Business

Bursa lower amid selling activities

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Nov 26 2019 : Bursa Malaysia opened slightly lower amid mild selling activities in the broader market. 

At 9.18 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.36 points to 1,589.99 from yesterday’s close of 1,591.35. 

At the opening bell, the barometer index was 1.71 points weaker at 1,589.64.  

On the broader market, there were 180 losers and 170 gainers, while 232 counters unchanged, 1,448 untraded and 32 others suspended.

Turnover amounted to 301.32 million shares worth RM163.42 million.

Malacca Securities Sdn Bhd observed with the indifference remained a feature, the Malaysian equities maintained their mostly sideways trend for a longer period as buying interest was still on the modest side, with market players awaiting more catalysts.  

“At the same time, the ongoing results reporting season continues to see mixed earnings performance that is failing to instill confidence for a sustained runup. 

“With the sideways trend poised to continue, we see the key index lingering within the 1,590 and 1,610 levels for now, as potentially part of its base building process for window dressing actions next month. The other support and resistance levels are at 1,580 and 1,620 respectively,” it said in a note today.

It said lower liners and broader market shares also succumbed to profit-taking activities yesterday after holding steady for the past few weeks.

“With fewer leads, we think that the bouts of profit-taking activities could continue as more retail players trim their positions ahead of the end-year holidays. The profit-taking activities also come on the heels of the FBM Small Cap index’s gains of over 8.0 per cent over the past three months,” it added.  

Of the heavyweights, TNB gained two sen to RM13.56, MISC and Hong Leong rose four sen each to RM8.28 and RM16.80, respectively, while Maxis was flat at RM5.25, Maybank and CIMB  both eased one sen to RM8.65 and RM5.33.

Public Bank shed six sen to RM19.74, Petronas Chemicals and IHH Healthcare decreased four sen each to RM7.04 and RM5.41.  

Of the actives, Fintec Global inched up half-a-sen to 6.5 sen, Xinghe Holdings rose one sen to 25 sen, JAKS Resources advanced seven sen to RM1.31, Seacera declined 1.5 sen to 36 sen and Lay Hong fell 2.5 sen to 43 sen. 

ACE market debutant Solarvest Holdings soared 33 sen to 68 sen with 104.37 million shares changing hand.  Its issue price was at 35 sen. 

The FBM 70 depreciated 5.87 points to 14,068.17, the FBM Emas Shariah Index contracted 3.89 points to 11,820.48, the FBM Emas Index was 10.38 points lower at 11,279.25, the FBMT 100 Index decreased 8.37 points to 11,095.34 and the FBM Ace slipped 27.67 points to 4,823.91.  

Sector-wise,  the Plantation Index improved 8.38 points to 7,186.16, the Financial Services Index fell 15.72 points to 15,522.27, and the Industrial Products & Services Index inched down 0.41 of-a-point to 150.96. – Bernama

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Syndicated News

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