Tynkr Lab wrote a post · Aug 9, 2024 14:21

Global Optimism Lifts Bursa Malaysia Higher at Midday

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Bursa Malaysia experienced a strong upward momentum by midday, driven by bullish global cues and renewed investor confidence in the resilience of the US job market. As the morning session progressed, the $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ added 8.96 points, climbing to 1,599.34, reflecting the positive sentiment that permeated the market.

Market Movements and Key Statistics

The market opened on a strong note, with the $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ surging 10.78 points to 1,601.16. It oscillated between 1,596.97 and 1,604.06 throughout the morning, reflecting the optimism among investors.

On the broader market, gainers overwhelmingly outpaced losers, with 1,039 counters advancing against 188 declining. Another 304 counters remained unchanged, while 911 were untraded, and 22 were suspended. Total turnover stood at 2.59 billion units worth RM1.45 billion, signaling a robust trading session.

Sector Performances and Active Stocks

Investors showed strong interest in sectors that are likely to benefit from ongoing global trends, particularly those linked to data centers and artificial intelligence. Key sectors such as construction, property, utilities, and technology saw substantial buying interest, signaling confidence in their growth potential.

Key Heavyweights:

• $MAYBANK (1155.MY)$ and $CIMB (1023.MY)$ both added two sen, reaching RM10.16 and RM7.32, respectively.
• $PBBANK (1295.MY)$ edged up by one sen to RM4.23.
• $MISC (3816.MY)$ climbed six sen to RM8.49.
• $TENAGA (5347.MY)$ saw a slight dip, shedding four sen to RM13.96.

Active Stocks:

• $CEB (5311.MY)$ rose by 2.5 sen to 50 sen.
• $EKOVEST (8877.MY)$ edged up by 1.5 sen to 40.5 sen.
• $ATAIMS (8176.MY)$ added 5.5 sen to 44 sen.
• $KGW (0282.MY)$ and $VELESTO (5243.MY)$ remained unchanged at 25 sen and 21.5 sen, respectively.

Indices and Market Sentiment

The broader indices reflected the market’s upbeat sentiment:

• $FTSE Bursa Malaysia EMAS Index (.FBMEMAS.MY)$: Jumped 135.27 points to 12,205.93.
• $FTSE Bursa Malaysia Top 100 Index (.FBM100.MY)$: Increased by 116.71 points to 11,838.69.
• $FTSE Bursa Malaysia ACE Index (.FBMMES.MY)$: Rose by 175.14 points to 5,374.53.
• $FTSE Bursa Malaysia Mid 70 Index (.FBM70.MY)$: Surged 361.01 points to 17,800.54.
• $FTSE Bursa Malaysia EMAS Shariah Index (.FBMS.MY)$: Firmed by 168.43 points to 12,358.17.

Sector-wise Performance:

• $Bursa Energy (0061I.MY)$: Improved by 14.92 points to 924.84.
• $Bursa Industrial Products & Services (0002I.MY)$: Gained 3.68 points to 181.71.
• $Bursa Technology (0005I.MY)$: Firmed by 2.57 points to 71.41.
• $Bursa Utilities (0065I.MY)$: Rose by 27.77 points to 1,774.20.
• $Bursa Finance Services (0010I.MY)$: Improved by 65.55 points to 18,085.16.
• $Bursa Plantation (0025I.MY)$: Bagged 40.38 points to 7,078.02.

The Bigger Picture

The positive momentum on Bursa Malaysia was bolstered by resilient global economic cues, particularly the decline in US jobless claims, which eased fears of a recession. The market’s rally was led by sectors poised to benefit from ongoing technological advancements and the strengthening of the ringgit. As investors continue to seek growth opportunities, the focus remains on sectors that are expected to thrive in the current economic environment.

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