KUALA LUMPUR, July 16 2019 : Shares on Bursa Malaysia kickstart today’s trading marginally lower after closing at day’s high yesterday, with market projects the local bourse to extend its mild recovery over the near term.
At 9.05 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) slipped 0.82 of-a-point to 1,671.55 after gaining 2.92 points at yesterday’s closing of 1,672.37.
It opened 0.88 of-a-point easier at 1,671.49 earlier today.
On the broader market, gainers led losers, 140 to 91, while 192 counters unchanged, 1,432 untraded and 19 others suspended.
Turnover stood at 168.18 million units worth RM73.17 million.
Maybank Investment Bank believed the index is due for a mild recovery ahead.
“Banking sector and glove makers remain in a consolidation mode. Meanwhile, buying interest has improved for telco, plantation and utilities sectors.
“Overall, we expect the FBMKLCI Index to stage a rebound in the near term,” it said in a research note today.
Technically, the benchmark index is expected to range between 1,665 and 1,685 today, while downside supports are 1,670 and 1,656.
TNB topped losers in the heavyweights, shrinking four sen to RM13.84, followed by PPB, which declined 14 sen to RM18.66, Genting Malaysia reduced two sen to RM3.37 and CIMB was one sen easier at RM5.17.
Of the gainers, MPI added 16 sen to RM9.66, Favco rose 13 sen to RM2.82, LPI advanced 10 sen to RM16.16 and IWCity gained 6.5 sen to RM1.05.
The FBM Emas Index rose 7.65 points to 11,875.08 and the FBMT 100 Index up 2.93 points to 11,693.84.
The FBM Emas Shariah Index was 5.44 points better at 12,276.08, the FBM 70 advanced 38.95 points to 14,947.79 and the FBM Ace increased 3.46 points to 4,699.10.
Sector-wise, the Financial Services Index perked 22.06 points to 16,657.59, the Industrial Products & Services Index up 0.14 of-a-point to 161.0, but the Plantation Index eased 2.71 points to 6,898.71. – Bernama