KUALA LUMPUR: Bursa Malaysia bounced back from yesterday’s losses to end higher today in sync with the upbeat performance in the regional markets.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 13.63 points or 0.85 per cent to 1,625.57 from yesterday's close of 1,611.94.
The FBM KLCI opened 1.39 points higher at 1,613.33 and moved between 1,611.60 and 1,627.94 throughout the day.
On the broader market, losers thumped gainers 602 to 480, with 494 counters unchanged, 873 untraded, and 54 others suspended.
Turnover increased to 4.42 billion units worth RM3.62 billion from yesterday's 4.19 billion units worth RM3.11 billion.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the FBM KLCI closed higher today despite mixed reactions to the Bank of Japan's (BoJ) hawkish decision and contrasting results from tech bellwether Microsoft and chipmaker Advanced Micro Devices, Inc., suggesting a divide in the artificial intelligence landscape.
"Today's performance was led by the financial sector, supported by the strength of the ringgit and potential interest rate cuts in the United States (US) this quarter.
"Additionally, cautious sentiment has driven investors towards defensive sectors like financials and utility,” he told Bernama.
Mohd Sedek said the hawkish decision by the BoJ today impacted Asian markets, including Malaysia -given that today's decision comes only four months after the first hike, and the market perceives the BoJ as more hawkish than previously thought.
"Rising wages offer room for optimism that growth will recover in the coming quarters. Expectations of accelerating inflation also open the path for monetary policy normalisation by the BoJ,” he added.
Therefore, he said Bursa Malaysia is expected to be volatile tomorrow as investors assess US tech companies’ earnings reports, new US rules on foreign chip equipment exports to China, and the Federal Reserve’s meeting outcome tonight.
Among heavyweights, Maybank added 14 sen to RM10.22, Public Bank edged up 3.0 sen to RM4.21, CIMB Group
gained 22 sen to RM7.43, IHH Healthcare perked up 8.0 sen to RM6.30, while Tenaga Nasional slid 2.0 sen to RM14.08.
Of the actives, BWYS edged up 1.0 sen to 35 sen, Hubline inched up half-a-sen to 13 sen, Velesto Energy gave up half-a-sen to 21.5 sen, Top Glove slid 6.0 points to RM1.03, and Velocity Capital Partner shaved off 1.0 sen to 6.5 sen.
On the index board, the FBM Emas Index climbed 48.51 points to 12,517.21, the FBMT 100 Index put on 49.12 points to 12,109.16, the FBM Emas Shariah Index trimmed 19.14 points at 12,762.46, the FBM 70 Index dropped 116.94 points to 18,488.08, and the FBM ACE Index erased 6.79 points to 5,661.38.
Sector-wise, the Financial Services Index soared 217.65 points to 18,173.08, the Plantation Index was 34.59 points higher at 7,203.64, the Industrial Products and Services Index edged up 0.12 of-a-point to 192.0, and the Energy Index fell 9.98 points to 953.44.
The Main Market volume expanded to 2.62 billion units valued at RM3.24 billion from 2.47 billion units valued at RM2.77 billion on Tuesday.
Warrants turnover advanced to 1.16 billion units worth RM155.05 million from 1.03 billion units worth RM117.90 million yesterday.
The ACE Market volume shrank to 632.07 million shares valued at RM221.80 million from 688.13 million shares valued at RM221.85 million previously.
Consumer products and services counters accounted for 314.57 million shares traded on the Main Market, industrial products and services (725.72 million), construction (270.22 million), technology (232.09 million), SPAC (nil), financial services (115.55 million), property (192.18 million), plantation (30.37 million), REITs (18.08 million), closed/fund (273,200), energy (278.48 million), healthcare (248.20 million), telecommunications and media (45.56 million), transportation and logistics (93.12 million), utilities (58.90 million), and business trusts (803,600 million). - Bernama
