Business

Bursa lacks fresh catalysts

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, Aug 10 2018 : Bursa Malaysia opened lower but rebounded thereafter on lack of fresh catalysts due to the mixed performance of US stock markets overnight.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.31 points firmer at 1,806.26 from Thursday’s close of 1,804.95.

The index opened 0.68 point easier at 1,804.27.

On the broader market, gainers led losers 147 to 92 with 180 unchanged, 1,476 untraded and 32 others suspended.

Volume stood at 96.25 million units valued at RM41.24 million.  

In a note today, Maybank Investment Bank Bhd said the mixed Wall Street performance overnight despite positive sentiment over strong corporate earnings had placed investors on the sidelines.

The research house cautioned that the lack of catalysts in the domestic market could ease the recent rallies on the local bourse. 

“Technically, we expect the FBM KLCI to trade between 1,780-point and 1,810-point today, and downside supports are 1,748-point and 1,710-point,” it said.

Of the heavyweights, Maybank rose two sen to RM9.92, Tenaga and Petronas Chemicals gained eight sen each to RM15.86 and RM9.28 respectively while Public Bank and CIMB were unchanged at RM24.40 and RM5.93 respectively.

Among actives, Nova MSC and QES inched up half-a-sen each to 18.5 sen and 24.5 sen respectively, Destini ticked up one sen to 36 sen, Borneo Oil slid half-a-sen to 5.5 sen while MBSB was flat at RM1.09.

Of the top gainers, BAT improved 38 sen to RM34.68, Vitrox climbed 20 sen to RM7.43, Hong Leong Industries grew 12 sen to RM11.76, Malaysia Airports increased 10 sen to RM9.68 and Lii Hen was six sen higher at RM3.06.

The FBM Emas Index strengthened 10.91 points to 12,777.79, the FBM Emas Shariah Index garnered 8.89 points to 12,948.17 and the FBM Ace Index was 13.79 points better at 5,515.36.

The FBMT 100 Index propped up 6.95 points to 12,550.66 and the FBM 70 edged up 0.55 point to 15,594.74.

Sector-wise, the Finance Index bagged 11.76 points to 17,593.21, but the Plantation Index fell 56.62 points to 7,647.56 and the Industrial Index was down 2.91 points at 3,272.67.  – Bernama

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