The Malaysian stock exchange (Bursa Malaysia) has risen as a result of cautious buying

[ASEAN NOW Content Team]

 

According to an analyst, the Bursa Malaysia closed modestly higher due to late purchasing interest in certain heavyweights such as gloves, banking, and oil and gas companies.

The FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 0.35 of a point to 1,606.32 at 5 p.m., compared to a close of 1,605.97 on Monday.

Due to the Maulidur Rasul holiday, Bursa Malaysia and its subsidiaries were closed on Tuesday.

The benchmark index, which opened 5.86 points higher at 1,611.83, fluctuated throughout the day between 1,601.31 and 1,613.35 points.

 

Market breadth, on the other hand, was negative, with losers outnumbering gainers 619 to 511, while 447 counters remained unchanged, 706 remained untraded, and one counter was halted.

On Monday, turnover was 4.61 billion units worth RM2.91 billion, but on Tuesday, it was 4.29 billion units worth RM3.11 billion.

 

Nestle gained seven sen to RM134.00, Hong Leong Financial Group Bhd gained 16 sen to RM18.54, and Petronas Gas gained two sen to RM16.98 as the top gainers.

Thong Pak Leng, vice-president of stock research at Rakuten Trade Sdn Bhd, said the FBM KLCI's performance was in line with its regional rivals, with investors tracking Wall Street's overnight advances following higher US corporate profits and foreign purchasing.

"With consistent buying from foreign funds, we believe the prognosis for the local equities market will stay good, as we have witnessed that our regional peers are benefiting from foreign funds inflow."

 

"We expect the FBM KLCI to trade in the 1,600-1,610 region for the remainder of the week, with some profit-taking activity.
At 1,620, we see quick resistance, and at 1,565, we see immediate support "Bernama was informed by him.

Maybank was unchanged at RM8.31, Public Bank rose four sen to RM4.27, Petronas Chemicals rose five sen to RM8.80, and Tenaga and IHH Healthcare both fell six sen to RM6.60 and RM9.76, respectively.

Daya Materials, M3Tech, and Joe Holding all gained half a cent to two sen, 6.5 sen, and five sen, respectively, in the actives, while Macpie remained unchanged at 13 sen.