Business

Bursa higher, riding on positive sentiments

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Jan 3 2020 : Bursa Malaysia extended yesterday’s gains to open higher today, riding on positive sentiments brought about by soaring hopes of a “phase one” trade deal between the United States and China.

Malacca Securities Sdn Bhd in a note today said local stocks were also seeing a revival on the back of an upbeat manufacturing data that rose to the highest level over a year, coupled with the rising ringgit against the greenback which climbed to its strongest since April 2019.

 At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.74 points to 1,611.24 from Thursday’s close of 1,602.50, after opening at 1,606.31.

At the opening bell, market breadth was positive, with gainers outpacing losers 269 to 78,  while 216 counters remained unchanged, 1,382 untraded and 22 others suspended.   

Turnover amounted to 210.69 million shares worth RM76.53 million.  

Under the prevailing economic sentiment, Malacca Securities believed the gains could extend and expected the 1,635 resistance level to be retested over the near term. 

“In the meantime, the 1,590 will serve as the immediate support level,” said the brokerage firm.

Among the heavyweights, Maybank and Petronas Chemicals gained five sen each to RM8.80 and RM7.45 respectively, Public Bank and CIMB added two sen each to RM19.92 and RM5.22 while Tenaga was four sen better at RM13.34.

Of the actives, Avillion ticked up one sen to 16.5 sen, Melewar improved three sen to 34 sen, Eden was 2.5 sem higher at 24 sen, while Dynaciate declined half-a-sen to seven sen and Bina Puri was unchanged at 10 sen.

Top gainers Petronas Dagangan climbed 46 sen to RM23.42, Genting Plantations advanced 30 sen to RM10.86, PPB bagged 24 sen to RM19.06, KLK was 20 sen firmer at RM25.30 and Allianz perked 16 sen to RM16.76.

The FBM Emas Index increased 60.68 points to 11,473.33 and the FBM Emas Shariah Index was 74.96 points higher at 12,091.54. 

The FBMT 100 Index elevated 60.22 points to 11,260.33, the FBM 70 strengthened 73.10 points to 14,346.10 and the FBM Ace accumulated 51.11 points to 5,433.12.

Sector-wise, the Industrial Products and Services Index ticked up 0.75 of-a-point to 155.98, the Financial Services Index improved 60.70 points to 15,681.16 and the Plantation Index strengthened 70.37 points to 7,849.44. -Bernama

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