Business

Bursa rebounds, lifted by MISC, Petronas buying interest

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Dec 12 2019 : Bursa Malaysia opened lower but rebounded thereafter in early trade lifted by buying interest in MISC and Petronas-linked counters.

At 9.09 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) increased 2.91 points to 1,566.10 against yesterday’ close of 1,563.19.

The index opened 3.36 points weaker at 1,559.83, following quick profit-taking activities in IHH, Sime Darby Plantation and MAHB after steady gains recorded by the counters yesterday.

Market breadth was positive as advancers overtook the decliners 162 to 114,  while 186 counters unchanged, 1,509 untraded and 18 others suspended. 

Turnover amounted to 178.69 million shares worth RM86.77 million.

Malacca Securities Sdn Bhd said though yesterday’s rebound was mild, the recovery may power the key index higher as investors bargain hunt from the recent pullback.

It said the accommodative stance from the U.S Federal Reserve may also provide some support to the rebound.

In addition, Wall Street also closed higher following the Fed’s decision to leave interest rates unchanged.

“We expect the recovery in the local market to remain intact taking the key index towards the 1,580 level, but upsides may be capped by the unrelenting foreign fund selling, coupled with the uncertainty over the implementation of next wave of tariffs in Chinese goods over the weekend.

“Hence, bouts of profit-taking may take precedence, limiting the gains,” it said in a note.

Locally, investors are looking forward to October industrial and manufacturing production data to be released later today by the Department of Statistics Malaysia.

Among heavyweights, MISC added 37 sen to RM8.67, Petronas Gas rose 62 sen to RM15.96, PetChem went up one sen to RM7.00 while Tenaga was 10 sen better at RM13.18.

Petronas Dagangan edged up 40 sen to RM23.70.

In contrast, IHH and Sime Darby Plantation dropped one sen each to RM5.39 and RM5.29 respectively.

MAHB declined 16 sen to RM7.96.

Of actives, Eco World increased 4.5 sen to 79 sen, Sapura Energy was flat at 26 sen and Khee San depreciated half-a-sen to 49 sen.

The FBM Emas Index increased 18.74 points to 11,142.74 and the FBM Emas Shariah Index appreciated 38.57 points to 11,751.88 while the FBMT 100 Index up 19.43 points to 10,942.68.

The FBM Ace went up 15.57 points to 4,940.71 and the FBM 70 improved 21.10 points to 13,932.32.

Sector-wise, the Financial Services Index dropped 1.65 points to 15,210.66, the Industrial Products and Services Index declined 0.04 of-a-point to 150.03 and the Plantation Index fell 32.29 points to 7,454.29. – Bernama

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Syndicated News

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