STRONG BUYING LIFTS BURSA MALAYSIA AT CLOSE, CI UP 1.04 PCT

By Anas Abu Hassan

KUALA LUMPUR, March 17 (Bernama) -- Bursa Malaysia extended gains to a third consecutive session today, driven by broad-based buying across various sectors following the recent strong sell-off, in line with the performance of regional markets, an analyst said.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 15.66 points, or 1.04 per cent, to 1,527.81 from Friday’s close of 1,512.15.  

The benchmark index opened 5.43 points firmer at 1,517.58 -- its intraday low -- and peaked at 1,531.63 during the mid-morning session and maintained its momentum throughout the afternoon session.  

On the broader market, gainers thumped decliners 708 to 297, while 425 counters were unchanged, 994 untraded, and seven suspended.

Turnover improved to 3.28 billion units worth RM2.40 billion from 3.24 billion units worth RM2.5 billion on Friday.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that key regional indices also ended higher, buoyed by optimism over the Chinese economy after Beijing announced targeted measures to stimulate spending.

"Therefore, we hope the current buying momentum remains strong to establish a solid foundation for a continued uptrend," he said.

Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan believed that the rebound in Chinese consumer spending is a positive catalyst for Malaysia’s export sector.

"The construction sector, which faced significant selling pressure last week, has rebounded since last Friday, reflecting renewed investor confidence.

"Buying in the banking sector increased, suggesting that investors remain cautious and are shifting towards defensive sectors that offer stability in times of market uncertainty," he noted.

Heavyweights Maybank rose 10 sen to RM10.42, Public Bank gained six sen to RM4.54, Tenaga Nasional climbed 16 sen to RM13.56, CIMB surged 19 sen to RM7.25, while IHH Healthcare fell one sen to RM7.09.

As for the active stocks, Sapura Energy fell half a-sen to 4.5 sen, Pertama Digital gained 5.5 sen to 11 sen, Silver Ridge and MYEG both put on two sen to 24.5 sen and 95 sen respectively, while Nationgate lost one sen to RM1.35.

On the index board, the FBM Emas Index leapt 124.34 points to 11,424.48, the FBMT 100 Index advanced 117.97 points to 11,187.80, and the FBM Emas Shariah Index rose 94.42 points to 11,084.00.

The FBM 70 Index expanded 185.28 points to 16,323.75 and the FBM ACE Index picked up 13.47 points to 4,691.15.  

Sector-wise, the Financial Services Index garnered 273.32 points to 18,796.14, the Industrial Products and Services Index perked up 1.33 points to 155.06, the Energy Index gained 16.63 points to 735.36, and the Plantation Index climbed 46.50 points to 7,416.52.

The Main Market volume dipped to 1.47 billion units worth RM2.11 billion against 1.49 billion units worth RM2.2 billion last Friday.

Warrants turnover edged up to 1.38 billion units worth RM144.06 million versus 1.34 billion units worth RM140.15 million previously. 

The ACE Market volume improved to 421.86 million units valued at RM145.16 million from 409.05 million units valued at RM153.12 million on Friday.

Consumer products and services counters accounted for 204.44 million shares traded on the Main Market, industrial products and services (223.84 million), construction (108.09 million), technology (226.13 million), SPAC (nil), financial services (101.92 million), property (105.99 million), plantation (22.43 million), REITs (20.33 million), closed/fund (3,000), energy (276.68 million), healthcare (53.63 million), telecommunications and media (43.14 million), transportation and logistics (20.99 million), utilities (57.92 million), and business trusts (374,300).

Bursa Malaysia and its subsidiaries will be closed tomorrow (March 18) in conjunction with Nuzul Al-Quran public Holiday. 

-- BERNAMA