Bursa rebounds, supported by buying activities

bursa malaysia

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Written by Syndicated News

KUALA LUMPUR, Aug 3 2018 : Bursa Malaysia rebounded to open higher today, supported by buying activities in selected heavyweights led by finance-related counters, dealers said. 

At 9.06 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.91 points better at 1,781.04 from yesterday’s close of 1,778.13.

The index opened 4.61 points firmer at 1,782.74.

On the broader market, gainers led losers by 135 to 73 counters with 153 unchanged, 1,523 untraded and 42 others suspended.

Volume stood at 65.41 million units valued at RM27.72 million.

Public Investment Bank Bhd said the higher index was tracking the firmer close of Wall Street overnight, boosted by technology stocks. 

It was reported that Apple was a major driver of the technology rally on Wall Street, with its stock market value gaining almost three per cent to US$1 trillion. It is the first publicly-listed US company to reach that milestone.

Meanwhile, the research firm said following the easier closing yesterday on the FBM KLCI after an eight-day winning streak, it expected the index to trade sideways today with a slight bullish bias.

“Resistance level is at 1,783 and support of 1,762 today. Moderate pullback above the new watershed level of 1,762 is deemed healthy in the event that the index is still overwhelmed by profit-taking activities,” it said in a research note today. 

Of the heavyweights, Maybank rose two sen to RM9.86 and Public Bank gained six sen to RM24.24.

Tenaga eased four sen to RM15.24, Petronas Chemicals fell one sen to RM9.00 while CIMB was flat at RM5.85. 

Among actives, Hubline and Sapura Energy each increased half-a-sen to six sen and 59.5 sen respectively, while Borneo Oil was flat at six sen. 

Of the top gainers, United Plantations recovered RM1.08 to RM27.88, Petronas Gas improved 28 sen to RM27.00 and PetronM bagged 20 sen to RM7.99.

The FBM Emas Index was 15.82 points higher at 12,597.57, the FBMT 100 Index added 15.69 points to 12,387.36 and the FBM Emas Shariah Index increased 10.02 points to 12,725.93. 

The FBM 70 gained 2.70 points to 15,436.48 and the FBM Ace Index improved 6.54 points to 5,421.31.

Sector-wise, the Plantation Index rose 27.61 points to 7,589.43, the Finance Index perked 20.65 points to 17,475.50 and the Industrial Index was up 12.22 points at 3,272.79. – 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.