BURSA MALAYSIA'S BENCHMARK INDEX ENDS AT INTRADAY HIGH ON LATE BUYING

By Zufazlin Baharuddin

KUALA LUMPUR, March 12 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier losses to end at its intraday high on Thursday, staging a late rebound during the final hour of trading.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.23 points to 1,711.01 from yesterday’s close of 1,708.78.

The market bellwether opened 8.09 points lower at 1,700.69, and slipped to its day’s low of 1,694.80 during the mid-morning session before gaining momentum in the afternoon trading toward the close.

However, market breadth was negative, with losers leading gainers 538 to 529. A total of 525 counters were unchanged, 1,075 untraded, and 17 suspended.

Turnover climbed to 3.01 billion units worth RM3.53 billion from Wednesday’s 2.70 billion units worth RM2.78 billion.

IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the FBM KLCI initially came under pressure at the opening bell following a sharp deterioration in global risk sentiment, but it gradually recovered and moved into positive territory toward the close as bargain hunting emerged in selected index heavyweights.

“Investor sentiment turned cautious earlier in the session after reports that two oil tankers were struck in Iraqi waters, forcing Iraq to suspend operations at its oil terminals.

“The situation escalated further as additional drone and projectile attacks targeted ships and port infrastructure in the United Arab Emirates and Oman, raising concerns that the disruption could destabilise key regional shipping routes and threaten global energy exports beyond the Strait of Hormuz,” he told Bernama.

He said Brent crude price surged as markets reacted to the rising risk of prolonged supply disruptions, with oil prices recently climbing above US$100 per barrel amid escalating tensions in the broader US-Israel conflict with Iran.

At the time of writing, Brent crude had risen 6.40 per cent to US$97.87 per barrel.

Mohd Sedek said among FBM KLCI component stocks, petroleum-related counters led the gainers, with one oil and gas stock surging about 11 per cent as investors positioned for potential upside in energy-linked counters amid rising crude oil prices.

Regionwise, he said Asian equity indices ended lower as geopolitical uncertainty dampened investor confidence. 

Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the benchmark index is well supported above the 1,700 level, and traders adopt a cautious stance given the growing global volatility and uncertainties.

“Investors are advised to remain cautious in the short term and adopt a wait-and-see approach until the market direction becomes clearer,” he said, adding the FBM KLCI is expected to trend within the 1,690-1,710  range towards the weekend.

Among the heavyweights, Public Bank added six sen to RM4.81, Tenaga Nasional gained 16 sen to RM14.40 and IHH Healthcare rose 11 sen to RM9.10, while Maybank shed two sen to RM11.44 and CIMB fell one sen to RM7.99.

On the most active list, ACE Market debutant OGX Group trimmed half-a-sen to 34.5 sen, while AirAsia X perked up one sen to RM1.21, Zetrix AI advanced 4.5 sen to 78.5 sen, Lotte Chemical Titan Holding improved three sen to 44.5 sen, and Capital A inched up half-a-sen to 43 sen.

As for the top gainers, Petronas Chemicals soared 46 sen to RM4.60, United Plantations jumped RM1.46 to RM33.10, Nestlé increased RM1.20 to RM104.10, PPB Group jumped 44 sen to RM11.44, and Batu Kawan garnered 32 sen to RM19.88.

Of the top losers, Malaysian Pacific Industries erased 18 sen to RM29.80, Pineapple Resources tumbled 22 sen to 60 sen, Fraser & Neave Holdings dipped 28 sen to RM31.70, Pentamaster Corp slid 18 sen to RM2.90, and VSTecs slipped 13 sen to RM4.69.

On the index board, the FBM Top 100 Index increased 19.75 points to 12,346.06, the FBM Emas Index rose 17.67 points to 12,501.81, the FBM Mid 70 Index firmed 44.08 points to 17,206.52, the FBM Emas Shariah Index garnered 61.55 points to 12,225.09, while the FBM ACE Index shed 2.91 points to 4,401.77.

By sector, the Financial Services Index fell 126.21 points to 20,647.11, and the Energy Index shaved off 0.70 of-a-point to 795.74, while the Industrial Products and Services Index climbed 2.74 points to 176.18, and the Plantation Index surged 121.41 points to 8,504.23.

The Main Market volume improved to 1.79 billion units valued at RM3.30 billion from 1.71 billion units valued at RM2.59 billion on Wednesday.

Warrants turnover expanded to 837.99 million units worth RM106.19 million from 755.37 million units worth RM91.67 million yesterday. 

The ACE Market volume swelled to 380.01 million units valued at RM123.66 million from 235.57 million units valued at RM99.58 million previously.

Consumer products and services counters accounted for 283.22 million shares traded on the Main Market, industrial products and services (313.48 million), construction (161.17 million), technology (194.74 million), financial services (96.10 million), property (154.72 million), plantation (38.95 million), real estate investment trusts (18.14 million), closed-end fund (10,000), energy (327.89 million), healthcare (91.90 million), telecommunications and media (35.58 million), transportation and logistics (29.03 million), utilities (45.94 million), and business trusts (297,300).

-- BERNAMA