Bursa Malaysia ends higher lifted by plantation, construction stocks

KUALA LUMPUR: Bursa Malaysia closed at its intraday high on Monday, driven by bargain hunting in heavyweights with a focus on plantation and construction stocks.

At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 12.45 points, or 0.77 per cent, to 1,616.43 from Friday’s close of 1,603.98.

The benchmark index opened 3.77 points firmer at 1,607.75, reaching its lowest point of the day, before making an upward climb throughout the day.

Market breadth was positive, with advancers trouncing decliners 537 to 485, while 502 counters were unchanged, 877 untraded, and 30 suspended.

Turnover slipped to 2.41 billion units valued at RM2.15 billion versus 2.47 billion units valued at RM2.14 billion last week.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that bargain hunting in plantation stocks continued from last week as crude palm oil futures approached RM5,000 per tonne today.

“On the domestic front, the outlook remains cautiously optimistic. Investors are encouraged to stay alert due to rising market volatility and uncertainties coming from global developments such as geopolitical tensions and the US presidential election.

“Currently, the FBM KLCI remains in consolidation mode due to below-average trading volumes. We anticipate that this consolidation phase will persist until there is a notable increase in market participation. We expect the benchmark index to move within the 1,610-1,630 range for the week,” he told Bernama.

Meanwhile, UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan said the market saw bargain hunting from both local and foreign investors as they positioned themselves ahead of key global events.

“Major developments, including the US presidential election, the upcoming Federal Open Market Committee (FOMC) meeting, and Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) meeting, are expected to inject short-term volatility into the market.

“While many anticipate a 25-basis-point rate cut by the FOMC and a hold by BNM, the uncertainty surrounding the US election continues to cloud the outlook,” he added.

Among the heavyweights, Tenaga Nasional jumped 18.0 sen to RM14.08, CIMB Group advanced 9.0 sen to RM8.04, IHH Healthcare added 5.0 sen to RM7.33, Maybank rose 4.0 sen to RM10.44, and Public Bank slipped 4.0 sen to RM4.42.

Among the actives, Cape EMS climbed 3.5 sen to 34.5 sen, Bahvest Resources rose 9.5 sen to 93.5 sen, and Sorento Capital advanced 2.0 sen to 39.5 sen, while Pegasus Heights eased by 0.5 sen to 0.5 sen and Ta Win Holdings fell by 1.0 sen to 1.5 sen.

On the index board, the FBM Emas Index climbed 77.46 points to 12,205.80, the FBMT 100 Index rose 77.40 points to 11,917.19, the FBM Emas Shariah Index surged 92.84 points to 12,195.28, the FBM 70 Index gained 61.97 points to 17,740.90, and the FBM ACE Index garnered 62.46 points to 5,058.81.

Sector-wise, the Financial Services Index increased 43.92 points to 19,048.68, the Industrial Products and Services Index edged up 1.33 points to 174.90, and the Energy Index perked up 3.60 points to 842.40, and the Plantation Index advanced 123.52 points to 7,579.89.

The Main Market volume expanded to 1.32 billion units worth RM1.85 billion from Friday’s 1.23 billion units worth RM2.25 billion.

Warrants turnover swelled to 609.49 million units valued at RM104.46 million from 579.27 million units valued at RM88.66 million previously.

The ACE Market volume increased to 481.89 million units worth RM190.91 million versus 331.46 million units worth RM106.75 million last Friday.

Consumer products and services counters accounted for 193.29 million shares traded on the Main Market, industrial products and services (324.11 million), construction (84.27 million), technology (146.47 million), SPAC (nil), financial services (69.93 million), property (164.50 million), plantation (88.03 million), REITs (14.95 million), closed/fund (547,300), energy (90.22 million), healthcare (57.56 million), telecommunications and media (22.94 million), transportation and logistics (26.85 million), utilities (40.18 million), and business trusts (8,100).

Meanwhile, Bursa Malaysia Securities Bhd announced in a statement that DS Sigma Holdings Bhd’s shares will be transferred from the ACE Market to the Main Market under the “Industrial Products and Services” sector, effective Nov 6. – Bernama