Bursa higher, pushed by selected heavyweight

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Aug 20 2019 : Bursa Malaysia opened higher today pushed by buying in selected heavyweight. 

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 1.7 points to 1,598.24, after opening 1.92 points higher at 1,598.37.  

The market barometer closed at 1,596.45 yesterday.  

On the broader market, gainers led losers 131 to 67, while 172 counters unchanged, 1,584 untraded and 14 others suspended.

Turnover stood at 95.17 million units worth RM40.58 million.

Malacca Securities Sdn Bhd said the equities are bound to recover after its steep fall recently, backed by stable local economic outlook and calmer global tension condition. 

“Therefore, we believe that Bursa Malaysia is on its road of recovery and is likely to remain modest for now and as the key index would continue to tether around the 1,600 points level, which is its immediate resistances,” it said in its research note today.

The resistances would be between 1,601-1,620 while supports are at 1,590 and 1,580 respectively, it said.

Meanwhile, an analyst said investors are also eyeing on Telenor’s Digi and Axiata shares following the merger of the two companies, which reportedly faced some snag in negotiation. 

“However, it is believed that everything would be ironed out, and investors see this as a huge opportunity as it is one of the biggest proposed deals in the history of the local and regional telecommunications industries,” it said. 

Telecommunication heavyweights, Digi added two sen to RM4.99 while Axiata was flat at RM4.89.  

Meanwhile, Dialog, IHH and Genting Malaysia all added one sen to RM3.49, RM5.70 and RM3.08 respectively. 

For the most active stocks, Daya Materials and PUB both shed half-a-sen to 1 sen and seven sen respectively, while Sealink, KNM and Zecon all add half-a-sen to 28 sen, 38 sen and 40 sen. 

The FBM Ace reduced 12.02 points to 4606.44, the FBM 70 rose 12.31 points to 14,151.17, the FBM Emas Index recovered 13.10 points to 11,320.99, the FBM Emas Shariah Index appreciated 19.31 points to 11,859.64 and the FBMT 100 Index added 11.84 points to 11,154.74.

Sector-wise,  the Financial Services Index was 8.64 points lower for 15,544.14, the Plantation Index discounted 13.51 points to 6,734.09, and the Industrial Products and Services Index inched down 0.25 of-a-point to 150.31. – Bernama



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