Gains on Bursa Malaysia were led by blue chips PPB Group Bhd, Amtel Holdings Bhd, Malaysian Pacific Industries Bhd (MPI) and Puncak Niaga Bhd
PPB’s share price jumped 50 sen to RM12.50 on volume of 2.7 million shares. Amtel rose 28 sen to 78 sen while MPI closed 20 sen higher at RM5.35. Puncak advanced 16 sen to RM3.12. Sime Darby Bhd, the country’s biggest planter gained 10 sen to RM7.45.
Analysts expected retail investors to continue to focus on laggards should the benchmark index be sustained above 1,100 points. Going forward, analysts expect trading volume would continue to improve.
However, some analysts cautioned that the equity market could remain volatile due to expectations of weak domestic economic data and the upcoming corporate results season. The Malaysian Institute of Economic Research has downgraded Msia’s GDP to -4.2 from -2.2 earlier on fragile business and consumer confidence.
Elsewhere in the region, the Singapore Straits Times Index closed 9.25 points higher at 2,398.67 while Hong Kong’s Hang Seng Index gained 103.21 to 18,361.87 points.
The Shanghai and Shenzhen Index fell 4.81 and 1.47 points to 3,183.74 and 1,076.38 respectively. Japan’s Nikkei 225 ended 74.91 points higher at 9,344.16.