Gains in index-linked counters lift Bursa Malaysia higher at close

KUALA LUMPUR: Bursa Malaysia ended higher today on persistent buying in index-linked counters due to bargain-hunting, as market sentiment was lifted by strong overnight gains on Wall Street.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.68 points to 1,551.48 from Monday’s close of 1,542.80.

After opening 2.09 points firmer at 1,544.89 this morning, the local index moved between 1,543.23 and 1,554.67 throughout the day.

On the broader market, gainers led losers 462 to 372, with 367 counters unchanged, 782 untraded and 36 others suspended.

Turnover increased to 2.76 billion shares worth RM2.25 billion from 2.41 billion shares worth RM1.91 billion yesterday.

A dealer said the FBM KLCI performed better today after both the Nasdaq Composite Index and S&P 500 closed at record highs on Monday.

“The Dow Jones Industrial Average rose 174.31 points to end at 29,276.82, a gain of 0.6%. The S&P 500 index advanced 24.38 points, or 0.7%, ending at 3,352.09 while the Nasdaq Composite added 107.88 points, or 1.1%, to finish at 9,628.39.

“Some traders on the local market also decided to take advantage of the current low prices to accumulate quality stocks, following yesterday’s losses,” he added.

On the regional front, Hong Kong’s Hang Seng Index rose 1.26% to 27,583.88, Singapore’s Straits Times Index was 0.43% higher at 3,176.82 and the Jakarta Composite Index ticked up 0.04% to 5,954.40.

Among heavyweights on Bursa Malaysia, Maybank added six sen to RM8.54, Tenaga rose 14 sen to RM12.64, Public Bank gained two sen to RM18.30 and Petronas Chemicals surged 27 sen to RM6.66.

Of the actives, MYEG soared 17 sen to RM1.33, Securemetric eased two sen to 18.5 sen and DGB Asia was half-a-sen lower at eight sen.

On the index board, the FBM Emas Index perked up 13.77 points to 11,038.29, the FBMT 100

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