Local fund buying continued to underpin the FBM KLCI’s firmer close on Thursday, though off the intra-day high amid a firmer broader market.
Turnover was robust with 3.53 billion shares valued at RM2.27bil. The broader market was firmer as advancers beat decliners 540 to 295 while 334 counters unchanged.
The rally on Bursa this week has been due to sustained local fund buying amid some profit taking by retail investors while foreign institutions had continued to sell down Malaysian equities due to the Covid-19. Among the biggest buyers of hammered down stocks including banks such as Public Bank was the Employees Provident Fund.
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