Business

Bursa moderately higher, in line with regional equities

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, July 24 2019 : Bursa Malaysia was moderately higher at mid-week opening, in line with regional equities and on positive progress in the US-China trade talks.

This is alongside an announcement of a White House and Congressional deal on the federal budget, debt ceiling and good corporate earnings.

At 9 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.71 points to 1,657.38 after closing at 1655.67 yesterday.

It opened 1.79 points lower at 1,653.88.

Gainers were up 145 against 48 losers, while 161 counters were unchanged, 1,566 untraded and 16 others suspended.

Turnover stood at 95.60 million units worth RM39.35 million.  

 The slightly higher key index (at opening) met the expectation of research house, Public Investment Bank Bhd.

“Yesterday the better-than-expected earnings from Dow Jones Industrial Average components, Coca-Cola and United Technologies helped stocks rise.

“The stocks were also supported by news that Congressional leaders had announced a budget deal with the White House that would raise the federal government’s debt ceiling,” it said in a statement today.

On Bursa, the FBM KLCI yesterday gained 0.27 point to 0.02 per cent to close at 1,655.67 points.

Meanwhile, Malacca Securities Sdn Bhd said despite the US-China trade negotiation resumption, which is scheduled to happen before Aug 1, there is still no telling if a deal can be concluded soon, and this will continue to place a drag on market sentiment.

Top gainers among heavyweights were Genting which rose 11 sen to RM3.56, IOI gaining four sen to RM4.25, KLK jumping 20 sen to RM23.88 and Axiata which was two sen higher at RM5.15.

The FBM Emas Index bagged 14.48 points to 11,790.13 and the FBMT 100 Index inched up 12.88 points to 11,612.01. 

The FBM Emas Shariah Index was 16.07 points higher at 12,183.36, the FBM 70 gained 20.09 points to 14,913.36 and the FBM Ace increased 24.93 points to 4,775.10.

Sector-wise, the Plantation Index improved 7.08 points to 6,816.53, but the Financial Services Index eased 6.41 points to 16,498.11 and the Industrial Products & Services Index was down 0.06 point to 155.74. – Bernama

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