Business

Bursa extends gains on continued buying interest

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Jan 28 2019 : Bursa Malaysia extended last week’s gains to open marginally higher today on continued buying interest in most index-linked counters, dealers said. 

At 9.13 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.40 points to 1,701.43, from last Friday’s close of 1,701.03 after opening 4.38 points higher at 1,705.41.

Market breadth was positive, as gainers outnumbered losers 181 to 87, while 178 counters were unchanged, 1,478 untraded and 44 others suspended.

Turnover amounted to 286.03 million shares worth RM101.82 million.

A dealer said the FBM KLCI may stay above the 1,700 level today, tracking the gains in most regional stock markets last week on optimism over trade talks between China and US at the end of the month.

Meanwhile, Kenanga Investment Bank Bhd said it maintained a neutral outlook, as the index remains firmly above the 20 and 50-day simple moving averages (SMAs) with some momentum indicators showing positive signals.

“Continuous positive momentum will see it trending towards resistance level at 1,730, closer to its 100-day SMAs. A decisive takedown, will see the index on a clear path towards 1,800.

“Conversely, support levels can be identified at 1,610 and 1,600,” it said in a research note today. 

Among heavyweights, Maybank and CIMB rose two sen each to RM9.68 and RM5.70, respectively, Public Bank was flat at RM24.80, while TNB and Petronas Chemicals fell eight sen each to RM13.56 and RM8.61, respectively. 

Of actives, Sapura Energy gained 1.5 sen to 29.5 sen, Bumi Armada declined half-a-sen to 22.5 sen and Barakah added half-a-sen to 9.5 sen. 

The FBM Emas Index was 7.0 points higher at 11,792.96, the FBMT 100 Index increased 6.02 points to 11,674.89 and the FBM Emas Shariah Index improved 4.97 points to 11,730.70.

The FBM 70 advanced 20.91 points to 14,001.20 and the FBM Ace Index bagged 19.85 points to 4,484.30.

Sector-wise, the Financial Services Index went up 33.31 points to 17,669.84, the Plantation Index rose 26.65 points to 7,328.82 but the Industrial Products and Services Index eased 0.81 of-a-point to 163.38. – Bernama

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