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Bursa higher on renewed buying interest

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, Aug 8 2019 : Bursa Malaysia opened higher today on renewed buying interest especially in heavyweights stocks led by Genting Malaysia and Maxis.  

At 9.30am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 1.79 points to 1,606.49, after opening 2.48 point higher at 1,604.7.  

On the broader market, gainers led losers 206 to 125, while 237 counters were unchanged, 1,336 untraded and 18 others suspended.

Turnover stood at 349.06 million units worth RM131.61 million.

Malacca Securities Sdn Bhd said the lower liners and broader market remained mostly on the wayside amid a still uncertain environment that was likely to keep market players mostly on the sidelines for now. 
 
With the FBM KLCI continuing to ease and the volatility set to continue, the 1,600 points support remains in play, which should provide some measure of support as market conditions are already oversold, it added.

The support-resistances level would be at 1,592 and between 1,610 and 1,620, respectively. 

“Under the prevailing environment, it appears that stronger impetus is required for Malaysian equities to mount a meaningful recovery as wariness over the U.S-China trade talks are still gripping market sentiments,” it said in a note today. 

The results reporting season would also be followed closely over the near-term as it would indicate the performance of corporate Malaysia throughout the year, said Malacca Securities.

For the heavyweight counters, Genting Malaysia advanced seven sen to RM3.25, Maxis appreciated four sen to RM5.42, Genting Bhd jumped eight sen to RM6.26, and Petronas Chemicals went up three sen to RM7.32. 

Maybank added one sen to RM8.61, TNB gained four sen to RM13.88, IHH Healthcare was flat at RM5.75 and Public Bank shed 10 sen to RM21.18. 

For the most active stocks, Eduspec and Iris Corp both inched up half-a-sen to seven sen and 16.5 sen, respectively, Metronic Global rose one sen to 6.5 sen, KNM was flat at 39.5 sen and Netx edged down half-a-sen to 1.5 sen.  

The FBM Emas Index advanced 14.80 points to 11,374.2, the FBM Ace improved 26.94 points to 4,605.08, the FBM 70 went up 15.65 points to 14,201.5, the FBM Emas Shariah Index appreciated 16.71 points to 11,852.87 and the FBMT 100 Index bagged 12.49 points to 11,208.1.

Sector-wise, the Plantation Index added 7.95 points to 6,637.27, the Financial Services Index was 3.10 points easier for 15,778.01 and the Industrial Products and Services Index inched up 0.46 of-a-point to 151.36. — Bernama

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