Bursa rebounds, buoyed by Trump’s tariff delay


Syndicated News
Written by Syndicated News

KUALA LUMPUR, Aug 14 2019 : Bursa Malaysia rebounded to opened higher today, buoyed by President Donald Trump’s move to delay imposing some new tariff on Chinese imports. 

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 6.58 points to 1,599.46, after opening 5.48 points higher at 1,598.36.  

On the broader market, gainers outpaced losers 258 to 57, while 103 counters were unchanged, 1,488 untraded and 18 others suspended.

Turnover stood at 145.42 million units worth RM50.51 million.

Malacca Securities Sdn Bhd in a research note said the market opened on a more positive beat which would trigger a rebound for the day, following a drop of 22.17 points yesterday. 

“We foresee the lower liners and broader market shares posting recoveries over the near term as bargain hunting activities could return amid the more positive market undertone for now,” it said.

However, it said the buying actions could be punctuated by quick profit-taking activities as most retail players are still on a cautious mode.

Yesterday, the Trump administration shocked market observers by delaying move to impose new tariffs on about US$156 billion Chinese good which should come into effect on Sept 1. 

The sudden move reportedly was based on concerns about possible impacts from the trade tension on US’ businesses and consumers ahead of the holiday season. 

On the local front, investors are awaiting the release of the second-quarter gross domestic product by Bank Negara Malaysia this Friday. 

For the heavyweight counters, Maybank gained three sen to RM8.59, Public Bank climbed 12 sen to RM20.86, Tenaga Nasional rose 14 sen to RM13.74, Petronas Chemical up nine sen, IHH recovered four sen to RM5.70, abd CIMB added five sen to RM5.05. 

For the most active stocks, KNM and its warrant both added half a sen to 39 sen and 20 sen respectively, Datasonic and its warrant both gained two sen to 85.5 sen and 40 sen respectively; while Berjaya land adds 1 sen to 19.5 sen. 

The FBM Ace adds 27.91 points to 4,641.59, the FBM 70 rose 81.79 points to 14,244.62, the FBM Emas Index gained 52.98 points to 11,343.39, the FBM Emas Shariah Index appreciated 54.56 points to 11,850.79 and the FBMT 100 Index grew 50.31 points to 11,178.59.

Sector-wise,  the Financial Services Index was 60.59 points higher at16,670.46, the Plantation Index discounted 7.44 points to 6,684.22, and the Industrial Products and Services Index inched up 0.52 of-a-point to 151.20.  – Bernama



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Syndicated News

Syndicated News

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