KLCI positive as US-China relations lift market sentiment

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Written by Syndicated News

KUALA LUMPUR, Dec 26 2019 : Bursa Malaysia kicked off the day positively on stronger buying demand as market sentiment was lifted by US-China relations which appears to be on the mend.

At 9.15 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.31 point to 1,604.54 from Tuesday’s close of 1,604.23, after opening at 1,604.68 this morning.

In the broader market, gainers outpaced losers 154 to 94, while 174 counters remained unchanged, 1,554 untraded and 13 others suspended. 

Turnover amounted to 102 million shares worth RM43.14 million.

A dealer said investors’ optimism was fuelled after US President Donald Trump said he and Chinese President Xi Jinping will hold a ceremony to sign the phase one trade deal.

On the technical front, PublicInvest Research said the local benchmark erased Monday’s gains on Christmas Eve though with relatively thin trading volume. At the close on Tuesday, the FBM KLCI was down 9.95 points.

“At this juncture, the index is still potentially poised for a decisive bullish turnaround should it manage to surpass and remain above its previous 1,610 high by the end of the week.

“A moderate pullback above the support level of 1,600 is also deemed healthy should there be mild profit-taking activities in the near term.

“Support levels for the index are at 1,551, 1,580 and 1,600, while the resistance levels are at 1,622, 1,636 and 1,652,” it added.

Among Bursa Malaysia’s heavyweights, Maybank added two sen to RM8.62, Public Bank eased 10 sen to RM19.72, Petronas Chemicals added four sen to RM7.41 while Tenaga and CIMB were flat at RM13.32 and RM5.29 respectively.

Of the actives, Sino Hua-An International and Perdana Petroleum gained one sen each to 14 sen and 41 sen respectively, while London Biscuits was unchanged at 13 sen.

The FBM Emas Index rose 5.84 points to 11,374.09, the FBM Emas Shariah Index appreciated 12.02 points to 12,003.31 and the FBMT 100 Index was 4.32 points higher at 11,173.71. 

The FBM Ace advanced 23.18 points to 5,100.41 and the FBM 70 garnered 14.41 points to 14,072.32.

Sector-wise, the Financial Services Index decreased 4.95 points to 15,581, the Industrial Products and Services Index gained 0.31 point to 153.44 and the Plantation Index declined 0.11 point to 7,553.18.  – Bernama



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