Bargain hunting lifts FBM KLCI to intraday high despite regional jitters

Malay Mail

4 hours ago

KUALA LUMPUR, June 23 — The FTSE Bursa Malaysia KLCI (FBM KLCI) recovered from early losses to end higher today, supported by bargain hunting activities and sustained local investor interest albeit cautious outlook on the global economic front, an analyst said.
At 5 pm, the FBM KLCI rose by 0.92 per cent or 13.87 points to 1,516.61 from Friday's close of 1,502.74.
The index, which opened 9.55 points lower at 1,493.19, fell as low as 1,488.89 in the morning session and began trending up to close at its intraday high.
However, the broader market was negative with decliners trouncing gainers 697 to 274, while 490 counters were unchanged, 971 untraded and 39 suspended.
Turnover surged to 3.09 billion units worth RM1.91 billion against 2.60 billion units worth RM3.37 billion on Friday.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said key regional indices ended broadly lower today as risk appetite took a hit following the serious escalation in Middle East tensions over the weekend.
On the home front, he said investors' sentiment is likely to remain fragile as cautious outlook remains in the loop given the prevailing macroeconomic uncertainties.
'Nonetheless, we see the high crude oil price will instigate more buying activities in the oil and gas stocks.
'For the moment, we anticipate the benchmark index to trend within the range of 1,500-1,530 for the week representing its support and resistance levels,' he told Bernama.
Meanwhile, UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said investors' focus may shift towards Malaysia's May inflation data, scheduled for release tomorrow, which is expected to remain stable.
'The ongoing Iran-Israel conflict has led to a spike in global oil prices, however, we believe the immediate pass-through to domestic inflation remains limited,' he said.
Among the heavyweights, Maybank edged up one sen to RM9.67, Tenaga Nasional gained eight sen to RM14.30, Public Bank picked up 21 sen to RM4.42, CIMB garnered 15 sen to RM6.80 and IHH Healthcare was flat at RM6.85.
As for the most active stocks, PUC and MYEG were half-a-sen down at 1.5 sen and 90 sen respectively, Tanco lost two sen to 92 sen, while Reservoir Link rose six to 43 sen and Green Ocean gained 3.5 sen to 26.5 sen.
On the index board, the FBM Emas Index climbed 60.19 points to 11,289.18, the FBMT 100 Index increased 68.45 points to 11,083.90 and the FBM Emas Shariah Index edged up 10.57 points to 11,211.91.
The FBM 70 Index lost 45.66 points to 16,072.09, and the FBM ACE Index dropped 23.00 points to 4,377.85.
By sector, the Financial Services Index soared 204.41 points to 17,672.79 and the Industrial Products and Services Index slid 0.11 of-a-point to 147.38, the Plantation Index advanced 10.03 points to 7,230.55 and the Energy Index appreciated by 10.24 points to 745.95.
The Main Market volume rose to 1.43 billion units valued at RM1.65 billion from 1.13 billion units at Friday's close.
Warrants turnover grew to 1.26 billion units worth RM166.41 million against 634.80 million units worth RM82.94 million previously.
The ACE Market volume expanded to 404.29 million units valued at RM92.58 million from 331.19 million units valued at RM73.43 million last week.
Consumer products and services counters accounted for 204.86 million shares traded on the Main Market, industrial products and services (231.86 million), construction (96.58 million), technology (182.96 million), SPAC (nil), financial services (64.97 million), property (145.42 million), plantation (19.99 million), REITs (35.68 million), closed end fund (13,800), energy (222.55 million), healthcare (79.41 million), telecommunications and media (53.64 million), transportation and logistics (37.42 million), utilities (53.86 million), and business trusts (20,000). — Bernama