The local market’s commendable showing was amid a mixed regional performance.
PETALING JAYA: Bursa Malaysia’s benchmark index has gained 0.81%, closing at a fresh 44-month high yesterday, buoyed by robust sentiment amid strong earnings in the financial services sector.
The local market’s commendable showing was amid a mixed regional performance, ahead of the release of the US personal consumption expenditures index, due Friday, that will provide further clues on how much the US Federal Reserve (Fed) is likely to cut interest rates.
At the close, the FBM KLCI rose 13.33 points to 1,652.29 from Monday’s close of 1,638.96. This was the highest closing since Dec 21, 2020, when the index closed at 1,647.89.
The index opened 0.20 of-a-point higher at 1,639.16, its intra-day low, and later hit an intra-day high of 1,653.12 in the afternoon session.
However, the broader market was weaker as losers outnumbered gainers by 640 to 476, with 452 counters unchanged, 958 untraded, and 25 others suspended.
Turnover expanded to 3.18 billion units valued at RM3.19bil from 2.82 billion units valued at RM2.62bil on Monday.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the performance was led by sectors linked to the data-centre supply chain, such as telecommunications, alongside the construction sector.
“The construction sector exhibited an uptrend following a period of stagnation last week. Beyond the data-centre narrative, we foresee a significant revitalisation of the construction industry,” he told Bernama.
Among heavyweights, Malayan Banking Bhd
jumped 16 sen to RM10.70, Public Bank Bhd advanced 17 sen to RM4.68, CIMB Group Holdings Bhd increased four sen to RM7.93, while Tenaga Nasional Bhd was flat at RM13.92.
IHH Healthcare Bhd eased one sen to RM6.30. — Bernama
