FBM KLCI CONSOLIDATES TO END FLAT, REMAINS ABOVE 1,600 KEY LEVEL

By Anas Abu Hassan

KUALA LUMPUR, May 10 (Bernama) -- Bursa Malaysia’s bellwether, FTSE Bursa Malaysia KLCI (FBM KLCI), ended the week slightly lower but remained above the key 1,600 level for the fourth consecutive day in consolidation mode following recent gains, a dealer said.

At 5 pm, the FBM KLCI eased 0.03 per cent or 0.55 of-a-point to 1,600.67 compared to Thursday's close of 1,601.22.

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The barometer index, which opened 2.24 points better at 1,603.46, moved to a low of 1,599.84 in late trading after hitting 1,604.07 during the morning session.

On the broader market, gainers led decliners 601 to 538, while 494 counters were unchanged, 707 untraded and 26 others suspended.   

Turnover narrowed to 4.62 billion units worth RM3.27 billion compared to 4.65 billion units worth RM3.13 billion yesterday.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng noted that the key regional indices ended mostly higher, buoyed by the improved United States labour market conditions, a weakened dollar and renewed global rate cut optimism.

On the home front, he said the long-term outlook remains positive, driven by strong corporate earnings, cheap valuations, and substantial support from foreign investors.

"While the benchmark index is in a consolidation phase following recent gains, we consider this a positive correction.

"It enables the market to absorb the recent uptrend, presenting an advantageous opportunity for stock accumulation at reduced levels," he told Bernama.

Among the heavyweights, Maybank gained three sen to RM9.87, Public Bank rose one sen to RM4.18, CIMB increased two sen to RM6.77, while Tenaga Nasional fell four sen to RM12.40, and Petronas Chemicals lost nine sen to RM6.91.

As for the actives, Top Glove added 3.5 sen to 95 sen, TWL and Pan Malaysia lost half-a-sen each to 2.5 sen and 29 sen respectively, MRCB rose half-a-sen to 69.5 sen, and Iconic was flat at 12 sen.

On the index board, the FBM Emas Index gained 1.41 points to 12,086.68, the FBMT 100 Index was 2.20 points lower at 11,697.17 and the FBM Emas Shariah Index dipped 11.19 points to 12,284.55.

The FBM 70 Index picked up 4.27 points to 16,960.37 while the FBM ACE Index shed 3.74 points to 5,166.75.

Sector-wise, the Financial Services Index climbed 52.12 points to 17,522.77, the Industrial Products and Services Index edged down 0.38 of-a-point to 192.27, the Plantation Index dropped 38.09 points to 7,424.43, and the Energy Index trimmed 3.49 points to 985.16.

The Main Market volume improved to 2.77 billion units worth RM2.83 billion from 2.60 billion units worth RM2.69 billion on Thursday.

Warrants turnover advanced to 1.02 billion units worth RM145.01 billion against 813.67 million units worth RM108.57 million yesterday.

The ACE Market volume tumbled to 820.27 million shares valued at RM289.65 million versus 1.23 billion shares valued at RM331.95 million previously.

Consumer products and services counters accounted for 668.55 million shares traded on the Main Market, industrial products and services (452.04 million), construction (211.62 million), technology (301.91 million), SPAC (nil), financial services (92.54 million), property (481.85 million), plantation (36.70 million), REITs (17.62 million), closed/fund (29,000), energy (134.36 million), healthcare (237.90 million), telecommunications and media (37.54 million), transportation and logistics (49.29 million), utilities (50.42 million), and business trusts (51,000).

-- BERNAMA