KUALA LUMPUR: Last-minute buying interest pushed the FBM KLCI sharply higher on Tuesday, driven by buying interest in blue-chip stocks.
Market sentiment was bolstered by remarks from Federal Reserve Chair Jerome Powell, which reinforced expectations that U.S. interest rate cuts were not far off.
At 5 pm, the FBM KLCI closed up 17.36 points, or 1.09%, at 1,615.32, marking its intraday high and the highest level in about a month. The gain is the biggest since rising 1.17% on June 4.
Market breadth turned positive as gainers overpowered the losers on a ratio of 902-to-326 stocks. Trading volume was brisk at 5.5 billion shares valued at almost RM4bil.
The KLCI-component stocks were overwhelmingly positive, with 26 gainers and three decliners.
According to data from Bursa Malaysia, foreign investors and local institutions continued to buy local stocks on Tuesday, acquiring RM37mil and RM51mil worth of equities.
Retailers sold equities worth RM88mil.
Malaysian Pacific Industries
was the top gainer on Bursa Malaysia, rising 78 sen to RM39.68. Gamiuda gained 54 sen to RM7.24, MISC added 34 sen to RM8.90 and YTL Power rose 25 sen to RM5.30.
ACE Market debutant Go Hub jumped 60 sen, ot 171.43% to 95 sen. It is one of the most active counters with 143.10 million shares done.
Among the decliners, Nestle fell 30 sen to RM122.10, F&N lost 16 sen to RM31.74, Allianz slipped 14 sen to RM22.24 and ViTrox declined 13 sen to RM4.12.
Asian bourses closed broadly higher today. MSCI's Asia ex-Japan stock index was firmer by 0.06%.
Japan’s Nikkei 225 closed 1.26% higher at 40,580.76 while South Korea’s Kospi closed up 0.47% at 2,794.01.
Hong Kong’s Hang Seng index was up 1.18% at 17,978.57 and China’s CSI300 index edged down 0.24% to 3,463.41. Shanghai Composite Index ended 0.49% lower at 2,982.38.
