FBM KLCI closed higher after four straight days of losses

Share prices on the Malaysia stock exchange closed generally lower Thursday but the benchmark index settled slightly higher, bucking the regional trend.

The FBM KLCI added 4.14 points or 0.33% to 1,259.90 points, slightly below the day’s highest range of 1,260.24 points. The index opened 0.56 of a point higher at 1,256.32 points and moved to a low of 1,255.80 points during the day. Trading band was only 4.44 points.

Market breadth was however negative with losers leading gainers 334 to 279 on a lower volume of 572 million shares worth RM818 million against 624 million shares valued at RM896 million Wednesday.

Of the 30 components of KLCI, 23 closed in the positive territory, only one ended lower while the remaining six settled unchanged. Volume for the component stock was 67 million shares worth RM411 million.

TA Securities in a research note said having closed at a low for the past three trading days, short-term technical momentum for the bluechip benchmark will be oversold, hence a technical rebound should follow.

The FBM Emas Index increased 23.449 points to 8,389.02, the FBM Top 100 Index rose 26.66 points to 8,203.15 and the FBM 70 Index gained 25.06 points to 8,077.28 but the FBM ACE Index declined 9.88 points to 4,266.45. The Plantation Index slipped 14.67 points to 6,236.94, the Finance Index gained 55.601 points to 10,849.91 and the Industrial Index rose 10.12 points to 2,673.21.

Decliners outpaced advancers 334 to 279 while 255 counters were unchanged and 412 others untraded.

Volume declined to 572.191 million shares valued at RM818.013 million compared to yesterday's 623.886 million shares worth RM896.117 million.

Leading the actives, DSC Solutions declined 6.5 sen to 68 sen, Eti Tech fell 2.5 sen to 47.5 sen and Time Engineering increased one sen to 41.5 sen.
Among the bluechips, Sime Darby closed unchanged at RM8.94, Maybank rose two sen to RM6.73, CIMB increased four sen to RM12.86 and Maxis added one sen to RM5.36.

Turnover on the Main Market decreased to 434.287 million shares valued at RM761.950 million compared to yesterday's 450.938 million shares worth RM813.494 million.