Business

Bursa higher on institutional support

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Jan 7 2020 : Bursa Malaysia opened higher today backed by institutional support on the lower and medium liners to push the main index above 1,600 points. 

 At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was up 2.16 points to 1,599.92 compared with yesterday’s close of 1,597.76. 

On the scoreboard, gainers overtook losers by 168 to 98, while 205 counters remained unchanged, 1,465 untraded and 13 others suspended.   

Turnover amounted to 214.42 million shares worth RM69.38 million.  

In the note by Malacca Securities, it said, the renewed volatility caused by the rising geopolitical tension in the Middle East will continue to linger over the near term, causing investors to adopt a wait-and-see approach. 

“On the index, we see the energy sector to continue to outperform as the Brent oil price continues its rally and is expected to hit US$70 per barrel level,” it said. 

As of 9.15 am, the benchmark Brent crude stood at US$68.67 per barrel. 

Meanwhile, an analyst added that the local bourse is expected to remain volatile as the global markets remained uncertain. 

“With the “Phase 1″ trade deal between the US and China is expected to be signed this January 15 coupled with the rising tension between Teheran and Washington, retail investors would stay on the sidelines for the moment while the institutional investor takes the opportunity in small and medium liners,” she said. 

Among the top 30 companies in the local bourse, AMMB, Axiata, Genting, Dialog and MISC all gained two sen to RM3.85, RM4.18, RM6.06, RM3.50 and RM8.49.

Of actives, Rimbunan Sawit added 3.5 sen to 41.5 sen, Vortex Consolidation up two sen to 26 sen, TDM gained three sen to 41 sen and Lambo ticked up one sen to 4.5 sen. 

As for top gainers, Nestle surged RM1.40 to RM147.90, Hartalega firmed 15 sen to RM5.50, Public Bank rose 10 sen to RM20.00 while IHH, Tenaga and Allianz all perked eight sen to RM5.63, RM13.18 and RM16.80. 

At 9.20 am, the FBM Emas Index was up 39.64 points to 11,426.84 and the FBM Emas Shariah Index was 52.08 points higher at 12,048.58. 

The FBMT 100 Index strengthen 38.58 points to 11,219.22, the FBM 70 slid 1.38 points to 14,302.69 while the FBM Ace accumulated 42.49 points to 5,467.32.

Sector-wise, the Industrial Products and Services Index slide inched up 0.19 of-a-point to 155.42, the Financial Services Index improved 35.90 points to 15,663.28 and the Plantation Index strengthened 39.57 points to 7,758.56. – 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.