STOCK EXCHANGE Malaysia ended its three-day losing streak on Wednesday despite an uncertain local political scenario as investors continued to wait for the minutes of the United States Federal Reserve (Fed) meeting for clues on interest rate hikes by the developed country.
At 5pm this afternoon, the main benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.21 points to a daily high of 1,443.5 compared to 1,441.29 on Tuesday.
The main indicator index which opened down 9.39 points at 1,431.9 this morning, witnessed an erratic flow and even reached a low of 1,41,431.61 following the sentiment in the market amid the turmoil of the 10th Malaysian prime minister’s election which has not yet ended.
However, the increase achieved by the shares of Press Metal, Sime Darby Plantation, Petronas Chemicals and IHH Healthcare helped to inject support for the composite index which increased by 4,838 points.
In the broader market, gainers and losers were not much different at 389 versus 382 while 417 other counters were unchanged, 1,113 were not traded and 84 others were suspended.
Trading volume decreased significantly to 2.68 billion units worth RM1.63 billion compared to 4.57 billion units worth RM2.11 billion, yesterday.
Rakuten Trade Sdn Bhd’s Vice President of Equity Research, Thong Pak Leng, described the continued speculation as significant, causing market participants to prefer not to take any positions in order to obtain clearer indications.
“We expect sentiment to be more cautious for the next few days until the situation is clearer (regarding current political developments),” he told Bernama.
He also projected that the FBM KLCI would hover around 1,430 and 1,450, tomorrow.
In the meantime, a Special Discussion of the Malay Rulers will be held tomorrow to enable the Yang di-Pertuan Agong, Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah to get the views of the Malay Rulers regarding the formation of the new government.
The Prime Minister of the interim government, Datuk Seri Ismail Sabri Yaakob, said that the government, which also involves members of Parliament who are contesting in the 15th General Election (GE15), will continue to carry out its responsibilities.
He said that a special session of the Dewan Rakyat will be held for the re-presentation of the 2023 Budget so that the salaries of civil servants can be paid before December 31 if the new government has not yet been formed.
Meanwhile in the local market, heavyweights such as Maybank gained one sen to RM8.55, Petronas Chemicals gained eight sen to RM8.78, IHH Healthcare gained seven sen to RM5.99 while CIMB remained unchanged at RM5.51.
Public Bank on the other hand lost one sen to RM4.28, Tenaga lost two sen to RM8.42 while Hong Leong Bank lost eight sen to RM20.48.
As for active shares, Advance Synergy dropped half a sen to 17.5 sen, Eden gained 1.5 sen to 19 sen, Malayan United was unchanged at 10 sen while in the ACE Market, ECA Integrated jumped 58.5 sen to 75.5 sen with a total of 144.45 million shares changing hands. .
On the index board, the FBM Emas Index rose 19.06 points to 10,266.22, the FBMT 100 Index added 20.8 points to 9,997.43, the FBM Emas Syariah Index jumped 37.47 points to 10,416.73, the FBM 70 gained 47.61 points to 12,251.24 and the FBM ACE increased 1.3 points to 4,973.73.
In terms of sectors, the Industrial Products and Services Index rose 1.01 points to 179.86, the Energy Index rose 14.58 points to 743.86 and the Plantation Index gained 25.47 points to 6,867.69.
The Financial Services Index however decreased by 3.7 points to 16,168.21.
Trading volume on the Main Market fell to 1.84 billion shares worth RM1.33 billion from 3.94 billion shares worth RM1.94 billion on Tuesday.
Warrants, on the other hand, recorded a reduced turnover to 259.02 million units worth RM48.58 million from 320.19 million units worth RM58.11 million, yesterday.
In the ACE Market, the trading volume increased to 583.73 million shares worth RM256.22 million from 312.46 million shares worth RM115.94 million previously.
The consumer products and services counter accounted for 860.59 million shares traded on the Main Market while industrial products and services (286.44 million), construction (35.04 million), technology (90.1 million), SPAC (nil), financial services (57.06 million), real estate ( 112.99 million), plantations (23.39 million), REITs (5.28 million), closed-end funds (5,000), energy (112.74 million), healthcare (62.21 million), telecommunications and media (16.61 million), transport and logistics (29.33 million) as well as utilities (149.23 million). – Named
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