Last Minute Buying Lifts Malaysian Stock Market At Close

KUALA LUMPUR, Jan 22 (Bernama) – Last minute buying momentum in index-linked counters helped push the Malaysian stock market (Bursa Malaysia) to close firmer on Tuesday despite the weaker sentiment across regional markets and renewed concern over global economic growth, dealer said. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed at the day's high of 1,702.12, up 9.90 points, against Friday's close of 1,692.22 and before touching a low of 1,688.19 points around 4pm. The index opened 6.66 points better at 1,698.88 at 9am. The overall market breadth, however, remained bearish as losers continued to outnumber gainers 486 to 369 while 365 counters were unchanged, 672 untraded and 26 others suspended. Total volume rose to 3.32 billion shares, worth RM2.12 billion, from Friday’s 3.05 billion shares valued at RM2.12 billion. The International Monetary Fund (IMF) on Monday revised downwards its estimate for global growth, signalling that the economic momentum, seen in recent years, was slowing down. The fund projected a global economic growth of 3.5 per cent in 2019 and 3.6 per cent in 2020, which were 0.2 and 0.1 percentage points below its last forecast in October, making it the second downturn revision in three months. The IMF said that a range of triggers beyond escalating trade tensions could spark a further deterioration in risk sentiment with adverse growth implications, given the high level of public and private debt. These potential triggers, it said, include a "no-deal" Brexit for the United Kingdom and a deeper-than-envisaged slowdown in China. Among heavyweights, Maybank slipped four sen to RM9.51, Petronas Chemicals declined eight sen to RM8.52 but Public Bank jumped 38 sen to RM25.18 and TNB added two sen to RM13.70. Of actives, Bumi Armada and Sapura Energy eased half-a-sen each to 21.5 sen and 28 sen, respectively, V.S Industry shed five sen to 78.5 sen while Sumatec Resources earned half-a-sen to one sen. -- BERNAMA