Bursa Malaysia continues upward momentum

Bursa Malaysia continues upward momentum

KUALA LUMPUR,. Bursa Malaysia continued its upward momentum to open slightly higher today backed by de-escalating of tensions in the Middle East and stronger global trade optimism.

At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.43 points higher at 1,597.08 compared with yesterday’s close of 1,595.65.

On the scoreboard, gainers surpassed losers 185 to 66, while 182 counters remained unchanged, 1,512 untraded and 16 others suspended.

Turnover amounted to 161.81 million shares worth RM61.12 million.

Malacca Securities in its note today said investors had shifted their focus on the signing of Phase One trade deal between the United States and China which is expected to take place January 15.

“The strong global equity market undertone, brought about by the gains in many overseas markets, will continue to drive the local market as well as the key index looks to end the week on a positive tone,” it said.

It added that following the recent recovery, coupled with renewed buying activities from foreign participants, the FBM KLCI may continue to see bargain hunting activities.

On the technical upside, the research note said that the key index may continue to re-test the 1,600 psychological level and subsequently marching towards the 1,615 level.

Of heavyweight counters, Top Glove gained two sen to RM4.60, Sime Darby up two sen to RM2.27, RHB Bank and Petronas Chemicals both increased five sen to RM5.84 and RM7.36, while Public Bank firmed 10 sen to RM19.66.

Of actives, Solarvest and Kronologi Asia were both two sen higher to 78 sen and 94.5 sen respectively, while Vortex and Sersol both up one sen to 11.5 sen.

As for top gainers, Malaysian Pacific was up 22 sen to RM12, KESM increased 19 sen RM9.55, Hong Leong Financial perked 18 sen to RM17.62 while Genetec was nine sen higher to RM1.20

On the index board, the FBM Emas Index went up 16.10 points to 11,378.02 and the FBM Emas Shariah Index was 10.02 points higher at 11,9999.66.

The FBMT 100 Index strengthen 12.45 points to 11,170.15, the FBM 70 added 25.79 points to 14,267.16 while the FBM Ace gained 36.31 points to 5,536.95.

Sector-wise, the Industrial Products and Services Index increased slightly by 0.45 point to 154.31, while the Financial Services Index rose 45.58 points to 15,605.42 and the Plantation Index expanded 5.27 points to 7,691.56. — Bernama

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