KUALA LUMPUR, July 25 — Bursa Malaysia extended its gaining streak for a fourth consecutive trading day on Tuesday, in line with most key regional indices and persistent buying mainly on banking and commodity-related stocks, said an analyst.
At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.85 per cent or 12.10 points to 1,436.79 from 1,424.69 at yesterday’s close.
The market bellwether opened 1.07 points higher at 1,425.76 this morning and moved between 1,425.76 and 1,437.81 throughout the day.
Turnover stood at 3.72 billion units worth RM2.31 billion.
In the last four trading days, the FBM KLCI gained 33.76 points.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI had broken four resistance levels (1,390, 1400, 1,415, and 1,430) since July 7, 2023, thanks to buying support from foreign funds.
“We believe the local market undertone should remain steady due to improving investor sentiment and the index to stay positive going forward although we do not discount the possibility of profit takings shortly.
“In the meantime, there was an uptick in crude oil prices due to indications of reduced supplies and assurances from China’s authorities to boost their economy,” he told Bernama.
In addition, Thong cited yesterday’s report that Petronas Carigali had announced six significant oil and gas discoveries off the coast of Sarawak.
Given these discoveries and the surge in crude oil prices, he believes these would provide an opportunity for short-term play for the oil and gas sector.
“We raise our weekly FBM KLCI target from 1,415-1,430 to 1,430-1,450 with immediate resistance at 1,445 while support at 1,400,” Thong said.
Among the heavyweights, Maybank rose six sen to RM8.98, Public Bank added seven sen to RM4.05, CIMB widened eight sen to RM5.43, TNB edged up one sen to RM9.47 and Petronas Chemicals surged 26 sen to RM6.76.
Of the active counters, Classita Holdings went down 2.5 sen to 12.5 sen, Hong Seng Consolidated increased one sen to 9.5 sen, ACE Market debutant MYMBN bagged six sen to 27 sen, UEM Sunrise grew by four sen to 47.5 sen, while AT Systematization was flat at one sen.
On the index board, the FBM Emas Index gained 83.48 points to 10,590.56, the FBMT 100 Index was 80.68 points higher at 10,276.57, the FBM Emas Shariah Index increased 64.44 points to 10,875.32, the FBM 70 Index climbed 85.16 points to 13,984.26, and the FBM ACE Index garnered 1.81 points to 5,321.67.
Sector-wise, the Financial Services Index ballooned 182.34 points to 16,004.63, the Plantation Index increased 62.71 points to 7,198.02, the Energy Index inched up 6.59 points to 830.20, and the Industrial Products and Services Index rose 3.42 points to 166.30.
The Main Market volume advanced to 2.53 billion units valued at RM2.02 billion from 2.32 billion units valued at RM1.53 billion yesterday.
Warrant turnover expanded to 498.07 million units worth RM75.70 million versus 462.79 million units worth RM63.61 million previously.
The ACE Market volume soared to 694.15 million shares valued at RM220.44 million compared to 512.28 million shares valued at RM189.02 million yesterday.
Consumer products and services counters accounted for 702.19 million shares traded on the Main Market, industrial products and services (477.57 million); construction (109.71 million); technology (290.99 million); SPAC (nil); financial services (119.30 million); property (374.39 million); plantation (70.44 million); REITs (13.73 million), closed/fund (39,700); energy (185.14 million); healthcare (61.16 million); telecommunications and media (24.51 million); transportation and logistics (24.13 million); and utilities (74.11 million). — Bernama