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Bursa rebounds but trade expected to be choppy

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, Nov 7 2018 : Bursa Malaysia rebounded from Monday’s bearish trading, supported by external factors, though today’s activity is predicted to be light and trade choppy as market participants await the outcome of the US midterm elections.

The positive trend at the opening is seen as slight recovery after US stocks recouped more of the losses incurred during October’s brutal sell-off.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 4.76 points to  1,713.56 from Monday’s close of 1,708.80.

The index opened 3.91 points higher at 1,712.71.

Kenanga Investment Bank Bhd said from a technical perspective, the outlook of the FBM KLCI is still bearish, as it remains below its key simple moving average.

“Immediate support levels to watch for are 1,680  and 1,650,  where a break below it will be deemed highly negative,” it said in a note today.

The market was closed yesterday due to the Deepavali holiday.

On the broader market, gainers led losers 123 to 78 with 149 counters unchanged, 1,503 untraded and 19 others suspended.

Volume stood at 90.04 million units valued at RM114.87 million.

Among heavyweights, PChem added 28 sen to RM9.98, CIMB and IHH improved five sen to RM5.73 and RM5.05 respectively, while Genting and GENM counters, which were in the spotlight on Monday, gained 13 sen and 10 sen each to RM6.87 and RM3.71.   

Genting’s warrant edged up half-a-sen to 3.5 sen.

For actives, Pesona and K1 both rose one sen to 26.5 sen and 31.5 sen respectively, NGGB added 3.5 sen to 62.5 sen and its warrant bagged 2.5 sen to 32 sen.

DSonic advanced one sen to 46 sen, but Frontkn declined 1.5 sen to 83 sen. 

The FBM Emas Shariah Index slipped 1.52 points to 11,981.57, the FBM Ace Index rose 27.82 points to 4,980.93 and the FBM 70 fell 9.47 points to 13,791.62.

The FBM Emas Index was 13.54 points better at 11,853.31 and the FBMT 100 Index accumulated 23.10 points to 11,706.05.

Sector-wise, the Plantation Index reduced 25.77 points to 7,375.69, the Industrial Products and Services Index was 1.99 points better at 176.52, and the Financial Services Index was 24.59 points stronger at 17,2745.86. – 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.