Bursa Malaysia closes slightly higher on positive sentiment

19/01/2023 05:51 PM

By Zarul Effendi Razali

KUALA LUMPUR, Jan 19 (Bernama) -- Bursa Malaysia rebounded from yesterday’s losses to end slightly higher today, supported by positive local sentiment following Bank Negara Malaysia’s (BNM) decision to maintain the overnight policy rate (OPR), dealers said.

At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 0.72 point, or 0.04 per cent, to 1,496.22 from yesterday’s closing of 1,495.50.

The market bellwether opened 0.70 point lower at 1,494.80, and moved between 1,493.42 and 1,501.71 throughout the day.

Market breadth was positive with gainers surpassing decliners 407 to 387, while 443 counters were unchanged, 955 untraded and 10 others suspended.

Turnover dropped to 2.50 billion units worth RM1.90 billion against Wednesday's 2.70 billion units worth RM2.0 billion.

Tenaga Nasional and Maxis were the top two gainers among the FBM KLCI constituents, climbing 11 sen and 7.0 sen to RM9.50 and RM3.98 respectively, contributing a combined 1.97 points to the gain in the index.

Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said despite ending in positive territory, the FBM KLCI trended sideways within a narrow range of 1,493-1,501 due to the absence of fresh catalysts amid the negative regional performance.

“Key regional indices closed mostly lower following a negative cue from Wall Street overnight as a result of growing fears of a recession in 2023, especially after the US data released painted a dour picture of the world’s largest economy.

“Nonetheless, China stocks maintained their uptrend boosted by optimism over a Chinese economic recovery this year,” he told Bernama today.

Back home, Thong said the outlook would remain positive despite the strong resistance at 1,500 as valuations of local equities remain cheap accompanied by continuous support from local institutions.

“Hence, we anticipate the FBM KLCI to hover within the range of 1,490-1,500 towards the weekend,” he added.

The central bank today decided to maintain the OPR at 2.75 per cent at its meeting.

It said this will allow it to assess the impact of the cumulative past OPR adjustments, “given the lag effects of monetary policy on the economy”.

At the current OPR level, the stance of monetary policy has remained accommodative and supportive of economic growth, it said in a statement.

Hong Kong's Hang Seng Index declined 0.12 per cent to 21,650.98, China’s SSE Composite Index rose by 0.49 per cent to 3,240.28 and South Korea’s Kospi added 0.51 per cent to 2,380.34. Singapore's Straits Times Index slipped 0.44 per cent to 3,275.24 while Japan’s Nikkei 225 went down 1.44 per cent to 26,405.23. 

Among the heavyweights on the local bourse, Maybank slipped 1.0 sen to RM8.80, CIMB fell 3.0 sen to RM5.69, Public Bank was flat at RM4.29, while Petronas Chemicals rose 4.0 sen to RM8.50 and IHH Healthcare advanced 3.0 sen to RM5.99.

As for the actives, Velesto energy added 2.0 sen to 20.5 sen, ECA Integrated went up 8.0 sen to 98 sen, Zen Tech was flat at 4.0 sen, while Dolphin International eased half-a-sen to 1.0 sen.

On the index board, the FBM Emas Index improved 9.25 points to 10,812.70, the FBMT 100 Index perked up 6.02 points to 10,504.27 and the FBM Emas Shariah Index was 17.27 points better at 11,066.92.

The FBM 70 Index was 11.68 points higher at 13,465.98 while the FBM ACE Index garnered 2.10 points to 5,449.0. 

Sector-wise, the Energy Index rose 16.33 points to 839.97, the Technology Index eased 0.21 of-a-point to 67.02 and the Industrial Products and Services Index ticked down 0.02 point to 187.84. The Financial Services Index shed 34.82 points to 16,482.01 and the Plantation Index erased 43.64 points to 6,825.58.

The Main Market volume declined to 1.50 billion shares worth RM1.50 billion compared with Wednesday’s 1.64 billion shares worth RM1.48 billion.

Warrant turnover fell to 309.43 million units worth RM59.60 million from 320.84 million units worth RM55.19 million yesterday. 

The ACE Market volume narrowed to 683.96 million shares worth RM336.61 million from 741.23 million shares worth RM472.44 million previously. 

Consumer products and services counters accounted for 172.90 million shares traded on the Main Market, industrial products and services (396.20 million); construction (38.75 million); technology (224.16 million); SPAC (nil), financial services (76.78 million); property (89.23 million); plantation (25.29 million); REITs (10.86 million), closed/fund (4,000); energy (333.43 million); healthcare (76.32 million); telecommunications and media (20.90 million); transportation and logistics (22.68 million); and utilities (14.12 million).


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