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Cautious sentiment clouds Bursa

bursa higher

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Sept 13 2018 : Bursa Malaysia was mixed in the early session today as cautious sentiment clouded the market against the backdrop of rising trade tensions between the United States and China.

At 9.15 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) fell 2.07 points to 1,783.18 from yesterday’s close of 1,779.95. The index opened 1.7 points higher at 1,786.95.

On the broader market, gainers led losers 165 to 153, with 193 unchanged, 1,376 untraded and 22 others suspended.

Volume stood at 210.24 million units valued at RM141.34 million.

Traders on Bursa were nervous given the escalating tensions between the world’s two largest economies, and following Beijing’s plan to impose anti-dumping sanctions worth billions on Washington.

However, Kenanga Research said the longer-term technical outlook of the local stock market remained  positive with the key simple moving average (SMA) still trending upwards.

“Immediate support can be identified at 1,788, near the 100-day SMA and 1,765 should the index trend lower. Conversely, resistance can be identified at 1,827 and 1,865,” it said in a note.

Among heavyweights, Maybank eased two sen to RM9.78, Public Bank declined 28 sen to RM24.64 and Tenaga fell four sen to RM15.78.

For the actives, Sapura Energy rose two sen to 37.5 sen, Borneo Oil was half-a-sen lower at 5.5 sen and MYEG was eight sen better at RM1.58.

The FBM Emas Index decreased 8.4 points to 12,415.15, the FBMT 100 Index was 5.18 points lower at 12,247.28, as the FBM Emas Shariah Index increased 1.47 points to 12,532.97.

The FBM Ace Index rose 0.14 of-a-point to 5,055.41 and the FBM 70 gained 28.04 points to 14,683.31.

Sector-wise, the Finance Index decreased 45.8 points to 17,639.94, the Plantation Index was up 16.45 points at 7,481.62 and the Industrial Index was 6.93 points easier at 3,200.08. – Bernama

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Syndicated News

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