Markets  |  JANUARY 28, 2016 10:03AM

KL shares end higher on revised Budget

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Markets Evening close Bursa Malaysia inside story 01Bursa Malaysia extended its gains for the fourth trading day today as players reacted positively to the recalibrated Budget 2016.

The FBM KLCI rose 2.99 points to finish at 1,634.53 versus Wednesday’s close of 1,631.54, after opening 0.06 point lower at 1,631.48 in the morning.

Market breadth, however, was negative with decliners outpacing gainers 522 to 348, while 323 counters were unchanged, 584 untraded and 69 others were suspended.

Total volume rose to 1.82 billion shares, worth RM2.46 billion, from 1.62 billion shares, valued at RM1.65 billion, transacted yesterday.

Plantation stalwart Sime Darby was the biggest contributor to the composite index, gaining 38 sen to RM7.61 with 7.34 million shares changing hands, while top weighted Maybank advanced 7 sen to RM8.41.

Sime Darby Bhd was reportedly poised to become a significant global rubber producer following plans to develop almost 100,000ha of rubber estates in Malaysia, Indonesia and Liberia within the next few years.

Meanwhile, actively traded stocks today included Xidelang, Tiger Synergy, XOX Bhd and AirAsia X which gained 0.5 sen each to 5.5 sen, 8.5 sen, 19 sen and 23.5 sen respectively.

The recalibrated Budget was considered a realistic revision, said Bank Islam Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid.

“We know that the government is constrained by the fall in revenue due to oil prices and the fact that it continues to adhere to its fiscal consolidation plans,” he added.

On the scoreboard, the FBM Emas Index rose 19.07 points to 11,355.15, the FBMT100 Index increased 24.92 points to 11,066.83, but the FBM Emas Syariah Index shed 39.13 points to 12,194.54.

The FBM 70 added 45.27 points to 12,633.98, while the FBM ACE depreciated 2.78 points to 5,790.31.

On a sectoral basis, the Plantation Index climbed 82.71 points to 7,574.52, the Industrial Index advanced 67.05 points to 3,231.31, while the Finance Index bagged 73.48 points to 13,669.70.

Main Market volume jumped to 1.24 billion units, worth RM2.35 billion, from Wednesday’s 955.41 million units worth RM1.52 billion.

Turnover on the ACE Market shrank to 347.9 million shares, valued at RM74.02 million, from 428.85 million shares, worth RM81.60 million, recorded  yesterday.

Warrants decreased to 231.84 million units, worth RM40.29 million, from Wednesday’s 238.31 million units worth RM46.05 million.

Consumer products accounted for 220.86 million shares traded on the Main Market, industrial products (218.04 million), construction (33.91 million), trade and services (454.45 million), technology (27.54 million), infrastructure (38.41 million), Spac (47.13 million), finance (43.21 million), hotels (426,600), properties (123.18 million), plantations (20.98 million), mining (0), Reits (12.44 million) and closed/fund (9,000).

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