KUALA LUMPUR: Bursa Malaysia opened higher but turned mixed thereafter on profit-taking activities in selected heavyweights.
As at 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.39 points weaker at 1,592.42 from Friday’s close of 1,595.81, after opening 0.58 of-a-point higher at 1,596.39 this morning.
However, the overall market breadth on Bursa Malaysia was positive with gainers trouncing losers 175 to 143, while 229 counters remained unchanged, 1,420 untraded and 24 others suspended.
Turnover amounted to 240.02 million shares worth RM90.52 mil.
In a note, Malacca Securities Sdn Bhd said Bursa Malaysia was on an upward momentum last week with much of the gains stemming from the improving trade sentiment across the globe, coupled with the resumption of big-ticket infrastructure projects such as the Klang Valley Mass Rapid Transit Line 2.
The renewed positive sentiment has attracted fresh funds into the Malaysian equities as demonstrated by the rising trading activities, in terms of both trading volume and value, it said.
“We expect the recovery to remain firm over the foreseeable future and may take another stab towards the 1,600 psychological level. Beyond that, further gains are expected at the 1,615 level. At the same time, the 1,575 will serve as the immediate support level, followed by the 1,570 level.
“The lower liners and broader market shares are also staging a rebound and may continue to pick-up some gains over the near term. The rotational play is likely to continue as we head towards the festive shortened weekend break,” it added.
Of the heavyweights, Maybank eased two sen to RM8.60, Public Bank declined 10 sen to RM19.50, Petronas Chemicals was one sen weaker at RM7.02 while Tenaga added two sen to RM12.92.
Among the actives, Vortex and Xinghe were half-a-sen higher at 11 sen and 27 sen, respectively, TDM erased 1.5 sen to 30 sen and Melewar rose two sen to 30.5 sen.
On the index board, the FBM Emas Index decreased 13.97 points to 11,349.57, the FBM Emas Shariah Index declined 2.91 points to 12,016.31, the FBMT 100 Index lost 15.18 points to 11,137.55, the FBM 70 perked 15.78 points to 14,225.67, and the FBM Ace added 31.36 points to 5,596.48.
Sector-wise, the Industrial Products and Services Index inched up 0.08 of a point to 153.96, the Financial Services Index was 52.66 points lower at 15,365.58 and the Plantation Index fell 34.62 points to 7,500.81. – Jan 20, 2020, Bernama
