Bursa almost flat as investors take profits

Bursa Malaysia

Syndicated News
Written by Syndicated News

KUALA LUMPUR, April 25 2019 : Bursa Malaysia opened almost flat today in tracking the lower overnight performance of Wall Street as investors took profits, while digesting a mixed bag of corporate updates from big-name US stocks, dealers said. 

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.20 of-a-point lower at 1,637.81, from yesterday’s close of 1,637.81.

The benchmark index opened 0.67 of-a-point easier at 1,637.34. 

On the broader market, gainers led losers 160 to 105, while 215 counters were unchanged, 1,424 untraded and 27 others suspended.

Turnover stood at 262.59 million shares worth RM114.05 million.

Public Investment Bank Bhd in a research note said the shares of energy and communication services  in the US left the market lower on Wednesday, while the benchmark indices fell 0.2 per cent overall. 

It said the S&P 500 took a breather a day after setting a fresh closing high, lifted by solid earnings and a non-aggresive tone from global central banks.

While the tech-heavy Nasdaq Composite, which also closed at a record on Tuesday, broke above its previous intraday peak during the overnight session, but ultimately finished 0.2 per cent lower.

Kenanga Research said, meanwhile, Bursa which retained its bearish outlook for the FBM KLCI for now, is seeing mild improvements in momentum indicators.

“Should a rebound happen, we look towards 1,660 and 1,700 as resistance levels. Conversely, downside supports can be found at 1,615 and 1,600,” it said in a note today. 

Among heavyweights, Maybank recovered two sen sen to RM9.16, while Public Bank and Petronas Chemicals were each flat at RM22.64 and RM9.03 respectively.

Tenaga eased two sen to RM12.32 and CIMB bagged two sen to RM5.27.

For the most active counters, Bumi Armada dropped one sen to 26 sen, Ekovest gained one sen to 94.5 sen and VSolar was flat at 17.5 sen. 

For the top gainers, United Plantation ticked up 44 sen to RM27.00, Lafarge increased 15 sen to RM3.16 and Takaful rose 14 sen to RM5.67. 

For top losers, YNH Property fell seven to RM1.56, while Carlsberg and UMW shed six sen each to RM24.64 and RM5.52.

The FBM Emas Index ticked up 3.85 points to 11,668.97, the FBMT 100 Index was 2.76 points better at 11,478.28 and the FBM Emas Shariah Index perked 1.24 points to 11,879.08.

The FBM 70 improved 20.09 points to 14,752.86, but the FBM Ace was easier by 11.73 points to 4,777.58.

Sector-wise, the Financial Services Index rose 23.80 points to 16,907.48, but the Plantation Index was 6.57 points lower at 7,258.79 and the Industrial Products & Services Index was 0.18 of-a-point firmer at 171.60. – Bernama




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News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.