Bursa Malaysia closed higher on Thursday, February 6, 2023, driven by strong buying activity, particularly in the energy sector. The FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.67 percent to close at 1,585.17, marking a new intraday high. The market bellwether was buoyed by positive sentiment in regional markets, investor optimism surrounding China's AI sector, and bargain-hunting activities in data center-related companies.
Bursa Malaysia concluded the trading session on a positive note, fueled by strong buying activity primarily in the energy sector. The benchmark FTSE Bursa Malaysia KLCI ( FBM KLCI ) advanced 0.67 percent, or 10.66 points, to settle at 1,585.17, marking a new intraday high. This upward movement came after the index opened 1.92 points higher at 1,576.43 and dipped to a low of 1,573.90 in the early session before experiencing a steady climb throughout the afternoon.
Broader market indicators also reflected this bullish sentiment, with gainers surpassing decliners 485 to 391. A total of 511 stocks remained unchanged, 914 were untraded, and 12 were suspended. Trading volume surged to 2.93 billion units valued at RM2.10 billion compared to 2.86 billion units worth RM2.32 billion recorded on Wednesday. Analysts attributed the positive performance to several factors. Firstly, regional markets, particularly those in technology and electric vehicle sectors, saw robust buying activity, driven by investor optimism regarding China's resilient artificial intelligence (AI) sector. The resilience of the Chinese AI sector has bolstered investor confidence, despite the 10 percent tariffs imposed on Chinese goods by the US President Donald Trump administration. The optimism surrounding DeepSeek, a Chinese AI software company, has helped offset anxieties linked to the escalating trade tensions between the US and China. Secondly, investors adopted a risk-on stance after observing that the US-China trade tariffs did not trigger broader market contagion. Bargain-hunting activities persisted in data center-related companies, reflecting the sustained investor interest in this sector. Among the heavyweight stocks, Maybank rose 8.0 sen to RM10.42, Petronas Gas soared 44 sen to RM17.80, CelcomDigi increased 6.0 sen to RM3.82, Tenaga Nasional jumped 10.0 sen to RM13.72, and Petronas Chemicals gained 7.0 sen to RM4.40. The FBM Emas Index gained 67.66 points to 12,091.40, the FBMT 100 Index jumped 69.07 points to 11,784.94, and the FBM Emas Shariah Index soared 70.15 points to 11,941.19. The FBM 70 Index increased 64.97 points to 17,900.96 and the FBM ACE Index declined 23.00 points to 5,264.51
Bursa Malaysia FBM KLCI Energy Stocks Stock Market Market Performance Regional Markets AI Sector Trade Tensions Malaysia
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bursa Malaysia to keep rising momentum as bargain hunting expected to support FBM KLCI this weekJOHOR BARU: Two of the three family members who perished in the early morning Ulu Tiram fire here have been laid to rest.
Read more »
Bursa Malaysia end lower on CNY Eve; FBM KLCI down 0.4%(Reuters) - Retail investors bought a record amount of Nvidia stock on Monday after concerns over a low-cost artificial intelligence model from Chinese startup DeepSeek stripped 17% off its shares, or $593 billion from its market value.
Read more »
Bursa Malaysia Projected to Record Higher Profits in 2025Bursa Malaysia Berhad (Bursa Malaysia) is expected to see higher profits this year, driven by strong performance in the securities, derivatives, and data businesses. This positive momentum in the local stock market is attributed to several factors, including the expectation of more company listings on Bursa Malaysia in 2025, potentially reaching 60 compared to 55 in 2024. The FTSE Bursa Malaysia KLCI (FBM KLCI) also saw a 12.9% increase last year, indicating a recovery in investor confidence. Experts believe that Bursa Malaysia's strong financial performance in 2024, with a 22.9% surge in PATAMI to RM310.1 million, sets the stage for continued success in 2025. However, the performance will largely depend on the volume of trading activities on the market.
Read more »
FBM KLCI poised for recovery next week as bargain hunting sets inKUALA LUMPUR, Jan 18 — The FTSE Bursa Malaysia KLCI (FBM KLCI) is expected to extend its upward momentum in the coming week, building on Friday’s rebound following four days of...
Read more »
Bursa Malaysia Ends In Negative Territory Ahead Of Chinese New YearBursa Malaysia closed lower today, influenced by subdued trading across the board in anticipation of the Chinese New Year holidays. The FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 14.76 points, or 0.94 percent, to its intraday low of 1,558.97. Analysts attribute the decline to investors awaiting stronger market catalysts and highlighting a rotation into value-oriented sectors.
Read more »
Bursa Malaysia Ends Easier as Risk Aversion Grips MarketBursa Malaysia finished lower on February 3, 2023, due to heightened risk aversion following the US administration's announcement of new tariffs. The FTSE Bursa Malaysia KLCI (FBM KLCI) shed 3.29 points, or 0.21%, to 1,553.63.
Read more »