Bursa breaches 1,590 resistance level on 11th hour buying

Malacca Securities Sdn Bhd senior expert Kenneth Leong said the purchasing revenue was pushed by the solid corporate profit for the quarter finished March 31, 2021, delivered today.

At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 16.08 focuses or 1.02% higher at 1,593.90 contrasted and 1,577.82 at Tuesday’s nearby.

The list opened 1.54 focuses firmer at 1,579.36 and moved somewhere in the range of 1,576.77 and 1,593.90 for the duration of the day.

Market broadness was positive with gainers dwarfing failures 555 to 491, while 464 counters were unaltered, 681 untraded and 39 others suspended.

On the more extensive market, purchasing energy was solid with absolute volume growing to 8.61 billion units worth RM7.33 billion from 6.33 billion units worth RM3.84 billion yesterday.

As per Leong, a huge number of monetary outcomes delivered today expanded danger craving among financial backers.

“We have seen organizations, for example, Petronas Chemicals (PChem), Hong Leong Financial Group (HLFG), Maybank, Telekom and RHB report more grounded quarterly outcomes contrasted with a similar period a year ago,” he told Bernama.

Among the 30 FBM KLCI counters, Public Bank acquired 10 sen to RM4.27, Axiata gathered 18 sen to RM3.68, Maxis expanded 21 sen to RM4.83, HLFG flooded RM1.24 to RM18.24 and PChem hopped 17 sen to RM8.17.

PChem delivered its monetary outcomes today, which showed a leap in net benefit to RM1.46 billion in the main quarter finished March 31, 2021, from RM506 million per year sooner. This was generally because of enhancements in both raw petroleum and petrochemicals costs, supported by worldwide interest recuperation.

In the mean time, HLFG, which is likewise the top gainer no matter how you look at it, saw its net benefit flood to RM577.27 million in the second from last quarter finished March 31, 2021, from RM339.20 million in the earlier year’s relating period attributable to higher commitments from all divisions.

Of the actives, Privasia added 4.5 sen to 30.5 sen, Dagang Nexchange livened 6.5 sen to 80 sen and its warrants progressed five sen to 29 sen, Progressive Impact was 2.5 sen firmer at 21.5 sen, and Kejuruteraan Asastera warrants were 4.5 sen higher at 11 sen.

Top advancers included Nestle which took off RM1.20 to RM136.50, and Carlsberg which grew 98 sen to RM22.58. Petronas Dagangan was 66 sen firmer at RM19.48, Mega First reinforced 64 sen to RM7.60 and Hong Leong Bank earned 62 sen to RM18.26.

On the list board, the FBM Emas Index bounced 106.23 focuses to 11,598.53 and the FBMT 100 Index reinforced 107.80 focuses to 11,289.74.

The FBM Emas Shariah Index climbed 104.57 focuses to 12,891.83, the FBM 70 acquired 118.87 focuses to 14,952.90 and the FBM ACE was 87.74 focuses firmer at 7,937.47.

Area shrewd, the Financial Services Index jumped 238.51 focuses to 15,132.50, the Plantation Index rose 24.41 focuses to 6,964.63, and the Industrial Products and Services Index ticked up 2.33 focuses to 194.39.

Fundamental Market volume enlarged to 5.23 million offers worth RM6.37 billion from 3.89 billion offers worth RM3 billion on Tuesday.

Buyer items and administrations represented 639.45 million offers exchanged on the Main Market, modern items and administrations (1.64 billion), development (270.55 million), innovation (1.41 billion), SPAC (nil), monetary administrations (205.35 million), property (208.76 million), estate (81.31 million), REITs (10.49 million), shut/store (3,700), energy (279.85 million), medical care (181.98 million), broadcast communications and media (144.10 million), transportation and coordinations (99.88 million), and utilities (62.69 million).

The market was shut yesterday related to the Wesak Day festivity.

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