Late Buying Lifts KLCI To End At Intraday High

The FBM KLCI reversed earlier losses to end in positive territory on bargain-hunting during the late trading session amid the mixed performance of regional peers.

At 5pm on Wednesday (Feb 15), the benchmark index settled 4.22 points higher to end at an intraday high of 1,488.19, compared with Tuesday’s close at 1,483.97.

The key index opened 1.17 points weaker at 1,482.80, and hit a low of 1,478.31 before the midday break.

However, market breadth remained negative, as decliners led advancers 450 to 433, while 407 counters were unchanged, 923 untraded, and nine others suspended.

Turnover increased to 3.49 billion units worth RM2.02 billion, against Tuesday’s 3.20 billion units worth RM2.16 billion.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that the key regional indices were mostly downbeat, following the negative cue from Wall Street overnight after US inflation came in higher than expected.

He said the US consumer price index rose 6.4% year-on-year in January 2023, slightly higher than economists’ prediction of 6.2%.

“Back home, we maintain our positive view on local equities, driven by strong corporate earnings and improving local economic fundamentals.

“As such, we anticipate the KLCI to remain in uptrend mode, and retest the 1,500-point mark for the remainder of the week. From a technical point of view, we spot the immediate resistance at 1,500 and support at 1,460,“ Thong said.

Bursa Malaysia heavyweights Malayan Banking Bhd (Maybank) was flat at RM8.80 per share, Public Bank Bhd fell one sen to RM4.18. Petronas Chemicals Group Bhd rose seven sen to RM8.22, while CIMB Group Holdings Bhd at RM5.43 and Tenaga Nasional Bhd at RM9.95 had added two sen each.

As for the active stocks, MyEG Services Bhd earned seven sen to 69.5 sen, Zen Tech International Bhd at 3.5 sen and Hong Seng Consolidated Bhd at 21.5 sen had increased half a sen each, ATA IMS Bhd went up 5.5 sen to 38 sen, while Saudee Group Bhd declined half a sen to four sen.

On the index board, the FBM Emas Index soared 38.88 points to 10,826.64, the FBMT 100 Index advanced 36.07 points to 10,493.48, and the FBM Emas Shariah Index perked up 62.13 points to 11,174.01. The FBM 70 Index added 74.15 points to 13,649.29, and the FBM ACE Index climbed 19.17 points to 5,710.84.

Sector-wise, the Financial Services Index rose 4.56 points to 16,161.06, and the Industrial Products and Services Index ticked up 1.18 points to 190.71, while the Energy Index eased 4.08 points to 892.64, and the Plantation Index shed 13.64 points to 6,902.90.

The Main Market volume swelled to 2.29 billion shares worth RM1.64 billion, compared with Tuesday’s 2.09 billion shares worth RM1.74 billion.

Warrant turnover expanded to 359.74 million units worth RM50.75 million, from 292.57 million units worth RM33.18 million on Tuesday.

The ACE Market volume increased to 896.29 million shares worth RM330.37 million, from 813.03 million shares worth RM380.42 million previously.

Consumer product and service counters accounted for 295.30 million shares traded on the Main Market, followed by industrial products and services (576.45 million), construction (112.78 million), technology (794.12 million), special purpose acquisition companies (nil), financial services (45.01 million), property (102.70 million), plantation (26.44 million), real estate investment trusts (6.40 million), closed/funds (12,000), energy (137.51 million), healthcare (67.78 million), telecommunications and media (17.67 million), transportation and logistics (36.95 million), and utilities (10.52 million).

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