STRONG BUYING IN HEAVYWEIGHTS LIFTS BURSA MALAYSIA TO INTRADAY HIGH

By Zarul Effendi Razali

KUALA LUMPUR, May 7 (Bernama) -- Persistent buying in selected telecommunications and media, as well as utilities counters lifted Bursa Malaysia to end at an intraday high today, in line with positive momentum across the regional market, an analyst said. 

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 0.85 per cent, or 13.10 points, to 1,549.90 from yesterday’s close of 1,536.80.

CelcomDigi and YTL Corp were the top two contributors to the benchmark index’s increase, rising 12 sen to RM3.91 and 11 sen to RM2.05, respectively, with a combined contribution of 4.50 points.

The market bellwether opened 0.24 of-a-point lower at 1,536.56, its lowest point today, before climbing back up for the rest of the day towards closing. 

In the broader market, gainers trounced losers 595 to 378, while 477 counters were unchanged, 885 untraded, and nine suspended.

Turnover improved to 2.84 billion units worth RM2.43

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices closed higher after the Trump administration confirmed that top US officials would meet Chinese counterparts this weekend for trade discussions.

“We believe these discussions could represent a pivotal step towards easing trade tensions sparked by President Donald Trump’s policies. The local bourse is recovering after two weak sessions, supported by improved investor sentiment and increased foreign buying driven by attractive valuations.

“With positive technical signals emerging, the FBM KLCI appears poised for further gains, provided it holds above its support zones. We expect the benchmark index to trade between 1,530 and 1,560 for the remainder of the week,” he told Bernama.

Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan said the market is also focused on the upcoming US Federal Open Market Committee’s decision on interest rate and Federal Reserve (Fed) Chair Jerome Powell’s press conference this evening.

“While a rate cut is not anticipated at this meeting, market participants will scrutinise the Fed’s forward guidance,” he said.

He also anticipates Bank Negara Malaysia to maintain the Overnight Policy Rate following its Monetary Policy Committee meeting, which concludes tomorrow, reinforcing a stable policy environment.

Among the heavyweights, Maybank rose 4.0 sen to RM10, Tenaga Nasional advanced 10 sen to RM14.16, CIMB garnered 5.0 sen to RM6.95, while Public Bank and IHH Healthcare were flat at RM4.47 and RM7, respectively.

For active stocks, Sapura Energy perked up half-a-sen to 4.5 sen, Tanco Holdings added 1.5 sen to 90 sen, DNeX went up 1.0 sen to 27.5 sen, while WTEC slipped 1.5 sen to 24 sen.

On the index board, the FBM Emas Index was 106.12 points better at 11,519.59, the FBMT 100 Index surged 103.66 points to 11,291.31, and the FBM Emas Shariah Index jumped 126.80 points to 11,438.01.

The FBM 70 Index soared 182.01 points to 16,244.24, and the FBM ACE Index improved 12.84 points to 4,651.61.

Across sectors, the Financial Services Index garnered 59.42 points to 18,188.61, the Industrial Products and Services Index went up 1.81 points to 152.29, the Energy Index climbed 6.43 points to 685.05, while the Plantation Index advanced 20.33 points to 7,305.29.

The Main Market volume improved to 1.42 billion units valued at RM2.16 billion against yesterday’s 1.22 billion units worth RM1.61 billion.

Warrants turnover slipped to 1.05 billion units worth RM150.97 million from 1.22 billion units valued at RM157.38 million previously. 

The ACE Market volume expanded to 371.32 million units valued at RM118.03 million compared with 346.85 million units worth RM103.09 million on Tuesday.

Consumer products and services counters accounted for 198.20 million shares traded on the Main Market, industrial products and services (186.97 million), construction (106.73 million), technology (184.73 million), SPAC (nil), financial services (77.56 million), property (174.74 million), plantation (23.92 million), REITs (17.62 million), closed/fund (40,100), energy (210.92 million), healthcare (44.47 million), telecommunications and media (72.49 million), transportation and logistics (57.54 million), utilities (58.36 million), and business trusts (19,000).

-- BERNAMA