Bursa Malaysia continues uptrend at opening

KUALA LUMPUR: Bursa Malaysia continued its uptrend to open higher this morning, supported by positive sentiment surrounding the market.

At 9.06am, the key FTSE Bursa Malaysia KLCI (FBM KLCI) nudged 1.22 points at 1,656.69 from 1,655.47 at 5 pm on Monday.

The barometer index opened 0.33 of a point better at 1,655.80.

Market breadth was positive as gainers led losers 125 to 52, with 191 counters unchanged, 1,519 untraded and 25 suspended.

Turnover stood at 107.57 million worth RM49.52 million.

Malacca Securities Sdn Bhd said there is some measure of stability in the market, helped by the easing of trade disputes and potential US government monetary policy supports.

“With the near-term market sentiment on a calmer note, we see further near term upsides on the lower liners and broader market shares on rotational and trading activities,” it said.

However, it noted that the overall outlook is still murky as the unresolved US-China tariff war remains the biggest impediment that will continue to leave sentiments on the wary side.

It said Bursa Malaysia remained overbought and this is likely to temper the upside potential over the near term.

“Therefore, we think that the upsides will remain mild as the buying will become more selective after the recent strong gains that have seen the key index gaining nearly five per cent from its low of 1,580 points a month ago.

“The FBM KLCI could now test the 1,657-1,660 levels, before making a pass at the 1,673 level. The supports, on the other hand, are at 1,650 and 1,644 points respectively,” it said in a note.

Meanwhile, the lower liners and broader market shares could continue to make headway as market participation returns that are also seeing renewed buying on selected stocks, it added.

Among heavyweights, Tenaga increased six sen each to RM12.82, CIMB gained three sen to RM5.31, Maybank shed two sen to RM9.02, while Public Bank and Petronas Chemicals were flat at RM23.50 and RM8.38 respectively.

Of the actively-traded stocks, IRIS Corporation and Scomi edged up half-a-sen to 16 sen and 6.5 sen respectively, Ekovest perked one sen to 86 sen and Iskandar Waterfront City added three sen to 97 sen.

The FBM Emas Index gained 6.69 points to 11,649.05, the FBMT 100 Index increased 7.02 points to 11,504.14 and the FBM Emas Shariah Index improved rose 8.95 points to 11,861.17.

The FBM 70 added 3.10 points to 14,358.20 and the FBM Ace bagged 8.82 points to 4,389.72.

Sector-wise, the Financial Services Index was 8.50 points higher at 16,914.71 and the Industrial Products & Services Index added 0.01 of-a-point to 160.75 and the Plantation Index gained 18.16 points to 6,900.17.