KUALA LUMPUR, Feb 10 — Bursa Malaysia ended the morning session higher, with the key index rising by 0.56 per cent, supported by the positive 2022 gross domestic product (GDP) figures, a dealer said.
At lunch break, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 8.16 points to 1,472.80 from Thursday’s close of 1,464.64.
The key index opened 0.41 points better at 1,465.05.
However, market breadth was negative with losers outpacing gainers 501 to 345, while 375 counters were unchanged, 953 untraded and 18 others suspended.
Turnover amounted to 2.08 billion units worth RM1.21 billion.
According to the Department of Statistics Malaysia (DoSM), Malaysia’s economic growth rose to a 22-year record high of 8.7 per cent in 2022 against 3.1 per cent in the previous year.
In a separate statement, Bank Negara Malaysia (BNM) said the nation’s gross domestic product (GDP) expanded by seven per cent in the fourth quarter of 2022 (4Q22), versus 14.2 per cent in 3Q22, as support from the stimulus measures and low base effect waned.
Rakuten Trade Sdn Bhd vice-president of Equity Research, Thong Pak Leng said 2022’s GDP of 8.7 per cent was slightly above expectations of around 8.2-8.4 per cent.
“The 7.0 per cent GDP growth in 4Q22 was also above expectations of about 6.5-6.6 per cent. As such, the stock market has reacted positively to this,” he told Bernama.
Meanwhile, Malacca Securities Sdn Bhd believes that the key index is poised for a mild rebound as investors hunt for bargains prior to the reporting season.
“But the upside might be capped amidst the jittery global sentiment,” it said.
The brokerage firm added that the technology sector may remain under pressure, tracking the downward trend in Nasdaq, while the oil and gas sector may stage a rebound with Brent crude hovering above US$80.
The brokerage firm also noted that the renewable energy sector is gaining traction ahead of the Budget 2023.
At noon, Bursa heavyweights Maybank gained seven sen to RM8.69, Public Bank added six sen to RM4.19, CIMB edged up one sen to RM5.38, TNB expanded 24 sen to RM9.77 and Petronas Chemicals eased one sen to RM8.23.
As for the actives, Sapura Energy climbed half-a-sen to five sen, Velesto Energy ticked up one sen to 23 sen, SYF Resources bagged 2.5 sen to 40.5 sen, MY E.G. Services reduced nine sen to 62.5 sen and PT Resources Holdings was flat at 64 sen.
On the index board, the FBM Emas Index advanced 37.80 points to 10,732.80, the FBMT 100 Index was 39.37 points firmer at 10,398.89 and the FBM Emas Shariah Index widened 5.98 points to 11,052.50, while the FBM 70 Index decreased 26.78 points to 13,586.15 and the FBM ACE Index shaved 43.95 points to 5,768.52.
Sector-wise, the Financial Services Index jumped 152.96 points to 16,068.17, the Energy Index strengthened 5.42 points to 890.30 and the Plantation Index was 10.91 points higher at 6,889.70, while the Industrial Products and Services Index narrowed 0.39 of-a-point to 189.94.
— Bernama
