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Bursa Malaysia Closes Higher on Strong Buying in Key Sectors
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Bursa Malaysia maintained its positive momentum in the midday session, driven by strong buying in the financial, plantation, and property sectors. The $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ rose by 7.04 points, or 0.43%, to close at 1,626.10, building on Friday’s close of 1,619.06.
Significant Movers
• $Bursa Finance Services (0010I.MY)$: Showed robust performance, contributing significantly to the overall market gains.
• $Bursa Plantation (0025I.MY)$: Also saw increased buying interest, adding to the positive market sentiment.
• $Bursa Property (0020I.MY)$: Boosted by expectations of higher demand driven by data centre developments.
Market Trends
The broader market reflected a positive trend with gainers outnumbering losers 625 to 443. The market sentiment was buoyed by a rebound on Wall Street, encouraging traders to increase their exposure to local stocks.
Commodities Market
• $Crude Oil Futures Current Contract (CLcurrent.US)$: Trading around US$84 to US$85.
• $Gold Futures Current Contract (FGLDcurrent.MY)$: Firmly above US$2,400, supported by a weaker dollar and anticipated rate cuts in the latter half of 2024.
• $Crude Palm Oil Futures Current Contract (FCPOcurrent.MY)$: Rebounded off RM3,900.
Outlook
With positive catalysts from data centre developments and a favorable commodities market, the buying momentum is expected to continue, providing buy-on-dip opportunities. Investors are encouraged to watch for selected stocks in the gloves, solar, and packaging sectors for potential gains.
• $Bursa Finance Services (0010I.MY)$: Showed robust performance, contributing significantly to the overall market gains.
• $Bursa Plantation (0025I.MY)$: Also saw increased buying interest, adding to the positive market sentiment.
• $Bursa Property (0020I.MY)$: Boosted by expectations of higher demand driven by data centre developments.
Market Trends
The broader market reflected a positive trend with gainers outnumbering losers 625 to 443. The market sentiment was buoyed by a rebound on Wall Street, encouraging traders to increase their exposure to local stocks.
Commodities Market
• $Crude Oil Futures Current Contract (CLcurrent.US)$: Trading around US$84 to US$85.
• $Gold Futures Current Contract (FGLDcurrent.MY)$: Firmly above US$2,400, supported by a weaker dollar and anticipated rate cuts in the latter half of 2024.
• $Crude Palm Oil Futures Current Contract (FCPOcurrent.MY)$: Rebounded off RM3,900.
Outlook
With positive catalysts from data centre developments and a favorable commodities market, the buying momentum is expected to continue, providing buy-on-dip opportunities. Investors are encouraged to watch for selected stocks in the gloves, solar, and packaging sectors for potential gains.
$VELESTO (5243.MY)$ $EKOVEST (8877.MY)$ $JAKS (4723.MY)$ $JTGROUP (0292.MY)$ $AIMFLEX (0209.MY)$ $WCT (9679.MY)$ $MPAY (0156.MY)$ $ARMADA (5210.MY)$ $CEB (5311.MY)$ $KGW (0282.MY)$ $IWCITY (1589.MY)$ $NOVAMSC (0026.MY)$ $AZRB (7078.MY)$ $SIMEPROP (5288.MY)$ $MMAG (0034.MY)$ $UUE (0310.MY)$ $TECHNAX (2739.MY)$ $ASTRO (6399.MY)$ $GBGAQRS (5226.MY)$ $ATAIMS (8176.MY)$ $RAMSSOL (0236.MY)$ $G3 (7184.MY)$ $IJM (3336.MY)$ $RENEUCO (7130.MY)$ $MIKROMB (0112.MY)$ $AHB (7315.MY)$ $BINTAI (6998.MY)$ $KENERGY (0307.MY)$ $SNS (0259.MY)$ $TANCO (2429.MY)$ $MRCB (1651.MY)$ $SNTORIA (5213.MY)$ $BJCORP (3395.MY)$ $MYEG (0138.MY)$ $XL (7121.MY)$ $DATAPRP (8338.MY)$
$NOTION (0083.MY)$ $AFFIN (5185.MY)$ $THETA (9075.MY)$ $MRCB (1651.MY)$ $ATAIMS (8176.MY)$ $IOIPG (5249.MY)$ $YTL (4677.MY)$ $JCY (5161.MY)$ $JAG (0024.MY)$ $XL (7121.MY)$ $TOPGLOV (7113.MY)$ $SUNCON (5263.MY)$ $PERTAMA (8532.MY)$ $SIME (4197.MY)$ $GENM (4715.MY)$ $CMSB (2852.MY)$ $RAMSSOL (0236.MY)$ $SNS (0259.MY)$ $TENAGA (5347.MY)$ $GENTING (3182.MY)$ $MYEG (0138.MY)$ $TANCO (2429.MY)$ $KENERGY (0307.MY)$ $PMETAL (8869.MY)$ $PCHEM (5183.MY)$ $TM (4863.MY)$ $VS (6963.MY)$ $ARMADA (5210.MY)$ $IHH (5225.MY)$ $BURSA (1818.MY)$ $UUE (0310.MY)$ $RHBBANK (1066.MY)$ $IWCITY (1589.MY)$ $PBBANK (1295.MY)$ $CIMB (1023.MY)$ $CEB (5311.MY)$ $JTGROUP (0292.MY)$ $YTLPOWR (6742.MY)$ $SUNWAY (5211.MY)$ $MAYBANK (1155.MY)$ $SIMEPROP (5288.MY)$ $WCT (9679.MY)$ $GAMUDA (5398.MY)$ $EKOVEST (8877.MY)$ $IJM (3336.MY)$ $VELESTO (5243.MY)$
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