Bursa Malaysia extends gains for second day running

KUALA LUMPUR: Bursa Malaysia extended gains for the second day yesterday spurred by persistent buying in selected heavyweights.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 0.67 of-a-point to 1,723.78 from Wednesday’s close of 1,723.11, after opening 0.8 of-apoint easier at 1,722.31.

The key index moved between a high of 1,729.13 and low at 1,721.10.

Market breadth however was negative with losers outpacing gainers by 437 to 364 with 407 counters unchanged, 521 counters untraded and 17 others suspended.

Total volume declined to 1.63 billion shares worth RM1.95 billion from 1.85 billion shares worth RM2.06 billion on Wednesday.

A dealer said the local market pared some of its earlier gains after turning cautious following the development in Singapore’s monetary policy.

“Market reacted to the action taken by the Monetary Authority of Singapore which now sets a policy of zero appreciation on the republic’s currency.

“The weaker currency could boost their exports but it may affect competing products from us (Malaysia),” he said.

For heavyweights, top weighted Maybank was flat at RM9.15, Sime Darby was the top contributor to the index gain, adding nine sen to RM7.90, while laggards were led by Maxis which declined six sen to RM6.01.

Among active stocks, Sumatec eased half-a-sen to 13 sen, Eka Noodles rose one sen to 14.5 sen, KNM perked two sen to 51.5 sen, while Air-Asia X and Sona Petroleum Warrant (A) advanced half-a-sen each to 31 sen and 4.5 sen, respectively.

The FBM Emas Index rose 4.64 points to 11,970.32, the FBMT100 Index was up 5.40 points to 11,664.54, while the FBM Emas Shariah Index eased 2.24 points to 12,527.45.

The FBM 70 gained 9.35 points to 13,292.83 and the FBM Ace advanced 18.90 points to 5,767.06.

Sector-wise, the Finance Index went up 17.48 points to 14,959.41, the Industrial Index increased 15.11 points to 3,292.35 and the Plantation Index shed 33.14 points to 7,775.89.

Main Market turnover shrank to 1.15 billion units worth RM1.86 billion from Wednesday’s 1.35 billion units worth RM1.98 billion.

The ACE Market turnover swelled to 280.47 million shares valued at RM61.32 million from 268.70 million shares valued at RM54.60 million on Wednesday.

Warrants declined to 199.06 million units worth RM26.13 million from 229.91 million units worth RM33.99 million previously.

Consumer products accounted for 123.72 million shares traded on the Main Market, industrial products (250.23 million), construction (74.79 million), trade and services (459.67 million), technology (32.58 million), infrastructure (15.85 million), SPAC (58.77 million), finance (45.81 million), hotels (1.57 million), properties (57.28 million), plantations (23.26 million), mining (0), REITs (5.66 million), and closed/fund (182,300).