BURSA MALAYSIA BOUNCES TO 52-WEEK HIGH AMID UPBEAT REGIONAL PERFORMANCE

By Anas Abu Hassan

KUALA LUMPUR, May 6 (Bernama) -- Bursa Malaysia extended last week's gains to close higher for the third consecutive session on Monday, with the key index hitting a 52-week high amid an upbeat regional performance.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.49 per cent, or 7.80 points to 1,597.39 compared to Friday’s close of 1,589.59.

The benchmark index, which opened 2.21 points higher at 1,591.80, trended between 1,591.17 and a peak of 1,598.26 during the afternoon session.

On the broader market, gainers led decliners 657 to 447 while 499 counters were unchanged, 712 untraded and 16 others suspended.

Turnover widened to 4.48 billion units worth RM3.12 billion from 3.87 billion units worth RM3.15 billion last week.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects buying activities to continue with the upswing in investor sentiment, supported by a steady and strong inflow of foreign funds into the region.

"The increasing daily trading volume signifies a growing appetite for the market and the benchmark index is charging towards the 1,600 psychological level. If it successfully breaks through this resistance and can hold for an extended period, we anticipate additional upward potential," he told Bernama.

Echoing the sentiment, UOB Kay Hian Wealth Advisors’ designated portfolio manager and head of wealth research and advisory, Mohd Sedek Jantan, also reckons the index may continue its upward trajectory, potentially breaching the psychological barrier of 1,600. "The KLCI has not yet reached overbought levels, indicating the market is not excessively heated, and there is room for further ascent," he said.

Among the heavyweight stocks, Maybank added three sen to RM9.83, Public Bank gained eight sen to RM4.20 and Tenaga Nasional rose six sen to RM12.38. CIMB was 10 sen higher at RM6.75 and IHH Healthcare edged up one sen to RM6.30.

As for the actives, SNS rallied 7.5 sen to 47 sen, Ingenieur inched down half-a-sen to 11 sen and Fintech was flat at 0.5 sen. Eversendai jumped seven sen to 46 sen and Dagang Nexchange rose 1.5 sen to 41.5 sen.

Meanwhile, in a Bursa Malaysia filing today, Priceworth International Bhd said it has proposed to change its name to Maxland Bhd, pending the approval of its shareholders ahead of an extraordinary general meeting on May 28, 2024.

On the index board, the FBM Emas Index jumped 64.16 points to 12,034.27, the FBMT 100 Index gained 59.86 points to 11,656.98 and the FBM 70 Index bounced 98.63 points to 16,835.65.

The FBM Emas Shariah Index gained 36.62 points to 12,229.92, and the FBM ACE Index rose 6.36 points to 5,140.91.

Sector-wise, the Financial Services Index jumped 133.20 points to 17,423.61 and the Industrial Products and Services Index added 1.10 points to 191.94. The Energy Index eased 4.14 points to 962.71 while the Plantation Index dropped 26.73 points to 7,393.14.

The Main Market volume expanded to 2.54 billion units valued at RM2.63 billion from 2.38 billion units valued at RM2.79 billion on Friday.

Warrant turnover widened to 1.00 billion units worth RM164.47 million compared to 929.71 million units worth RM148.76 million last week. 

The ACE Market volume advanced to 933.26 million shares worth RM324.44 million versus 560.13 million shares worth RM210.14 million.

Consumer products and services counters accounted for 531.50 million shares traded on the Main Market, industrial products and services (486.18 million), construction (337.27 million), technology (349.03 million), SPAC (nil), financial services (94.46 million), property (264.67 million), plantation (31.02 million), REITs (21.90 million), closed/fund (84,100), energy (150.88 million), healthcare (85.67 million), telecommunications and media (47.40 million), transportation and logistics (62.43 million), utilities (77.96 million), and business trusts (166,200).

-- BERNAMA