Bursa sustains upward momentum to open higher

KUALA LUMPUR: Bursa Malaysia continued its upward momentum to open higher today following Malaysia’s commendable gross domestic product (GDP) growth in 2018 and the fourth quarter of last year.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,692.73, up 3.67 points from Thursday’s close of 1,689.06.

The index opened 3.23 points firmer at 1,692.29.

A dealer said the local stock market closed higher yesterday, snapping a two-day losing streak, after GDP data showed the country’s economic growth accelerated for the first time since the third quarter of 2017, sparking optimism of a better fourth quarter corporate earnings results.

“Immediate support for the index is at 1,680 points while immediate resistance will be seen at the recent high of 1,705,” he said.

Among heavyweights, Maybank and CIMB were flat at RM9.55 and RM5.78, respectively.

Public Bank added two sen to RM24.96, TNB gained four sen to RM13.06 and Petronas Chemicals rose three sen to RM8.50.

Of actives, Tatt Giap and Sapura Energy added half-a-sen each to 10.5 sen and 31 sen, respectively, while Bumi Armada, Sumatec and KNM were all flat at 24.5 sen, one sen and 11 sen, respectively.

The FBM Emas Index increased 29.08 points to 11,774.65, the FBM Emas Shariah Index went up 42.23 points to 11,666.44 and the FBMT 100 rose 28.97 points to 11,635.38.

The FBM Ace Index was 32.66 points higher at 4,673.52 and the FBM 70 rose 50.601 points to 14,037.44.

Sector-wise, the Financial Services Index was up 19.949 points at 17,739.51, the Plantation Index edged-up 30.31 points to 7,318.38 and the Industrial Products and Services Index was 0.53 of-a-point higher at 163.26.

Market breadth was positive with gainers outpacing losers 180 to 105, while 215 counters were unchanged, 1,353 untraded and 35 others suspended.

Turnover stood at 356.26 million shares worth RM116.54 million.