Business

Bursa mixed on bargain hunting

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Aug 7 2019 : Bursa Malaysia opened mixed today on bargain hunting activities.  

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.41 points easier at 1,609.38, after opening 0.69 point easier at 1,611.1. 

On the broader marker, gainers led losers 134 to 90, while 156 counters were unchanged, 1,508 untraded and 18 others suspended.

Turnover stood at 118.998 million units worth RM144.173 million.

Malacca Securities Sdn Bhd said there could be continuing reprieve for Malaysia stocks over the near- term as the market recovers from being oversold, despite the US-China  trade dispute concerns and prospects of weaker global economic growth  being still overwhelming.

“The positive overnight performance of Wall Street, coupled with the slight easing of trade tensions, will further help shore up the near-term sentiment, although the general market outlook is still one of cautiousness,” it said in a note today.

Malacca Securities said the ongoing rebound could lead the FBM KLCI to the 1,620 level, followed by 1,630.

“Lower liners and broader market shares are also seeing a recovery that could continue over the near term as sentiment improves slightly to prompt bouts of bargain hunting activities,” it added. 

For the heavyweight counters, Maybank and Petronas Chemicals rose three sen each to RM8.62 and RM7.40 respectively, TNB gained four sen to RM13.88, IHH Healthcare jumped 10 sen to RM5.78, CIMB added one sen to RM5.07, with Axiata flat at RM4.83 and Public Bank shedding 10 sen to RM21.50.  

For the most active stocks, DWL Resources increased four sen to 65 sen, KNM edged up half-a-sen to 39 sen, Bumi Armada was flat at 21.5 sen, as Genting Malaysia gave up 41 sen to RM3.20 and Ekovest eased 1.5 sen to 81.5 sen. 

LEAP market debutant Enest Group Bhd advanced one sen to nine sen, with 124,700 units traded. 

The FBM Emas Index fell 8.79 points to 11,383.7, the FBM Ace improved 7.70 points to 4,625.56, the FBM 70 went up 13.58 points to 14,162.87, the FBM Emas Shariah Index appreciated 20.98 points to 11,826.09 and the FBMT 100 Index contracted 10.23 points to 11,216.44

Sector-wise, the Plantation Index bagged 2.61 points to 6,582.76, the Financial Services Index was 13.02 points for 15,824.41 and the Industrial Products and Services Index inched up 0.09 point to 151.93.  – 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.