Business

Bursa rebounds, taking cue from upbeat Wall Street, oil prices

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, Aug 30 2018 : Bursa Malaysia opened higher today, with the key index rebounding from yesterday’s downtrend as investors took the cue from the upbeat overnight close of Wall Street amid improving oil prices.

At 9.04 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.26 points higher at 1,821.9 from Wednesday’s close of 1,820.64.

The index opened 0.9 point better at 1,821.54.

Market breadth on the broader market was positive with gainers outpacing losers 150 to 135, with 172 counters unchanged, 1,462 untraded and 68 others suspended.

Volume stood at 152.72 million units valued at RM79.18 million.

Kenanga Research said FBM KLCI’s longer-term technical outlook remains positive.

“Should the index trend higher, we expect a move towards resistance levels of 1,840 and 1,870.

“Conversely, supports can be identified at 1,800 and 1,770,” the research house said in a note today.

Among heavyweights, Public Bank gained four sen to RM25.08, Tenaga grew six sen to RM15.76, and CIMB earned three sen to RM6.12.

Maybank slipped two sen to RM9.98 and Petronas Chemicals eased six sen to RM9.51.

Among actives, Vivocom was flat at 2.5 sen, Hibiscus shed one sen to RM1.09, TA Enterprise inched down half-a-sen to 65.5 sen, while both Sapura Energy and Borneo Oil added half-a-sen each to 35.5 sen and 6.5 sen.

The FBM Emas Index gained 1.46 points to 12,755.18, the FBMT 100 Index rose 7.93 points to 12,557.43, the FBM 70 improved 6.7 points to 15,222.23, and the FBM Ace Index increased 6.65 points to 5,352.11.

However, the FBM Emas Shariah Index fell 3.46 points to 12,865.05.

Sector-wise, the Finance Index lost 6.55 points to 17,939.2, the Industrial Index trimmed 8.33 points to 3,227.13, but the Plantation Index rose 20.42 points to 7,593.22. – Bernama

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