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Bursa drifts lower, weighed down by selected heavyweights

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Nov 25 2019 : Bursa Malaysia opened mixed with the benchmark index drifted lower weighed down by selected heavyweights including Top Glove and AMMB Holdings.  

At 9.25 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.96 points to 1,593.88 from 1,596.84 recorded at Friday’s close.

At the opening bell, the barometer index was 1.76 points weaker at 1,595.08. 

On the broader market, there were 218 gainers and 199 losers, while 244 counters unchanged, 1,368 untraded and 31 others suspended.

Turnover amounted to 438.62 million shares worth RM162.02 million.

Malacca Securities Sdn Bhd said with no adverse news on the US-China trade deal over the weekend, there were still hopes that a trade deal could be reached.

It said the prospect of a trade deal between the world’s two largest economies would continue to dictate the market’s near term direction, as with the ongoing results reporting season that is reaching its peak period.

“We see the key index continuing to gain ground as institutions take the opportunity to undertake selected trading on some of the index-linked stocks.

“This could allow the key index to re-challenge the 1,600 points level and if it is breached, the resistances shift to the 1,605 and 1,610 levels. The supports, on the other hand, are at 1,590 and 1,580 respectively,” it said in a note today.

Meanwhile, the lower liners and broader market shares were still broadly on their consolidation trend and this trend looks to continue over the near term as compelling leads are still far and in-between.

“Consequently, market following on the above shares is also on the thin side, further leaving the stocks to drift over the near term, in our view,” said Malacca Securities.

Of the heavyweights, Top Glove and AMMB Holdings eased one sen each to RM4.59 and RM4.05, respectively, Malaysia Airports declined three sen to RM8.26, while Sime Darby Bhd, Press Metal Aluminium and Hong Leong Financial Group were flat at RM2.35, RM4.70 and RM16.56.

RHB Bank rose five sen to RM5.75, Maxis increased two sen to RM5.33, Maybank added one sen to RM8.65 and Hong Leong Bank gained two sen to RM16.76.  

Of the actives, Ekovest and Sapura Energy edged up half-a-sen each to 83.5 sen and 29 sen, respectively, Eduspec Holdings and EA Holdings were flat at 2.5 sen and one sen, while Bumi Armada shed two sen to 48.5 sen. 

The FBM 70 advanced 9.64 points to 14,113.25, the FBM Emas Shariah Index contracted 7.54 points to 11,862.59, the FBM Emas Index was 12.46 points lower at 11,316.03, the FBMT 100 Index decreased 13.98 points to 11,124.51 and the FBM Ace slipped 6.31 points to 4,884.79. 

Sector-wise,  the Plantation Index strengthened 21.05 points to 7,199.05, the Financial Services Index fell 24.18 points to 15,525.01, and the Industrial Products & Services Index inched up 0.06 of-a-point to 151.59. – Bernama

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