KUALA LUMPUR: The FBM KLCI closed higher on Tuesday, lifted by selected blue chips but gains were seen limited amid cautious markets.
At 5pm, the benchmark index edged up 2.35 points, or 0.15% to 1,585.90. The index opened 2.19 points higher at 1,585.74 this morning.
The market traded within a range of 8.2 points between an intra-day high of 1,588.30 and a low of 1,580.10 during the session.
There were 587 gainers, 525 losers and 393 counters unchanged on the Bursa Malaysia. Turnover stood at 8.97 billion shares worth RM5.12bil.
AmInvestment Bank Research has maintained its end-2021 FBM KLCI target of 1,695 points based on 16x its 2021F earnings projection.
“We continue to believe that the recovery-focused investment theme from end-2020 will extend well into 2021F.
“Investors will continue to accumulate recovery plays, i.e. fundamentally strong names in the banking, power, oil and gas, consumer, REIT and transport sectors, while lightening their positions in pandemic plays, i.e. glove makers and selected excessively priced technology names,” it said.
Earlier, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said Malaysia’s 2021 economic growth forecast could be lowered due to new lockdown measures.
He did not provide a new forecast. He also said Malaysia’s fiscal deficit will likely be higher than the 6% target announced earlier.
Fifteen of the 30 KLCI-linked counters were in the red with glove counters among the losers.
CIMB advanced 17 sen to RM4.45, contributing 2.6242 points to the index. Genting rose 19 sen to RM5.07, pushing the index 1.1355 points higher.
IHH Healthcare added nine sen to RM5.39, nudging the index higher by 1.2179 points.
Supermax fell 10 sen to RM4.03, Hartalega shed nine sen to RM8.91 and Top Glove declined nine sen to RM5.09.
On the broader market, MPI rose 70 sen to RM39.80, Panasonic Manufacturing added 52 sen to RM32.50 and Carlsberg advanced 50 sen to RM22.50.