Thursday 28 Mar 2024
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KUALA LUMPUR (May 28): The FBM KLCI closed up 0.54 point or 0.03% at 1,594.44 today after a final-hour nudge helped the 30-stock index finish in positive territory as investors weighed corporate financial results during the ongoing reporting season and after major Asian equity indices ended higher.

Across Bursa Malaysia at 5pm, there were 577 decliners versus 472 gainers.

A total of 8.82 billion securities were traded for RM4.19 billion today. Yesterday, 8.61 billion securities were transacted for RM7.33 billion.

The KLCI had languished in negative territory for almost the entire trading session today before closing up shortly before markets closed.

The KLCI had earlier today fallen to its intraday low of 1,580.78 points and rose to its intraday high of 1,594.62.

At a glance, the share price rise in KLCI-linked financial services providers including Hong Leong Bank Bhd and CIMB Group Holdings Bhd had partly helped erase losses in the final trading hour.

TA Securities Holdings Bhd senior technical analyst Stephen Soo told The Edge today that recovery plays such as the banking sector making a comeback are expected to aid the KLCI amid the Malaysian Government's plan to accelerate the Covid-19 vaccination scheme in the country.

On the KLCI closing flat today, Soo said the performance was within TA’s expectation because there was some "profit-taking interest” following yesterday’s 16.08-point or 1% surge to close at the day's high of 1,593.9.

Across Bursa today, six indices rose while 23 gauges fell. The Construction index rose the most in percentage terms after closing up 2.29%.

The Technology index was the top decliner after closing down 2.28%.

Across Bursa-listed companies, top gainers included Hong Leong Bank, Kumpulan Jetson Bhd and Telekom Malaysia Bhd (TM). Hong Leong Bank and TM announced their quarterly financial results yesterday (May 27) while Jetson filed its quarterly earnings report on May 19. Today, Hong Leong Bank’s share price closed up 34 sen or 1.86% at RM18.60 while Jetson hit limit up after finishing up 30 sen or 105.26% at 58.5 sen. Globally, it was reported that a rally in Asia put global equities on track for a seventh day of gains on Friday as investors bet the US will lead the world out of the Covid-19 pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration. It was reported that Tokyo led the advance, with the Nikkei jumping 2.1%. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.1% and hit its highest level this month, Reuters reported.
Edited ByChong Jin Hun
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