Bursa rebounds after lower opening

Bursa rebounds after lower opening

KUALA LUMPUR,. Share prices on Bursa Malaysia turned higher in early trading on positive catalysts from the US stock market as well as improvements in the US-China trade dispute and emerging markets.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rebounded by 1.32 points to 1,793.92 from yesterday’s close of 1,792.60. The index opened 2.04 points lower at 1,790.56.

On the broader market, gainers led losers 135 to 64, with 136 unchanged, 1,552 untraded and 22 others suspended.

Volume stood at 129.14 million units valued at RM56.23 million.

Public Bank Investment Bank Bhd said US stocks pushed higher as the technology sector rebounded and participants took a more constructive view of the US-China trade dispute, while emerging market assets rallied after Turkey’s central bank raised interest rates sharply in a bid to stem the lira’s decline.

“However, it is anticipated that the FBM KLCI will at least be trending sideways today, with a slight bullish bias following the formation of a hammer-like bullish reversal candlestick pattern yesterday,” it said in a note.

Among heavyweights, Maybank eased three sen to RM9.85, Tenaga erased 10 sen to RM15.70, PBBank was flat at RM24.92 while PChem added one sen to RM9.44.

For the actives, SapNRG, Nexgram and QES were half-a-sen lower at 44 sen, two sen and 28 sen respectively, BornOil and Netx were flat at 5.5 sen and two sen whereas MyEG advanced four sen to RM1.61.

The FBM Emas Index gained 4.2 points to 12,483.09 and the FBMT 100 Index was 10 points better at 12,315.22, but the FBM Emas Shariah Index fell 12.42 points to 12,553.06.

The FBM Ace Index rose 2.46 points to 5,101.53 and the FBM 70 gained 15.38 points to 14,742.63.

Sectorwise, the Finance Index jumped 51.03 points to 17,861.04, the Industrial Index was 0.77 point better at 3,201.60 but the Plantation Index was down 2.59 points at 7,456.96. — Bernama