Bursa Malaysia's Key Index Reverses Earlier Losses To Close Higher
By Zufazlin Baharuddin
KUALA LUMPUR, Jan 23 (Bernama) -- Bursa Malaysia’s benchmark index recouped earlier losses to settle higher, maintaining a more than six-year high, buoyed by continued buying interest in technology stocks, while the strengthening of the ringgit against the US dollar further lifted investor sentiment.
At 2.27 pm today, the local currency strengthened to 3.9992 versus the greenback, its strongest level in more than seven years. It was last seen at this level on June 18, 2018, at 3.9960/9990.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.85 points or 0.17 per cent to 1,719.99 from yesterday’s close of 1,717.14. The index surpassed its previous peak of 1,719.00 recorded on Feb 26, 2019.
The barometer index opened 1.30 points lower at 1,715.84 and moved between an intraday low of 1,711.89 in early trade and a high of 1,723.41 in late afternoon before slipping slightly toward the close.
However, market breadth was negative with decliners outnumbering gainers 570 to 512, while 597 counters were unchanged, 1,051 untraded and 21 suspended.
Turnover expanded to 3.40 billion units worth RM3.49 billion from Thursday’s 2.81 billion units worth RM3.41 billion.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng told Bernama that the benchmark index was close to breaking its 1,720 resistance level and multi-year highs, reflecting improving confidence in the local market.
IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the late-session recovery was notable, highlighting improving market depth rather than a narrow, technical rebound.
“This reflected a shift towards broader-based accumulation rather than selective defensive positioning, suggesting that investors were increasingly willing to re-engage as confidence stabilised,” he said.
He opined that sustained foreign investor inflows recorded over Wednesday and Thursday continued to provide meaningful support.
“These inflows helped anchor sentiment during the weaker morning session and played a key role in underpinning the afternoon recovery, reinforcing the view that external participation remains a critical stabilising force for the local market,” he added.
Among heavyweights, Maybank rose 14 sen to RM11.36, IHH Healthcare gained 11 sen to RM8.60, Public Bank and CIMB both remained unchanged at RM4.78 and RM8.30, while Tenaga Nasional shed six sen to RM13.80.
On the most active list, Capital A rose 2.5 sen to 54.5 sen, Zetrix AI perked up half-a-sen to 81.5 sen, AirAsia X surged 18 sen to RM1.84, while Press Metal Aluminium edged down nine sen to RM7.41, and Tanco Holdings eased one sen to RM1.30.
Top gainers included Dutch Lady Milk Industries which increased 40 sen to RM32.34, Fraser & Neave Holdings added 22 sen to RM35.86, Hong Leong Industries was up 20 sen to RM17.18, Time Dotcom put on 21 sen to RM5.96, and Telekom Malaysia bagged 18 sen to RM7.96.
Among top decliners, Nestle fell RM1.80 to RM115.20, Hong Leong Bank dipped 20 sen to RM24.00, United Plantations sank 22 sen to RM30.50, Malaysian Pacific Industries slipped 88 sen to RM33.12, and UWC shaved off 19 sen to RM4.25.
On the broader market, the FBM Emas Index rose 11.19 points to 12,660.54 and the FBM Top 100 Index gained 12.24 points to 12,455.80.
The FBM Emas Shariah Index lost 5.60 points to 12,309.65, the FBM Mid 70 Index declined 20.52 points to 17,562.22, and the FBM ACE Index went down 32.25 points to 4,905.05.
Sector-wise, the Financial Services Index increased 46.91 points to 20,803.17, and the Plantation Index garnered 11.14 points to 8,369.77 while the Energy Index dropped 9.0 points to 769.38, and the Industrial Products and Services Index eased 0.37 of-a-point to 176.49.
The Main Market volume expanded to 1.92 billion units worth RM3.22 billion from Thursday’s 1.57 billion units worth RM3.15 billion.
Warrants turnover jumped to 980.15 million units worth RM109.52 million from 722.66 million units worth RM915.49 million previously.
The ACE Market volume declined to 500.36 million units worth RM153.45 million from 514.75 million units worth RM168.56 million yesterday.
Consumer products and services counters accounted for 429.36 million shares traded on the Main Market, industrial products and services (374.13 million), construction (158.64 million), technology (236.67 million), financial services (120.58 million), property (247.15 million), plantation (25.70 million), real estate investment trusts (26.11 million), closed-end fund (33,400), energy (142.34 million), healthcare (68.67 million), telecommunications and media (32.46 million), transportation and logistics (39.83 million), utilities (18.59 million), and business trusts (12,300).
-- BERNAMA