KUALA LUMPUR: Bursa Malaysia kick-started the new year on a positive note, as bargain hunters emerged on beaten-down stocks, a dealer said.
At 9.08am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.64 points to 1,593.40 from Dec 31’s close of 1,588.76, after opening at 1,590.98.
The market was closed on Jan 1 for the new year.
At the opening bell, market breadth was positive, with gainers outpacing losers 191 to 89, while 215 counters remained unchanged, 1,450 untraded and 13 others suspended.
Turnover amounted to 136.31 million shares worth RM66.94 mil.
The dealer said the local market was also tracking the strong performance of US markets on new year’s eve, which saw its three key benchmarks ending 0.3% higher.
“Market participants also reacted positively to US President Donald Trump’s tweet that the signing of the phase-one trade deal with China would take place on Jan 15,” he said.
Meanwhile, Maybank Investment Bank Bhd Research expected the FBM KLCI to range between 1,580 and 1,610 today (Jan 2).
“Downside supports are at 1,585 and 1,572,” it said in a note.
Among heavyweights, Public Bank rose 14 sen to RM19.58, CIMB and Maxis bagged five sen each to RM5.20 and RM5.37 respectively, IOI Corporation added six sen to RM4.67 and Petronas Gas was 18 sen better at RM16.80.
Of the actives, Bright Packaging garnered 10.5 sen to 49 sen, TDM and Avillion gained 1.5 sen each to 43.5 sen and 15.5 sen respectively, while JCY International accumulated one sen to 32.5 sen.
Top gainer, KLK climbed 24 sen to RM25.04, while top loser Carlsberg fell 22 sen to RM29.
The FBM Emas Index added 30.30 points to 11,353.79 and FBM Emas Shariah Index was 27.99 points higher at 11,975.91.
The FBMT 100 Index increased 29.07 points to 11,143.62, FBM 70 strengthened 23.20 points to 14,230.01 but FBM ACE was 4.67 points lower at 5,221.92.
Sector-wise, the Industrial Products and Services Index ticked up 0.39 of a point to 153.79, the Financial Services Index improved 45.90 points to 15,510.07 and the Plantation Index advanced 59.06 points to 7,792.43. – Jan 2, 2020, Bernama