Bursa Malaysia Rises as YTL-Related Stocks Lead Gains
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Bursa Malaysia saw gains at midday, primarily driven by the strong performance of YTL-related stocks following $YTL (4677.MY)$ announcement of a significant increase in net profit. $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ rose by 0.12% or 1.99 points, closing at 1,637.31. The index opened stronger at 1,640.33 and fluctuated between 1,634.69 and 1,641.12 during the morning session.
Market Breadth
On the broader market, decliners outnumbered advancers with 545 losing stocks against 377 gainers. 452 counters remained unchanged, while 1,123 counters were untraded, and eight counters were suspended. Total turnover reached 2.19 billion units, valued at RM1.42 billion.
Sector and Stock Performance
• $YTLPOWR (6742.MY)$: Rose 35.0 sen to RM4.10, contributing significantly to the market’s performance.
• $ELRIDGE (0318.MY)$: Increased 8.5 sen to 37.5 sen.
• $MYEG (0138.MY)$: Gained 1.0 sen to 93 sen.
• $YTLPOWR (6742.MY)$, $PCHEM (5183.MY)$, and $YTL (4677.MY)$ collectively added 9.49 points to the key index.
On the downside, key heavyweights experienced declines:
• $MAYBANK (1155.MY)$: Fell 8.0 sen to RM10.44.
• $CIMB (1023.MY)$: Dropped 4.0 sen to RM7.85.
• $TENAGA (5347.MY)$: Eased 6.0 sen to RM13.84.
• $PBBANK (1295.MY)$: Decreased 4.0 sen to RM4.59.
• $IHH (5225.MY)$: Fell 1.0 sen to RM6.31.
Index Performance
Market Breadth
On the broader market, decliners outnumbered advancers with 545 losing stocks against 377 gainers. 452 counters remained unchanged, while 1,123 counters were untraded, and eight counters were suspended. Total turnover reached 2.19 billion units, valued at RM1.42 billion.
Sector and Stock Performance
• $YTLPOWR (6742.MY)$: Rose 35.0 sen to RM4.10, contributing significantly to the market’s performance.
• $ELRIDGE (0318.MY)$: Increased 8.5 sen to 37.5 sen.
• $MYEG (0138.MY)$: Gained 1.0 sen to 93 sen.
• $YTLPOWR (6742.MY)$, $PCHEM (5183.MY)$, and $YTL (4677.MY)$ collectively added 9.49 points to the key index.
On the downside, key heavyweights experienced declines:
• $MAYBANK (1155.MY)$: Fell 8.0 sen to RM10.44.
• $CIMB (1023.MY)$: Dropped 4.0 sen to RM7.85.
• $TENAGA (5347.MY)$: Eased 6.0 sen to RM13.84.
• $PBBANK (1295.MY)$: Decreased 4.0 sen to RM4.59.
• $IHH (5225.MY)$: Fell 1.0 sen to RM6.31.
Index Performance
• $FTSE Bursa Malaysia EMAS Index (.FBMEMAS.MY)$: Increased by 1.75 points to 12,410.54.
• $FTSE Bursa Malaysia Top 100 Index (.FBM100.MY)$: Gained 5.49 points to 12,071.04.
• $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.MY)$: Rose 19.73 points to 12,368.60.
Conversely, some indices experienced losses
• $FTSE Bursa Malaysia ACE Index (.FBMMES.MY)$: Fell by 33.50 points to 5,302.78.
• $FTSE Bursa Malaysia Mid 70 Index (.FBM70.MY)$: Decreased by 25.90 points to 17,970.33.
Sectoral Indices
• $Bursa Plantation (0025I.MY)$: Rose 49.34 points to 7,159.05.
• $Bursa Industrial Products & Services (0002I.MY)$: Increased by 0.97 points to 183.21.
On the other hand, the following sectors experienced declines:
• $Bursa Finance Services (0010I.MY)$: Dropped by 106.31 points to 19,071.65.
• $Bursa Energy (0061I.MY)$: Decreased by 10.04 points to 925.68.
Market Outlook
Despite the gains led by YTL-related stocks, profit-taking activities remained prevalent, following the trend seen in regional peers. Investors have shown renewed interest in the consumer and financial sectors, spurred by a stronger ringgit environment. Meanwhile, the ongoing monkeypox outbreak may present opportunities in healthcare stocks.
With the positive performance on Wall Street, a spillover of buying support into the local technology sector is also anticipated.
• $FTSE Bursa Malaysia Top 100 Index (.FBM100.MY)$: Gained 5.49 points to 12,071.04.
• $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.MY)$: Rose 19.73 points to 12,368.60.
Conversely, some indices experienced losses
• $FTSE Bursa Malaysia ACE Index (.FBMMES.MY)$: Fell by 33.50 points to 5,302.78.
• $FTSE Bursa Malaysia Mid 70 Index (.FBM70.MY)$: Decreased by 25.90 points to 17,970.33.
Sectoral Indices
• $Bursa Plantation (0025I.MY)$: Rose 49.34 points to 7,159.05.
• $Bursa Industrial Products & Services (0002I.MY)$: Increased by 0.97 points to 183.21.
On the other hand, the following sectors experienced declines:
• $Bursa Finance Services (0010I.MY)$: Dropped by 106.31 points to 19,071.65.
• $Bursa Energy (0061I.MY)$: Decreased by 10.04 points to 925.68.
Market Outlook
Despite the gains led by YTL-related stocks, profit-taking activities remained prevalent, following the trend seen in regional peers. Investors have shown renewed interest in the consumer and financial sectors, spurred by a stronger ringgit environment. Meanwhile, the ongoing monkeypox outbreak may present opportunities in healthcare stocks.
With the positive performance on Wall Street, a spillover of buying support into the local technology sector is also anticipated.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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