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Bursa edges up due to strong buying in tech, energy counters

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Analyst expects FBM KLCI to range between 1,440 and 1,460 for the week.

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Free Malaysia Today

KUALA LUMPUR:
Bursa Malaysia closed marginally higher today in tandem with positive regional performance, said an analyst.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FTSE Bursa Malaysia KLCI (FBM KLCI) managed to inch up due to strong buying in technology and energy-related stocks.

“On the domestic front, we believe the market undertone will remain steady due to improving investor sentiment.

“We reckon the index will stay positive, going forward, although profit-taking may take place. Hence, we are maintaining our FBM KLCI weekly target at between 1,440 and 1,460 at this juncture,” he added.

At 5pm, the FBM KLCI edged up 0.96 of-a-point to 1,451.53, from 1,450.57 at yesterday’s close, after opening 0.30 of-a-point better at 1,450.87.

The benchmark index moved between 1,449.19 and 1,456.40 throughout the trading day.

On the broader market, losers surpassed gainers 490 to 432 while 426 counters were unchanged, 1,005 untraded and 13 others suspended.

Turnover stood at 3.31 billion units worth RM1.93 billion from yesterday’s 3.31 billion units worth RM2.24 billion.

Of the heavyweights, Maybank gained two sen to RM9.01, Petronas Chemicals and Press Metal both surged 11 sen to RM7.01 and RM4.90, respectively, Public Bank fell one sen to RM4.13, CIMB shed two sen to RM5.58, and TNB dipped eight sen to RM10.06.

Among the actives, CN Asia jumped 8.5 sen to 27 sen, MyEG rose 2.5 sen to 81.5 sen, Widad edged up 0.5 sen to 44 sen, Hong Seng and UEM Sunrise both eased 0.5 sen to 5.5 sen and 63 sen, respectively.

On the index board, the FBM Emas Index was 14.17 points higher at 10,697.98, the FBMT 100 Index climbed 14.54 points to 10,383.86, the FBM Emas Shariah Index rose 32.22 points to 10,933.17, the FBM 70 Index increased 52.05 points to 14,137.98, and the FBM ACE Index eased 5.34 points to 5,285.56.

Sector-wise, the financial services index added 0.77 of-a-point to 16,268.23, the industrial products and services index perked up 1.04 points to 170.11, the plantation index advanced 10.58 points to 7,030.60, and the energy index shed 3.26 points to 811.27.

The Main Market volume was slightly lower at 2.33 billion units worth RM1.69 billion against Monday’s 2.34 billion units worth RM2.0 billion units.

Warrants turnover fell to 384.64 million units worth RM53.83 million from 400.55 million units worth RM59.88 million yesterday.

The ACE Market volume expanded to 582.76 million shares worth RM189.06 million from 527.89 million shares valued at RM179.13 million yesterday.

Consumer products and services counters accounted for 396.6 million shares traded on the Main Market, industrial products and services (508.46 million); construction (143.85 million); technology (466.97 million); SPAC (nil); financial services (69.89 million); property (397.88 million); plantation (32.84 million); REITs (10.1 million), closed/fund (10,400); energy (131.5 million); healthcare (47.75 million); telecommunications and media (45.14 million); transportation and logistics (40.32 million); and utilities (41.62 million).

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