Bursa opens higher despite mixed Asian markets

KUALA LUMPUR: Share prices on Bursa Malaysia were slightly higher at the opening, boosted by some buying support in selected heavyweights despite the mixed performance seen on Asian share markets.

At 9am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.03 point to 1,798.18 from 1,798.15 recorded on Tuesday, after opening 0.25 point easier at 1,797.90.

On the scoreboard, gainers led losers by 102 to 57, with 143 unchanged, 1,559 untraded and 17 suspended.

Volume stood at 61.60 million units valued at RM18 million.

A dealer said trading of the local note today is expected to be on a yo-yo trend, tracking the Asian markets after the volatile US session amid traders’ concerns about the strength in commodity prices.

“Investors will be keeping their eye open this week with the market impact of European political developments and emerging market activities. This is on top of the continuing US-China trade tension.

“While the US Federal Reserve is said to be extremely happy with the economic improvement, China, on the other hand, is facing a slowdown.

“These are among the factors for us to focus on this week. But we are hoping that the higher crude oil price, which is now trading above US$84 per barrel, would provide some support,” the dealer said.

Of heavyweights, Maybank fell two sen to RM9.72, Public Bank was flat at RM25.02, while Tenaga and Petronas Chemicals both rose six sen to RM15.60 and RM9.54 respectively.

For actives, Fitters Diversified and TH Heavy Engineering gained half-a-sen each to 41 sen and 6.5 sen respectively, while Borneo Oil was flat at 5.5 sen and Hibiscus Petroleum improved one sen to RM1.29.

The FBM Ace Index fell 5.30 points to 5,323.20, the FBM 70 rose 13.18 points to 14,865.22 and the FBM Emas Shariah Index grew 15.74 points to 12,723.97.

The FBM Emas Index added 8.08 points to 12,564.00 and the FBMT 100 Index was 7.66 points higher at 12,367.17.

Sector-wise, the Financial Services Index lost 3.84 points to 17,764.82 and the Industrial Products and Services Index enlarged 0.29 point to 178.11, while the Plantation Index expanded 10.57 points to 7,548.48.