Bursa Malaysia continues uptrend at mid-afternoon

KUALA LUMPUR: Bursa Malaysia continued its uptrend at mid-afternoon, buoyed mainly by buying of selected heavyweights and blue chips such as Tenaga, Sime Darby Plantation, Hong Leong Bank and Nestle.

At 3pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was up 7.77 points to 1,699.84 from Friday’s close of 1,692.07.

The key index opened 1.69 points better at 1,693.76.

Market breadth was positive with 415 losers to 254 gainers, while 318 counters were unchanged, 886 untraded and 44 others were suspended.

Turnover stood at 951.96 million shares worth RM561.54 million.

A dealer said the market globally witnessed a volatile trend this year on geopolitical fears, escalating trade tension between the United States and China and sluggish commodity prices.

But, he did not discount a rally towards the end of 2018, given several improving signals.

“We expect trading on Bursa Malaysia, this holiday shortened week, to be lifted by window-dressing activities, hence a better barometer index,”he said.

Tenaga rose 24 sen to RM13.80, Sime Darby Plantation gained 12 sen to RM4.90, Hong Leong Bank improved 10 sen to RM20.62 while Nestle soared 80 sen to RM148.20.

Meanwhile, Maybank gained five sen to RM9.48, Public Bank was flat at RM24.88, Petronas Chemicals slipped three sen to RM9.29 while IHH Healthcare eased two sen to RM5.73.

Of actives, Hubline inched up half-a-sen to five sen, VS Industry added 3.5 sen to 75.5 sen, Destini inched shed half-a-sen to 22 sen while KNM was flat at eight sen.

The FBM Emas Index gained 65.58 points to 11,602.88, the FBMT 100 Index added 60.72 points to 11,515.30 and the FBM Emas Shariah Index appreciated 91.24 points to 11,600.66.

The FBM Ace Index was 35.56 points higher at 4,295.76 and the FBM 70 increased 103.25 points to 13,194.77.

Sector-wise, the Finance Index improved 33.34 points to 17,375.03, the Industrial Products and Services Index was flat at 166.81 and the Plantation Index advanced 58.99 points to 6,956.73.