Bursa Malaysia extends gains to open higher

Bursa Malaysia opens higher. 

KUALA LUMPUR: Bursa Malaysia extended yesterday’s gains to trade higher in early session today as local institutions provided the support with buying interest on some index-linked stocks.

At 9.05am, the key FTSE Bursa Malaysia KLCI (FBM KLCI), gained 4.46 points to 1,605.81 after opening 2.91 points better at 1,604.26.

The index closed 3.03 points higher at 1,601.35 yesterday.

Gainers led losers at 134 to 79, with 141 counters unchanged, 1,588 untraded and 24 others suspended.

Turnover stood at 75.11 million units worth RM23.58 million.

Malacca Securities Sdn Bhd in a note said, even with yesterday’s gains by key index stocks, the overall market environment remains insipid amid the increasingly thin market participation brought about by the lingering US-Sino trade spat that is strengthening the cautious undertone.

“We still see the FBM KLCI making headway over the near term with the bouts of support and the mild upsides may lead the key index to the 1,605 resistance level,” it said.

On the lower liners as well as the broader market, the research house noted that shares would continue to dither amid the lack of following as more retail players converge on the sidelines until there is clarity in the market’s direction.

“However, the sell down appear to be ebbing and this could provide an opportunity for the lower liners to build up a base after their recent slide,” it added.

Among heavyweights, TNB rose eight sen to RM11.44, Maxis earned five sen to RM5.41, Public Bank gained 10 sen to RM22.88 and Axiata climbed four sen to RM4.58.

Of the actively-traded stocks, KNM advanced half-a-sen to 19.5 sen, Econpile perked two sen to 62 sen while Vortex reduced two sen to 23 sen and Scomi down 1.5 sen to six sen.

The FBM Emas Index was up 31.52 points to 11,245.85, the FBMT 100 Index increased 30.82 points to 11,101.32 and the FBM Emas Shariah Index up 32.70 points to 11,346.53

The FBM 70 went up 37.19 points to 13,653.61 and the FBM Ace added 0.96 of-a-point to 4,259.26.

Sector-wise, the Financial Services Index improved 25.52 points to 16,629.33, the Plantation Index advanced 5.40 points at 6,877.37 but the Industrial Products & Services Index was 0.55 of-a-point lower at 160.14.