Bursa posts seventh consecutive gain amid late buying

KUALA LUMPUR: Bursa Malaysia’s composite index ended the week higher, extending its gains for a seventh consecutive session, supported by strong late-session buying in selected blue-chip counters.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.64 of a point, or 0.03%, to close at an intraday high of 1,712.03 from Thursday’s close of 1,711.39.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the market’s ability to rebound from intraday weakness highlights the underlying strength of investor sentiment.

He said bargain hunting remained evident, particularly in fundamentally sound large-cap stocks, as investors grew more confident following the easing of geopolitical tensions and the sharp decline in crude oil prices.

“Lower energy prices could help moderate inflationary pressures and provide a more supportive backdrop for both economic growth and corporate earnings moving forward,” he told Bernama.

IPPFA Sdn Bhd director of investment strategy and country economist Sedek Jantan said investors remained encouraged by easing geopolitical tensions in Middle East following the recent peace agreement between the US and Iran.

He said the continued decline in Brent crude oil prices below US$80 per barrel helped ease concerns over inflationary pressures and supported sentiment towards consumer, transportation and selected manufacturing stocks.

Meanwhile, Malaysia’s benign inflation outlook reinforced expectations that Bank Negara Malaysia will maintain its current monetary policy stance, providing a supportive backdrop for domestic equities.

“Overall, improving risk appetite and resilient economic fundamentals continued to underpin market sentiment despite lingering uncertainties surrounding the global interest rate outlook,” he added.

The key index opened 7.35 points weaker at 1,704.04 and slipped to an intraday low of 1,699.18 in early trade.

Market breadth was negative, with losers leading gainers 525 to 491, while 547 counters were unchanged, 1,173 untraded and 34 suspended.

Turnover slipped to 3.45 billion units worth RM3.79 billion from 4.50 billion units worth RM3.45 billion on Thursday.

Among heavyweights, Maybank rose 2 sen to RM11.18, Tenaga Nasional added 6 sen to RM14.50 and IHH Healthcare gained 3 sen to RM8.80, while Public Bank slid 5 sen to RM4.95 and CIMB shed 13 sen to RM7.65.

Among the active stocks, Dagang NeXchange jumped 8 sen to 46.5 sen, Zetrix AI was 1 sen firmer at 78 sen and Pentech was up 1.5 sen to 32.5 sen. Tanco slipped 0.5 sen to 14 sen while Top Glove remained unchanged at 72 sen.

Of the top gainers, Malaysian Pacific Industries garnered RM1.34 to RM49.90, Nestle put on RM1.08 to RM96.22, United Plantations rose 86 sen to RM32.66, and PPB climbed 82 sen to RM10.12.

Among the top losers, Ajinomoto erased 16 sen to RM15.20, Ralco sank 13 sen to 90 sen, while Petronas Chemicals and Mega First declined nine sen each to RM4.49 and RM2.91, respectively.

On the index board, the FBM Emas Index perked up 17.79 points to 12,681.05, the FBM Top 100 Index put on 16.01 points to 12,519.62, and the FBM Emas Shariah Index climbed 68.95 points to 12,558.66.

The FBM Mid 70 Index increased 71.77 points to 18,162.58 and the FBM ACE Index leapt 32.25 points to 4,792.52.

By sector, the energy index gained 3.85 points to 766.27 and the plantation index jumped 105.77 points to 8,873.22, while the financial services index declined 72.56 points to 20,204.58, and the industrial products and services index eased 0.14 of a point to 190.57.

The Main Market volume trimmed to 2.12 billion units valued at RM3.51 billion from 2.62 billion units valued at RM3.04 billion on Thursday.

Warrants turnover dwindled to 717.45 million units valued at RM72.58 million from 986.61 million units valued at RM131.42 million previously.

The ACE Market volume tumbled to 608.27 million units worth RM205.51 million from 895.14 million units worth RM283.17 million yesterday.

Consumer products and services counters accounted for 229.71 million shares traded on the Main Market, industrial products and services (354.34 million), construction (128.32 million), technology (560.50 million), financial services (111.65 million), property (269.07 million), plantation (35.44 million), real estate investment trusts (51.18 million), closed-end fund (495,000), energy (79.83 million), healthcare (165.24 million), telecommunications and media (42.84 million), transportation and logistics (26.70 million), utilities (69.86 million), and business trusts (27,300).