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Bursa higher on oversold technical correction

bursa malaysia

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Feb 11 2019 : Bursa Malaysia opened higher today on oversold technical correction, dealers said.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,688.28, up 1.76 points from Friday’s close of 1,686.52.

The index opened 2.18 points firmer at 1,688.7.

A dealer said the correction might encourage market recovery from last week’s continued selling on most index-linked stocks on weak buying sentiment amid a subdued regional performance and long holiday due to Chinese New Year celebrations.

“Immediate support for the index will be at 1,680 while immediate resistance stays at the recent high of 1,705,” he said.

Among heavyweights on Bursa Malaysia, Maybank added three sen to RM9.61, TNB gained four sen to RM13.24 and CIMB earned two sen to RM5.69.

Public Bank and Petronas Chemicals were flat at RM24.92 and RM8.45 respectively.

Of the actives, JAG inched-up half-a-sen to 8.5 sen and Prestariang added 2.5 sen to 38.5 sen.

Sapura Energy, Bumi Armada and Scomi were flat at 28 sen, 23.5 sen and six sen respectively.

The FBM Emas Index increased 8.7 points to 11,734.22, the FBMT 100 Index improved 8.74 points to 11,610.28 and the FBM Emas Shariah Index went up 3.87 points to 11,596.9.

The FBM Ace Index rose 10.84 points to 4,566.06 but the FBM 70 erased 3.2 points to 14,029.7.

Sector-wise, the Financial Services Index was up 28.311 points to 17,670.42, the Plantation Index edged-up 2.49 points to 7,302.09 and the Industrial Products and Services Index was 0.07 of-a-point higher at 162.04.

Market breadth was positive with gainers outpacing losers 166 to 72, while 183 counters were unchanged, 1,432 untraded and 23 others suspended.

Turnover was at 231.38 million shares worth RM69.64 million. – Bernama

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