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Bursa driven by continued buying activities in selected heavyweights

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Dec 6 2019 : Bursa Malaysia opened lower but rebounded thereafter, driven by continued buying activities in selected heavyweights, in line with the sentiment on regional markets, dealers said.

At 9.17 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) earned 0.26 of-a-point to 1,563.84 from yesterday’s close of 1,563.58.    

At the opening bell, the barometer index was 2.0 points lower at 1,561.58.     

On the broader market, there were 208 gainers and 131 losers, while 232 counters were unchanged, 1,397 untraded and 30 others suspended.

Turnover amounted to 261.71 million shares worth RM104.52 million.

In a research note today, Malacca Securities Sdn Bhd said the optimism surrounding negotiations to break the deadlock in US-China trade dispute would continue to anchor the rebound across global equities moving forward.

“On the local front, we think the key index will continue to build a base around the 1,560 level as we expect further near term recovery after its recent slump. However, the absence of fresh catalyst may keep gains in check as the FBM KLCI’s gains continue to lag behind its’ regional peers, whilst quick profit-taking activities remain on the table.

“With the gains likely to be contained, the upsides could be capped at around the 1,570-1,580 levels. Meanwhile, the 1,560 level will serve as the main support, followed by 1,550 level, which is also the key index’s recent low on October 2019,” it said.

Among heavyweights, Maybank slipped one sen to RM8.52, Public Bank fell four sen to RM19.30, Petronas Chemicals went down three sen to RM7.11, CIMB declined two sen to RM5.16 while TNB was flat at RM13.26.

Of actives, Nexgram was flat at one sen, Ekovest improved one sen to 81 sen, while Impiana Hotels and Sapura energy eased half-a-sen each to two sen and 26 sen, respectively.

The FBM Emas Shariah Index perked 13.63 points to 11,666.55, the FBM Emas Index advanced 3.25 points to 11,104.81, the FBM 70 added 4.28 points to 13,839.223, the FBMT 100 Index increased 2.21 points to 10,913.33 and the FBM Ace rose 25.37 points to 4,870.51.     

Sector-wise, the Plantation Index went up 39.15 points to 7,272.66, the Financial Services Index dipped 28.01 points to 15,241.69 and the Industrial Products & Services Index inched down 0.12 of-a-point to 149.57. – Bernama

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Syndicated News

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