Business

Bursa buoyed by optimistic global trade sentiment

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Nov 8 2019 : Bursa Malaysia continued its positive undertone at the opening today, buoyed by optimistic global trade sentiment following yesterday’s announcement by Washington and Beijing to roll back tariffs imposed on both countries’ goods. 

At 9.22 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.75 of-a-point higher at 1,610.08 against yesterday’s close of 1,609.33. 

However, at the opening bell, the key index opened 2.24 points lower at 1,607.09.

On the broader market, gainers overtook losers 234 to 145, while 264 counters unchanged, 1,350 untraded and 16 others suspended.

Turnover amounted to 455.57 million shares worth RM185.12 million.

Malacca Securities Sdn Bhd in its equity note today said, local stocks could still tip higher over the near term amid the more positive market undertone bolstered by the impending trade agreement between the US and China.

“This is likely to keep the key index on an extended overbought run as the near term positivity will provide more near term trading opportunities,” it said. 

However, it added that buying interests among key index stocks are still relatively benign with most foreign players remaining on the sidelines. 

“We believe that the bouts of buying could still be tempered by mild profit-taking activities ahead of the weekend, while the lower liners and broader market shares will continue to gain ground, riding on the coat-tails of the ongoing positivity of global indices,” it said. 

Of heavyweights performance, IHH was up four sen to RM5.59, Maybank and Digi gained three sen to RM8.78 and RM4.72 respectively, CIMB and Petronas Chemical both added two sen each to RM5.32 and RM7.62. 

As for the top gainers, Southern Acids uptick 15 sen to RM3.80, Vstecs was up 13 sen to RM1.19, UWC strengthened 11 sen to RM2.65 and Hong Leong Industries gained eight sen to RM10.70. 

Of the actives, Sapura Energy up 1.5 sen to 28.5 sen, Tanco rose one sen to 6.5 sen, while DGB, NETX and Mudajaya each half-a-sen firmer to 19 sen, 2.5 sen and 35.5 sen respectively while as for top losers, Kuala Lumpur Kepong lost 42 sen to RM22.50, PPB declined 20 sen to RM18.10 and Hong Leong Financial dipped 18 sen to RM17.30. 

The FBM Emas Index was 9.79 points higher at 11,399.17, the FBMT 100 Index strengthened 11.39 points to 11,213.44 and the FBM Emas Shariah Index increased 3.38 points to 11,923.19.

The FBM Ace climbed 21.68 to 5,008.46 and the FBM 70 was 39.83 points firmer to 14,172.05.

Sector-wise, the Financial Services Index edged up 13.64 points to 15,705.05, the Industrial Products & Services Index was 0.23 of-a-point marginally up to 155.12 but the Plantation Index gave up 20.33 points to 6,878.42. – Bernama

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