UTILITY, PLANTATION STOCKS LEAD BURSA TO CLOSE AT INTRADAY HIGH

By Nurunnasihah Ahmad Rashid

KUALA LUMPUR, Dec 3 (Bernama) -- Bursa Malaysia closed at its intraday high on Tuesday, driven by bargain hunting in selected heavyweight counters, led by utility and plantation stocks.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) bounced 11.48 points, or 0.72 per cent,  to 1,606.96 from Monday’s close of 1,595.48. 

The benchmark index opened 3.84 points higher today at 1,599.32 and reached its lowest point at 1,594.07, before climbing to the day’s peak.

Advancers outpaced decliners 683 to 432 on the broader market, with 483 counters unchanged, 817 untraded and 15 suspended. Turnover strengthened to 3.32 billion units valued at RM3.30 billion versus 2.83 billion units valued at RM2.37 billion on Monday.

UOB Kay Hian Wealth Advisors' head of investment research Mohd Sedek Jantan noted that the FBM KLCI was supported by gains in utility stocks and oil and gas counters, driven by improved industry conditions and stronger demand.

“The market was further bolstered by the positive sentiment from Wall Street (overnight), especially in the technology sector, following US export restrictions on 140 Chinese companies. The data centre sector, along with Bursa Malaysia utilities, construction and technology indices, was among the top performers,” he told Bernama.

He said the data centre sector, which remains on track to meet its schedule and is progressing as planned according to third quarter company reports, is expected to impact other sectors positively beyond technology.

“Additionally, trading volume reached 3.3 billion shares, reflecting active market participation and strong investor confidence in Bursa Malaysia. This level of activity suggests heightened interest from both retail and institutional investors, signalling optimism and liquidity as investors position themselves for potential gains in high growth sectors,” he added.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng stated that while the FBM KLCI had risen above the 1,600 mark, caution is warranted due to the uncertainty surrounding foreign trading strategies. He believes that if the FBM KLCI can maintain levels above 1,600 for an extended period, the mid-term outlook for the index looks positive. “For now, however, the benchmark index is expected to fluctuate within the 1,590-1,610 range for the rest of the week,” he told Bernama.

Among the heavyweights, Maybank gained 10 sen to RM10.18, Public Bank bagged four sen to RM4.51 and IHH added two sen to RM7.22. CIMB was flat at RM8.21 and Tenaga Nasional dropped 10 sen to RM13.38.

Among active stocks, Sapura Energy slid one sen to three sen, Velesto Energy was flat at 15.5 sen while JCY International was 4.5 sen higher at 48.5 sen. Genetec Technology gained two sen to RM1.25 and MYEG put on 1.5 sen to 90 sen.

On the index board, the FBM Emas Index expanded 84.18 points to 12,232.21, the FBMT 100 Index climbed 82.90 points to 11,920.99 and the FBM 70 Index gained 116.97 points up to 18,018.42. The FBM Emas Shariah Index advanced 89.75 points to 12,200.03 and the FBM ACE Index surged 66.97 points to 5,189.64.

Sector-wise, the Financial Services Index grew 44.58 points to 19,091.20 while the Plantation Index jumped 63.45 points to 7,735.01. The Industrial Products and Services Index went up 1.25 points to 174.82 but the Energy Index dropped 7.06 points to 801.55.

The Main Market volume increased to 1.94 billion units worth RM3.06 billion against Monday’s close of 1.55 billion units worth RM2.16 billion.

Warrant turnover improved to 955.66 million units valued at RM92.25 million from 886 million units valued at RM80.89 million.  

The ACE Market volume expanded to 422.23 million units worth RM153.55 million compared with 395.42 million units worth RM127.40 million yesterday.

Consumer products and services counters accounted for 270.53 million shares traded on the Main Market, industrial products and services (318.69 million), construction (109.67 million), technology (356.83 million), SPAC (nil), financial services (121.92 million), property (222.37 million), plantation (48.13 million), REITs (15.57 million), closed/fund (7,000), energy (250.48 million), healthcare (71.12 million), telecommunications and media (34.28 million), transportation and logistics (24.71 million), utilities (3101.14 million), and business trusts (70,000).

-- BERNAMA