KUALA LUMPUR: Bursa Malaysia opened easier on the second last trading day of the year on Dec 30, as profit-taking activities kicked in after the key index jumped 7.06 points at last Friday’s closing.
At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched down 0.68 point to 1,609.93 from last Friday’s close of 1,610.61.
The key index opened at 1,609.45.
Market breadth, however, was positive, with gainers outpacing losers 148 to 93, while 216 counters remained unchanged, 1,520 untraded and 45 others suspended.
Turnover amounted to 172.23 million shares worth RM42.35 mil.
Despite the decline at the opening, Malacca Securities Sdn Bhd expects the year-end window dressing activities to send the FBM KLCI higher on Dec 30.
“We foresee more window dressing activities as the market looks to take advantage of the buoyant global market environment, which would help the key index end the month on a good note,” it said.
In a note, it said the gains would also be supported by firmer crude palm oil prices which had surged above RM3,000 per tonne amid higher West Texas Intermediate crude oil prices that had advanced to a three-month high last Friday.
The brokerage firm said with the key index approaching the 1,621 resistance level, it expected the benchmark to be breached with relative ease backed by continuous strong institutional support.
“Further upsides are seen at the 1,635 level. Meanwhile, immediate support lies at the 1,600 psychological level, followed by the 1,590 level,” it added.
Among heavyweights, Maybank ticked up one sen to RM8.62; Public Bank, Tenaga and Petronas Chemicals were unchanged at RM19.28, RM13.26 and RM7.36, respectively; while CIMB was down two sen to RM5.28.
Of the actives, Dynaciate and Dolphin International increased half-a-sen each to eight sen and 15 sen respectively; Bina Puri warrant climbed three sen to 3.5 sen; TDM rose one sen to 35.5 sen; while Eduspec was half-a- sen easier at 2.5 sen.
The FBM Emas Index gained 3.79 points to 11,434.38 and the FBM Emas Shariah Index advanced 4.31 points to 12,059.35.
The FBM 70 garnered 38.67 points to 14,221.70, the FBMT 100 Index accumulated 3.57 points to 11,230.23 and the FBM Ace was 17.92 points firmer at 5,143.18.
Sector-wise, the Industrial Products and Services Index shed 0.26 point to 153.52, the Financial Services Index decreased 3.57 points to 15,645.01 but the Plantation Index perked 8.72 points to 7,723.05. – Dec 30, 2019, Bernama
