By Kisho Kumari Sucedaram

KUALA LUMPUR, May 20 (Bernama) -- Bursa Malaysia continued its upbeat momentum at midday in tandem with the better performance in regional markets, boosted by the announcement that Malaysia recorded a 12.1 per cent year-on-year growth in trade in April 2024, said a dealer.

At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 12.28 points to 1,628.90 from Friday’s close of 1,616.62.

The benchmark index opened 1.66 points higher at 1,618.28, its intra-session low, and hit a high of 1,629.81 at mid-morning.

Gainers outpaced losers 842 to 378, with 465 counters unchanged, 694 untraded and 10 others suspended.

Turnover stood at 4.64 billion units worth RM2.34 billion.

Regionally, Japan’s Nikkei 225 rose 1.01 per cent to 39,177.73, Hong Kong’s Hang Seng Index added 0.49 per cent to 19,650.18 and South Korea’s Kospi gained 0.61 per cent to 2,741.32. 

Kenanga Research said, looking ahead, the local market direction will likely hinge on corporate earnings as companies enter the final two weeks of the reporting season.

"Notable companies reporting earnings this week are Public Bank, Affin Bank, KL Kepong, Hartalega, and Sime Darby," it said.

Meanwhile, Malaysia’s trade continued its strong performance and maintained an upward trajectory in April 2024, recording double-digit growth of 12.1 per cent to RM221.74 billion, compared to April 2023.

The research house also expects the FBM KLCI index to trade sideways with a downward bias ahead of Wednesday’s Wesak Day holiday and post-holiday, market direction will likely be influenced by local corporate earnings, Nvidia’s earnings, and the US Federal Reserve meeting minutes.

Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects the index to hover between the 1,615 and 1,625 range today.

"Meanwhile, it is worthwhile to note that the ringgit is quietly climbing against the US dollar and is now hovering below the RM4.70 mark from RM4.80 last month," he told Bernama.

On the local bourse, Maybank led the heavyweights’ gainers list, increasing seven sen to RM9.99, Public Bank added two sen to RM4.21, Tenaga Nasional climbed 16 sen to RM12.76, CIMB was four sen higher at RM6.85, and Petronas Chemicals rose nine sen to RM7.09. 

Among the actives, Ingenieur shed half-a-sen to nine sen, AHB Holidngs, Top Glove and Jaks Resources firmed one sen each to 17 sen, RM1.21 and 13.5 sen respectively, and Malaysia Building Society was five sen better at 94 sen. 

On the index board, the FBM Emas Index perked up 104.89 points to 12,413.07, the FBMT 100 Index rose 98.55 points to 12,004.56, and the FBM Emas Shariah Index jumped 134.85 points to 12,657.06.

The FBM ACE Index surged 55.57 points to 5,406.79 and the FBM 70 Index soared 178.93 points to 17,819.99.

Sector-wise, the Financial Services Index garnered 107.61 points to 17,753.22, the Industrial Products and Services Index improved 2.96 points to 197.78, the Plantation Index increased 40.32 points to 7,427.10, and the Energy Index ticked up 12.32 points to 998.27.

-- BERNAMA