data centre projects, especially within construction, metals, and utilities,” he told Bernama.

Mohd Sedek also said that the resilience of the US economy, coupled with the Federal Reserve’s accommodative stance, provides ongoing reassurance to investors, supporting market stability irrespective of the political outcome in the US.

Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index continued its upward trajectory due to improving investor sentiment despite the mixed regional market performance.

Furthermore, BNM’s hold on the OPR at 3.0 per cent provides added clarity to the local market landscape.

“Nonetheless, we maintain a cautious stance as the result of the US presidential election could alter the global geopolitical scene.

“In light of improving local market sentiment, we revise our weekly FBM KLCI target range to between 1,610 and 1,640,” he added.

Among the heavyweights, Tenaga Nasional surged 30.0 sen to RM14.38, CIMB Group gained 8.0 sen to RM8.20, Maybank and Public Bank added 6.0 sen each to RM10.60 and RM4.49, while IHH Healthcare fell 5.0 sen to RM7.26.  

Among the actives, ACE Market debutant 3Ren surged 11.5 sen to 39.5 sen, Genetec Technology gained 26 sen to 95 sen, Top Glove increased 8.0 sen to RM1.16, MY EG Services rose 4.0 sen to 88.5 sen, and Cape EMS perked half-a-sen to 36.5 sen.

On the index board, the FBM Emas Index climbed 153.58 points to 12,380.82, the FBMT 100 Index advanced 141.95 points to 12,080.77, the FBM Emas Shariah Index surged 171.40 points to 12,356.21, the FBM 70 Index soared 368.73 points to 18,105.49, and the FBM ACE Index rose 116.67 points to 5,185.75.

Sector-wise, the Financial Services Index garnered 159.35 points to 19,326.88 and the Industrial Products and Services Index added 3.17 points to 175.48.

The Energy Index, however, decreased by 1.16 points to 836.19 and the Plantation Index slipped by 0.49 of-a-point to 7,611.94.

The Main Market volume advanced to 1.85 billion units worth RM2.53 billion from Tuesday’s 1.34 billion units worth RM2.16 billion.

Warrants turnover climbed to 796.39 million units valued at RM117.51 million from 783.54 million units valued at RM134.61 million previously.

The ACE Market volume surged to 743.69 million units worth RM272.67 million versus 463.49 million units worth RM171.97 million yesterday.

Consumer products and services counters accounted for 246.84 million shares traded on the Main Market, industrial products and services (391.74 million), construction (100.95 million), technology (416.08 million), SPAC (nil), financial services (71.92 million), property (167.53 million), plantation (71.72 million), REITs (17.28 million), closed/fund (17,600), energy (87.11 million), healthcare (145.55 million), telecommunications and media (37.68 million), transportation and logistics (41.22 million), utilities (59.06 million), and business trusts (3,100).

-- BERNAMA