KUALA LUMPUR: Bursa Malaysia Bhd's share price reached an almost four-year high supported by overall positive sentiment in the country as well as improved corporate results.
Its share price climbed as much as 3.7 per cent to RM9.98 versus Monday's close of RM9.62. It was one of the market's top gainers.
At 3.30pm, its shares rose 3.12 per cent or 30 sen to RM9.92 before closing 3.22 per cent or 31 sen higher to RM9.93.
The last time Bursa's share price hit RM10 was in Aug 7, 2020 where it reached RM10.36 apiece.
Tradeview Capital fund manager Neoh Jia Man said Bursa's strong performance was likely due to an upgrade in recommendation and target price by a sell-side research house yesterday. "Furthermore, the trading volume on Bursa Malaysia has continued to improved into the second quarter of 2024, with average daily value more than doubled to RM3.6 billion.
"Short-term decline in market indices might just reflect normal market fluctuations and does not affect the outlook on profitability of Bursa Malaysia," he said when contacted today.
The FTSE Bursa Malaysia (FBM) KLCI has been on an uptrend supported by buying interest as well as Wall Street's rally.
It hit a three-year high at closing bell on Monday as it gained 0.66 per cent to 1,629.82.
Its average daily trading volume also surpassed the RM5 billion mark.
At 3.30pm, the index, however, was down 0.26 per cent to 1,625.56 before ending the day 0.24 per cent or 3.86 points to 1,625.96 versus Monday's close of 1,629.82.