KUALA LUMPUR (July 29): Bursa Malaysia ended the week marginally higher, supported by last-minute buying in selected heavyweight counters, led by Tenaga Nasional Bhd and Sime Darby Plantation Bhd, analysts said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.07% or 1.03 points higher to finish at 1,492.23 from Thursday’s close of 1,491.2.

Tenaga Nasional added 20 sen to RM8.26, while Sime Darby Plantation rose 13 sen to RM4.36. These counters contributed a combined 3.5 points to the FBM KLCI.

The benchmark index, which opened 0.03 points easier at 1,491.17, hit its intraday low of 1,488.07 at mid-afternoon and intraday high of 1,497.53 at mid-morning.

The overall market breadth was positive with gainers outnumbering losers 557 to 383, while 412 counters were unchanged, 935 untraded, and 54 others suspended.

Total turnover was reduced to 2.79 billion units worth RM1.98 billion from 2.83 billion units worth RM1.81 billion on Thursday.

Malacca Securities Sdn Bhd senior analyst Kenneth Leong said the FBM KLCI marched higher at the opening bell but encountered some quick profit-taking activities during midday following Thursday’s sharp rally.

“Nevertheless, the final-hour buying support in selected index heavyweights sent the key index to close marginally higher [on Friday].

“Moving forward into August, we are entering the quarterly reporting month and corporate earnings releases will dictate market movement," he told Bernama.

Technically, he noted the resistance is set at 1,500, while support is pegged at 1,460.

Meanwhile, Rakuten Trade Sdn Bhd vice president of equity research Thong Pak Leng opined Malaysian equities continued to trend higher with buying mainly in technology, plantation and energy stocks.

“Despite the cautious market undertone in the region, we expect the FBM KLCI to continue its uptrend in the near term given the cheap valuations of local stocks, continuous inflow of foreign investors and the improving macroeconomic situation in the country.

“Hence, we anticipate the FBM KLCI to test the 1,500 psychological level and [trend] within the range of 1,490 to 1,510 next week," he said.

Thong told Bernama that after breaking the 1,500 level, the FBM KLCI should see the next resistance at 1,530, with support at 1,460.

Among the heavyweights, Malayan Banking Bhd improved one sen to RM8.86, Petronas Chemicals Group Bhd declined three sen to RM8.88, CIMB Group Holdings Bhd decreased seven sen to RM5.21, while both Public Bank Bhd and IHH Healthcare Bhd were flat at RM4.64 and RM6.39 respectively.

Of the actives, CSH Alliance Bhd was two sen lower at seven sen, Metronic Global Bhd and Sapura Energy Bhd trimmed half-a-sen each to 14 sen and four sen respectively, while LGMS Bhd edged up four sen to 84 sen and MY EG Services Bhd advanced one sen to 77.5 sen.

On the index board, the FBM Emas Index added 23.25 points to 10,601.9, the FBM Emas Shariah Index improved 53.74 points to 10,734.77, the FBMT 100 Index garnered 19.48 points to 10,352.88, the FBM ACE expanded 15.51 points to 4,848, and the FBM 70 rose 73.75 points to 12,758.44.

Sector-wise, the Plantation Index climbed 58.08 points to 6,998.34, the Industrial Products and Services Index ticked up 0.71 of-a-point to 184.37, the Energy Index increased 4.63 points to 671.24, but the Financial Services Index was 18.01 points lower at 16,645.39.

Main Market volume slipped to 1.86 billion shares worth RM1.65 billion against 2.06 billion shares worth RM1.59 billion on Thursday.

Warrants turnover advanced to 337.16 million units valued at RM67.03 million versus 282.68 million units valued at RM49.9 million on Thursday.

ACE Market volume swelled to 590.81 million shares worth RM263.41 million from 489.09 million shares worth RM169.77 million previously.

Consumer products and services counters accounted for 146.18 million shares traded on the Main Market, industrial products and services (852.1 million), construction (41.07 million), technology (273.54 million), SPAC (nil), financial services (51.53 million), property (108.44 million), plantation (37.37 million), REITs (7.84 million), closed/fund (39,000), energy (185.87 million), healthcare (89.39 million), telecommunications and media (21.08 million), transportation and logistics (30.39 million), and utilities (18.7 million).