Bursa ends first week of 2020 on firm note
Published on: Saturday, January 04, 2020
By: Bernama
File photo from Bernama.
Kuala Lumpur: Bursa Malaysia ended the first week of trading in 2020 on a firm note, thanks to the rise in crude oil prices which spurred buying across the board, especially in energy-related stocks.Reuters reported that crude oil prices surged more than four per cent Friday following news that the US air strikes had killed a top Iranian general, fanning fresh fears of a conflict in the crude-rich region.
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At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.88 points, or 0.55 per cent, to close at 1,611.38 from Thursday’s close of 1,602.50.
After opening at 1,606.31, the key index moved between 1,604.34 and 1,612.62 throughout the day.
Volume widened to 3.57 billion shares worth RM2.35 billion from 3.35 billion shares worth RM1.85 billion on Thursday.
Rakuten Trade Sdn Bhd Vice-President of Research Vincent Lau said the increase in crude oil prices would be a boon for Malaysia as the country is a net exporter of oil and gas (O&G).
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“Similar to Thursday’s trading, buying was mainly in small-cap and penny stocks, which lifted the volume to surpass 3.5 billion shares on Friday,” he told Bernama.
However, AxiTrader Chief Asia Market Strategist Stephen Innes cautioned that the higher crude oil prices could be a double-edged sword.
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“It will be good for the O&G KLCI constituents, but it could also be a bit of a dampener for economic growth among Malaysia’s key trade partners, so exporters are not exactly revelling,” he said.
Among the 30 FBM KLCI counters, Maxis rose 13 sen to RM5.52, Digi added 12 sen to RM4.60, IOI Corporation improved nine sen to RM4.74, Petronas Chemicals increased six sen to RM7.46 and Hong Leong Financial was 40 sen higher at RM17.52.
The top 10 actives were dominated by energy-related counters, led by Sapura Energy which was unchanged at 27.5 sen.
Others included Hibiscus and its warrant, which rose 2.5 sen and five sen respectively to 99.5 sen and 25.5 sen respectively, while Velesto and Bumi Armada were unchanged at 38.5 sen and 53.5 sen.
Top gainers are Allianz-PA, which increased RM1.06 to RM17.00, Carlsberg expanded 80 sen to RM30.48, Allianz advanced 30 sen to RM16.90, Genting Plantations rose 24 sen to RM10.80 and Heineken was 22 sen higher at RM27.48.
The FBM Emas Index strengthened 62.85 points to 11,475.50 and the FBM Emas Shariah Index was 87.72 points higher at 12,104.30.
The FBMT 100 Index put on 66.81 points to 11,266.92, the FBM 70 jumped 104.50 points to 14,377.49 and the FBM Ace gained 44.06 points to 5,426.07.
Sector-wise, the Financial Services Index improved 65.28 points to 15,685.74, the Plantation Index advanced 31.13 points to 7,810.20 and the Industrial Products and Services Index edged up 0.73 of-a-point to 155.96.
Main Market volume rose to 2.75 billion shares worth RM2.16 billion versus 2.26 million shares worth RM1.59 billion on Thursday.
Warrants turnover increased to 280.92 million units valued at RM44.14 million from 215.91 million units valued at RM42.03 million on Thursday.Stay up-to-date by following Daily Express’s Telegram channel.
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