Sunday 19 May 2024
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KUALA LUMPUR (Feb 23): Stocks on Bursa Malaysia ticked higher and kept the FBM KLCI on course for its best close since early June 2022.

At the midday break on Friday, the benchmark index had gained 0.06% or 0.99 point to 1,546.48. The index earlier rose to a high of 1,551.15.

The top gainers included PBA Holdings Bhd, LTKM Bhd, Malayan Cement Bhd, YTL Corp Bhd, Petra Energy Bhd, Can-One Bhd, Hong Leong Bank Bhd and Southern Acids (M) Bhd.

The actively traded stocks included Hong Seng Consolidated Bhd, Powerwell Holdings Bhd, Notion VTec Bhd, YTL Corp Bhd, Eastern & Oriental Bhd and Minetech Resources Bhd.

The decliners included Kuala Lumpur Kepong Bhd, Nestlé (Malaysia) Bhd, Petron Malaysia Refining & Marketing Bhd, Genting Bhd and Ta Ann Holdings Bhd.

Inter-Pacific Securities Sdn Bhd said despite the steeper-than-expected pullback on Thursday, the key index found support at the 1,545 level.

In its daily bulletin on Friday, the research house said the retreat was also seen as healthy for the recent gains to be digested, but there could be a quick rebound in the day ahead, as stocks could ride on the gains on global indices overnight that should also permeate to the local equity market.

“Technology-related stocks could be in focus, due to the strong performance of Nvidia, as market players continue to see firm prospects for stocks in this sector over the near to medium term.

“Although market conditions remain toppish, the firmer market undertone could see the key index making another pass at the immediate hurdle at the 1,550 level to end the week. Thereafter, the hurdles are at the 1,555 and 1,563 levels, while the supports are at 1,540 and 1,533 respectively,” it said.

Inter-Pacific said the lower liners would also be looking to end the weak on a firmer note, as they also ride on the market’s positivity to recover further.

“However, the gains could also be punctuated by bouts of profit-taking ahead of the weekend, and this could keep the upsides modest,” it said.

Reuters reported that global stock markets were on course for a week of heady gains on Friday, as AI darling Nvidia's stunning results sparked a wave of record highs from Asia to Europe and the US, while the yen nursed losses on a range of currencies.

Nvidia surged 16.4%, adding a record US$277 billion (RM1.32 trillion) in market value on Thursday.

The Santa Clara, California-based company's results supercharged a global artificial intelligence-led rally in technology stocks, propelling the S&P 500, the Dow Jones Industrials, Europe's STOXX 600 and Japan's Nikkei share average to record highs, Reuters reported.

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