Bursa slightly higher due to institutional support

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Written by Syndicated News

KUALA LUMPUR, Sept 26 2019 : Bursa Malaysia opened slightly higher backed by institutional support in selected heavyweights. 

At 9.06 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose a marginal 0.12 point to 1,589.70 from 1,589.58 yesterday.

The index opened 0.10 point lower at 1,589.48.

On the broader market, gainers surpassed losers 129 to 68, while 143 counters were unchanged, 1,661 untraded and 27 others suspended.

Turnover amounted to 91.65 million shares worth RM29.31 million.

Malacca Securities in its equity note today said local stocks had been stuck in a rut of late with the selling bias continuing to send stocks lower on a combination of fewer leads and compelling buys, leaving the key index in drifting mode. 

“We see the indifferent trend sustaining over the near term as there is no change to the near-term market direction as yet. However, we also think that the FBM KLCI may find some near-term reprieve as the positive global market undertone could prompt some bargain hunting activities and provide some mild support,” it said.

Investors are also awaiting FTSE Russel’s decision on whether to exclude Malaysian government bonds from its World Government Bond Index (WGBI) later today. 

Of heavyweights, Maybank and Petronas Chemical gained two sen to RM8.64 and RM7.54 respectively, Axiata was up one sen at RM4.28 and MISC inched three sen to RM7.75. 

As for actives, MTAG added two sen to 46 sen, iDimension and Daya Materials both expanded half-a-sen to three sen and one sen respectively, while AirAsiaX and Ecovest were flat at 16.5 sen and 78.5 sen. 

The FBM Emas Index inched up 1.21 points to 11,241.02, the FBMT 100 Index was up 0.17 point to 11,075.17 while the FBM Emas Shariah Index contracted by 0.20 point to 11,786.60.

The FBM 70 improved by 7.80 points to 13,978.29 and the FBM Ace firmed 20.72 points to 4,559.92. 

Sector-wise, the Plantation Index slid 0.97 point to 6,749.99, the Financial Services Index perked 1.01 points to 15,362.42 while the Industrial Products and Services Index was 0.27 point higher at 153.59. – Bernama



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