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Sentiment at Bursa remains cautious amid trade war concerns

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Syndicated News
Written by Syndicated News

KUALA LUMPUR, July 4 2018 : Bursa Malaysia opened slightly higher today on bargain hunting, but sentiment remained cautious amid lingering global trade war concerns.

At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.93 points higher at 1,683.3 from yesterday’s close of 1,680.37.

The index opened 2.59 points higher at 1,682.96.

A dealer said the local stock market is expected to take cue from global bourses which put in mixed performances as persistent uncertainty about the potential for global trade conflict and concerns about China were offset in part by a more constructive outlook for German politics.

“As the near-term bias for the index to rebound higher is still strong, and as long as the immediate support of 1,655 pts is not breached, we continue to recommend traders to maintain long positions,” he added.

He said immediate support is pegged at 1,655 points – the low of June 28 – while towards the upside, the immediate resistance is at 1,735 points, which was the low of June 4.

Among heavyweights, Maybank added one sen to RM8.99, Public Bank and Tenaga perked four sen each to RM23.04 and RM14.48 respectively and CIMB gained two sen to RM5.42.

Petronas Chemicals lost two sen to RM8.43.

Among actives, TM perked 10 sen to RM3.41, RGB gained one sen to 25.5 sen and Velesto and Asia Knight climbed half-a-sen each to 28.5 sen and 17 sen respectively.

Nova MSC was flat at 16.5 sen.

The FBM Emas Index rose 11.561 points to 11,896.19, the FBM70 was 0.23 of-a-point firmer at 14,538.62 and the FBMT100 Index improved 15.34 points to 11,697.41.

The FBM Emas Shariah Index improved 10.2 points to 12,047.51 and the FBM Ace Index was up 13.95 points to 5,216.8.

Sector-wise, the Finance Index increased 5.27 points to 16,516.04, the Plantation Index gained 6.89 points to 7,511.06 and the Industrial Index lost 7.52 points to 3,091.6.

On the broader market, gainers outpaced losers 90 to 70, while 150 counters were unchanged, 1,549 untraded and 17 others suspended.

Volume stood at 82.01 million units valued at RM35.42 million. – Bernama

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