Bursa recovers from weak opening

Bursa recovers from weak opening

KUALA LUMPUR,. Bursa Malaysia opened lower today, but rebounded slightly higher thereafter, despite the weak external momentum, dealers said.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.98 of a point higher at 1,731.72 from 1,730.74 on Friday and after opening 1.34 points weaker at 1,729.4.

A dealer said weak buying momentum and overhanging fears over rising US interest rates, the slowing global economy and rich market valuations should restrict any upside potential.

“For the FBM KLCI, the immediate overhead resistance area is at 1,742 and crucial retracement support at 1,697,” he added.

Gainers led losers 184 to 104, with 185 unchanged, 1,409 untraded and 17 suspended.

Volume stood at 139.81 million units valued at RM95.48 million.

Among heavyweights, Maybank and Petronas Chemicals were flat at RM9.58 and RM9.28 respectively.

Public Bank and TNB lost two sen each to RM24.96 and RM14.58 as CIMB slipped one sen to RM5.94.

For actives, Hibiscus Petroleum bagged three sen to RM1.21, Advance Synergy gained 1.5 sen to 15.5 sen and MyEG perked four sen to RM1.60.

Gamuda and Sapura Energy were flat at RM2.35 and RM36 sen.

The FBM Emas Shariah Index advanced 24.34 points to 12,013.30, the FBM Ace Index accelerated 11.55 points to 5,019.57 and the FBM 70 jumped 70.15 points to 13,930.24.

The FBM Emas Index edged up 19.93 points to 12,001.79 and the FBMT 100 Index gained 19.01 points to 11,828.63.

Sectorwise, the Plantation Index rose 2.73 points to 7,414.53, but the Financial Services Index declined 0.199 of a point to 17,528.42 and the Industrial Products and Services Index was slightly lower by 0.03 of a point to 171.57. — Bernama