BURSA MALAYSIA EXTENDS RALLY FOR FOURTH SESSION ON INSTITUTIONAL BUYING

By Siti Noor Afera Abu

KUALA LUMPUR, Dec 23 (Bernama) -- Bursa Malaysia’s benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) continued its upward momentum for a fourth consecutive session, underpinned by ongoing support from domestic institutional investors. 

At 5 pm, the FBM KLCI rose 5.35 points, or 0.32 per cent, to 1,676.64, marking its intraday high, from Monday’s close of 1,671.29.

The index opened 2.51 points weaker at 1,668.78 and slipped to its intraday low of 1,666.96 in early trading, before picking up steam in the afternoon session.

The broader market, however, was negative with decliners leading gainers 489 versus 460. A further 608 counters were unchanged, 1,217 untraded and 12 suspended.

Turnover slipped to 1.96 billion units worth RM1.81 billion from 2.36 billion units worth RM1.98 billion on Monday.

IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan noted that as year-end approaches, portfolio rebalancing by large funds has concentrated trading activity, providing steady support to the index.

He also said that sentiment was further boosted by Malaysia’s October economic data. The Leading Index rose 3.6 per cent year-on-year to 116.2 points, signalling stronger forward momentum, while external markets also provided a supportive backdrop.

“Meanwhile, US equities closed higher overnight, led by technology stocks, lifting global risk appetite and supporting most Asian markets. Attention will turn to a heavy slate of US economic data, including the third-quarter gross domestic product (advance estimate), personal spending and deflator data, and personal consumption expenditures (inflation) readings,” he told Bernama. 

Among the heavyweights, Maybank added six sen to RM10.54, CIMB rose three sen to RM8.18, and Tenaga Nasional gained 12 sen to RM13.66. IHH Healthcare was flat at RM8.62, while Public Bank fell one sen to RM4.52.

On the most active list, Pharmaniaga increased 1.5 sen to 29.5 sen, V.S. Industry added 2.5 sen to 50.5 sen, and Tanco went up 2.0 sen to RM1.15, while Mega Fortris and Velesto lost half-a-sen each to 78 sen and 28 sen, respectively.

Among top gainers, Fraser & Neave added 54 sen to RM36.54, Nestle improved 40 sen to RM115.30, PPB climbed 38 sen to RM11.0, and Petronas Dagangan perked up 24 sen to RM19.76.

As for top losers, United Plantations and BLD Plantation slid 50 sen to RM29.40 and RM15.30, respectively, Negri Sembilan Oil Palms shed 12 sen to RM5.63, and Petronas Gas edged down 10 sen to RM18.0.

On the index board, the FBM Emas Index increased 37.29 points to 12,301.48, the FBM Top 100 Index rose 38.04 points to 12,100.48, the FBM ACE Index added 6.54 points to 4,832.44, the FBM Emas Shariah Index advanced 43.62 points to 12,106.03, and the FBM 70 Index climbed 50.75 points to 16,875.48.

By sector, the Financial Services Index put on 43.87 points to 19,665.52, and the Industrial Products and Services Index edged up 0.71 of-a-point to 173.34, while the Energy Index was flat at 766.18, and the Plantation Index slid 2.27 points to 8,234.28.

The Main Market volume improved to 1.29 billion units worth RM1.65 billion from 1.23 billion units worth RM1.77 billion on Monday.

Warrants turnover tumbled to 485.53 million units worth RM604.73 million against 849.32 million units worth RM100.87 million previously.

The ACE Market volume declined to 262.36 million units valued at RM96.62 million versus 277.20 million units valued at RM106.49 million yesterday.

Consumer products and services counters accounted for 195.31 million shares traded on the Main Market, industrial products and services (211.09 million), construction (72.60 million), technology (158.62 million), financial services (51.07 million), property (180.70 million), plantation (15.85 million), real estate investment trusts (12.47 million), closed-end fund (25,400), energy (94.61 million), healthcare (141.39 million), telecommunications and media (25.95 million), transportation and logistics (32.63 million), utilities (26.69 million), and business trusts (115,500).

-- BERNAMA