KUALA LUMPUR: Bursa Malaysia rebounded this morning as positive sentiment ahead of the possible signing of US-China trade deal this Wednesday helped lift risk appetite in the market.
At 9.04 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.57 points higher at 1,593.03 compared with Friday’s close of 1,591.46.
Malacca Securities Sdn Bhd in a note said, buying interest on Malaysian shares from the last year’s window dressing have diminished with few follow-through buying interests to sustain the recovery.
Hence, this could prompt further weakness with the 1,575 level remained as the key support level, it said.
On the upside, the research house said any potential gains arising from the impending trade deal between the US and China may power the key index to re-test the 1,600 psychological level.
“For now, we expect the consolidation on the broader market to take place to allow investors to digest their recent gains.
“Nevertheless, trading interest remains particularly strong on the technology shares,” it added.
The overall market breadth on Bursa was positive with gainers outnumbered losers 173 to 60, while 193 counters remained unchanged, 1,521 untraded and 21 others suspended.
Turnover amounted to 124.64 million shares worth RM43.14 million.
Of heavyweights, Maybank added one sen to RM8.66, Public Bank rose four sen to RM19.58, Tenaga gained two sen to RM13.00 while both Petronas Chemicals and CIMB were flat at RM7 and RM5.20.
Among actives, Vortex inched up half-a-sen to 19.5 sen, Pelikan bagged 6.5 sen to 43.5 sen, while Alam Maritim and Netx were flat at 17 sen and two sen respectively.
On the index board, the FBM Emas Index went up 13.31 points to 11,357.84 and the FBM Emas Shariah Index rose 18.92 points higher at 11,986.6.
The FBMT 100 Index strengthened 11.88 points to 11,150.82, the FBM 70 gained 18.84 points to 14,279.3 while the FBM Ace increased 15.02 points to 5,495.72.
Sector-wise, the Industrial Products and Services Index inched up 0.14 of a point to 153.71, the Plantation Index up 3.11 points to 7,696.11, but the Financial Services Index eased 4.19 points to 15,545.36.
At 9.30 am today, there were 281 gainers, 145 losers and 249 counters traded unchanged.
The FBM-KLCI was at 1,594.94, up 3.48 points, the FBMACE was at 5,513.92, up 33.22 points, and the FBMEmas was at 11,369.88 up 25.35 points.
Turnover was at 507.127 million shares valued at RM172.844 million. – Jan 13, 2020 Bernama