Bursa buoyed by energy, telco, utilities counters

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Written by Syndicated News

KUALA LUMPUR, Nov 12 2019 : Bursa Malaysia opened slightly higher today buoyed by buying in energy, telco and utilities-related counters.

A dealer said however on the broader market, sentiment was still wary amid uncertainty over both the US-China trade talks and the domestic political situation in Hong Kong.

At 9 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.86 points to 1,612.01 against yesterday’s close of 1,608.15. 

At the opening bell, the key index opened 4.03 points higher at 1,612.18.

On the broader market, gainers beat losers 114 to 63, with 162 counters unchanged, 1,654 untraded and 19 others suspended.

Turnover amounted to 45.34 million shares worth RM15.47 million.

A dealer said market players are focusing on US President Donald Trump’s announcement this week on whether he would delay his decision to impose tariffs on imported European Union automobiles for another six months.

“Most of the analysts were expecting him to delay the decision, at least it could reduce the current pressure that investors are currently having on the ongoing trade war between the US and China,” he said.

Meanwhile, in its note today, Malacca Securities Sdn Bhd said technical indicators suggest further weakening of the key index, with the index likely to remain supported above the 1,600 psychological level for a possible year-end window dressing that could lift it to around the 1,650 level.

“In the interim, we think that there will be continuing intra-day corrections before end-of-day support materialises to aid the key index’s stay above the 1,600 psychological level.

“The immediate resistance is at the 1,610 level, followed by the 1,620 level. Below the 1,600 support, the other support remains at the 1,590 level,” it said.

Of the heavyweights, Maybank was flat at RM8.85, Tenaga rose six sen to RM13.86, Public Bank slipped four sen to RM19.96 and Petronas Chemicals was one sen weaker at RM7.70.

As for the top gainers, Cycle & Carriage Bintang jumped 38 sen to RM1.67, Guan Chong increased 34 sen to RM1.06 and Hong Leong Financail added 30 sen to RM17.40.

Of the actives, Sapura Energy was flat at 29 sen, AirAsia X inched up one sen to 17.5 sen and Fintec surged half-a-sen to 6.5 sen.

The FBM Emas Index improved 25.07 points to 11,415.06, the FBMT 100 Index strengthened 25.11 points to 11,230.12 and the FBM Emas Shariah Index advanced 44.46 points to 11,929.73.

The FBM Ace rose 4.32 points to 4,888.98 and the FBM 70 was 24.25 points better at 14,161.28.

Sector-wise, the Financial Services Index recovered 18.39 points to 15,795.78, the Plantation Index expanded 26.43 points to 6,894.63 while the Industrial Products & Services Index went up 0.05 point to 155.50. – Bernama



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