KUALA LUMPUR: Bursa Malaysia ended marginally higher due to bargain-hunting activities following yesterday’s sell-off.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended mostly lower due to fears of higher interest rates in the US, which may slow down the global technology sector.
He noted that US Treasury yields reached a 16-year high today, maintaining the dollar’s proximity to a 10-month peak and indicating that interest rates are poised to remain elevated in the near term.
“On the domestic front, we expect investor sentiment to remain cautious despite today’s rebound.
“Nonetheless, with continuous support from foreign funds, we believe the outlook for local equities should remain stable,” he told Bernama.
Thong, therefore, maintains the weekly FTSE Bursa Malaysia KLCI (FBM KLCI) target between 1,440 and 1,460, with immediate support at 1,440 and resistance at 1,460.
At 5pm, the FBM KLCI was 2.1 points higher at 1,445.55 from yesterday’s close of 1,443.45.
The index opened 0.66 of-a-point easier at 1,442.79 and moved between 1,441.89 and 1,447.05 throughout the day.
On the broader market, decliners beat gainers 564 to 367, while 451 counters were unchanged, 1,006 untraded and 12 others suspended.
Turnover was slightly lower at 3.15 billion units worth RM1.95 billion from 3.33 billion units worth RM2.04 billion yesterday.
At the close, Bursa heavyweights Maybank was flat at RM8.87, Public Bank, CIMB and Petronas Chemicals added one sen each to RM4.19, RM5.55 and RM7.33, respectively.
Tenaga Nasional, meanwhile, fell two sen to RM10.12.
Of the actives, Evergreen Max Cash gained 7.5 sen to 31.5 sen, Metronic and KNM were 0.5 sen firmer at two sen and 12.5 sen, respectively.
Meanwhile, Widad and MYEG were flat at 50.5 sen and 80 sen, respectively.
On the index board, the FBM Emas Index improved 4.77 points to 10,709.64, the FBMT 100 Index was 8.02 points higher at 10,373.49, the FBM Emas Shariah Index perked up 2.85 points to 10,966.14 and the FBM ACE Index strengthened by 9.95 points to 5,197.83.
The FBM 70 Index, however, inched down 19.83 points to 14,264.37.
Sector-wise, the plantation index accumulated 2.06 points to 6,907.26, the industrial products and services index rose 0.03 of-a-point to 174.21, the financial services index increased 5.86 points to 16,188.52, while the energy index shed 7.32 points to 888.83.
The Main Market volume slipped to 1.88 billion units worth RM1.62 billion from 2.22 billion units worth RM1.77 billion yesterday.
Warrants turnover narrowed to 334.55 million units valued at RM40.74 million against 445.11 million units valued at RM47.57 million previously.
The ACE Market volume increased to 910.89 million shares worth RM293.66 million from 662.94 million shares worth RM219.85 million previously.
Consumer products and services counters accounted for 306.01 million shares traded on the Main Market, industrial products and services (537.47 million); construction (110.49 million); technology (145.31 million); SPAC (nil); financial services (61.64 million); property (321.28 million); plantation (27.63 million); REITs (5.17 million), closed/fund (5,000); energy (182.2 million); healthcare (60.25 million); telecommunications and media (48.53 million); transportation and logistics (29.03 million) and utilities (46.3 million).