BURSA MALAYSIA ENDS HIGHER ON BARGAIN HUNTING, IMPROVED REGIONAL SENTIMENT

By Zufazlin Baharuddin

KUALA LUMPUR, Jan 20 (Bernama) -- Bursa Malaysia closed higher today on continuous bargain hunting following the recent heavy sell-off, amid improved regional sentiment in tandem with the upbeat performance on Wall Street Friday.

Additionally, local sentiment was boosted after the release of Malaysia’s total trade data for 2024 earlier today, which recorded RM2.88 trillion, up 9.2 per cent year-on-year, surpassing the RM2 trillion mark for four consecutive years.

At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 5.62 points, or 0.36 per cent, to 1,572.34 from Friday’s close of 1,566.72. 

The FBM KLCI, which opened 4.42 points higher at 1,571.14, moved between 1,563.48 and 1,575.11 during the day.

Market breadth was positive, with gainers trouncing losers 628 to 397, while 473 counters were unchanged, 879 untraded and 19 others suspended.

Turnover declined to 2.95 billion units valued at RM2.45 billion from last Friday’s 3.10 billion units valued at RM3.06 billion.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng told Bernama that key regional indices saw gains, supported by optimism from a conversation between US President-elect Donald Trump and Chinese President Xi Jinping that hinted at potential relief in US-China tensions. 

Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the markets reacted positively to Trump’s statement regarding a "very good" phone conversation with Xi on Friday, during which both leaders reportedly agreed to address key trade issues immediately. 

“This is seen as a critical step in easing trade tensions and reducing the risk of a second trade war,” he said.

Overall, Mohd Sedek said Bursa Malaysia and regional markets displayed an upbeat mode today in anticipation of Trump’s inauguration, adding the robust total trade data have driven manufacturing stocks into an uptrend in today’s trading session.  

Among the heavyweights, Maybank gained 14 sen to RM10.28, CIMB added two sen to RM8.00, Tenaga Nasional rose 18 sen to RM13.78, while Public Bank fell 13 sen to RM4.31, and IHH Healthcare trimmed one sen to RM7.14.

Among the active stocks, Ingenieur and TWL were unchanged at five sen and 2.5 sen respectively, Velesto Energy added one sen to 19.5 sen, My EG Services rose 1.5 sen to 95.5 sen, and Gamuda climbed 10 sen to RM4.34.

On the broader market, the FBM Emas Index rose 57.00 points to 12,065.83, the FBM Emas Shariah Index surged 98.52 points to 11,964.18, and the FBMT 100 Index increased 51.88 points to 11,747.85.

The FBM 70 Index soared 116.60 points to 18,062.49, while the FBM ACE Index picked up 18.35 points to 5,194.61.

By sector, the Energy Index advanced 14.85 points to 855.40, the Industrial Products and Services Index edged up 1.81 points to 168.46, and the Plantation Index increased 30.96 points to 7,367.40, while the Financial Services Index fell 9.67 points to 18,799.20.

The Main Market volume declined to 1.53 billion units worth RM2.20 billion against last Friday’s 1.73 billion units worth RM2.83 billion.

Warrants turnover expanded to 1.05 billion units valued at RM105.45 million versus 924.72 million units valued at RM80.98 million previously.   

The ACE Market volume shrank to 367.47 million units worth RM137.67 million from 443.98 million units worth RM147.44 million last Friday.

Consumer products and services counters accounted for 186.70 million shares traded on the Main Market, industrial products and services (284.86 million), construction (127.95 million), technology (265.42 million), SPAC (nil), financial services (75.80 million), property (214.74 million), plantation (20.22 million), REITs (12.64 million), closed/fund (9,400), energy (229.03 million), healthcare (38.86 million), telecommunications and media (19.23 million), transportation and logistics (10.16 million), utilities (48.93 million), and business trusts (182,100).

-- BERNAMA