Business

Bursa on a positive momentum in line with Asian markets’ gains

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Sept 21 2018 : Shares on Bursa Malaysia were on a positive momentum in early trading today, in line with overnight gains in most Asian markets, buoyed by optimism over a possible lenient outcome on the US-China trade negotiations.

At 9.17 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 7.37 points better at 1,811.07 from yesterday’s close of 1,803.70, after opening 7.98 points higher today.

On the broader market, gainers led losers 231 to 80, with 190 unchanged, 1,392 untraded and 33 others suspended.

Volume stood at 154.12 million units valued at RM115.96 million.

Kenanga Research said the technical outlook for the FBM KLCI remains healthy, with the index still hovering firmly above the 100-day simple moving average (SMA) and immediate support level of 1,788.

“Despite some weaknesses seen in key indicators, we believe the longer-term positive technical outlook remains intact until the 1,788 support is breached, with 1,765 serving as a lower support further down.

“Otherwise, we expect the index to make its higher highs towards resistance levels 1,827 and 1,865 next,” the research house said in a note.

On heavyweights, Maybank added three sen to RM9.82, Public Bank gained four sen to RM25.06 and Tenaga was 12 sen better at RM15.88.

MYEG emerged as the most active stock, with its shares five sen higher at RM1.81, while Sapura Energy was flat at 44 sen and Lion Industries gained four sen to 96 sen.

The FBM Emas Index went up 54.56 points to 12,619.14, the FBMT 100 Index improved 54.53 points to 12,434.91 and the FBM Emas Shariah Index increased 56.58 points to 12,759.87.

The FBM Ace Index gained 11.46 points to 5,205.61 and the FBM 70 jumped 80.2 points to 14,893.4.

Sector-wise, the Finance Index advanced 51.85 points to 17,957.75, the Industrial Index rose 15.33 points to 3,229.81 and the Plantation Index climbed 13.95 points to 7,583.31. – Bernama

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