KUALA LUMPUR, April 29 ― Share prices on Bursa Malaysia edged marginally higher after opening lower driven by the strong performance of heavyweight counters.
At 9:19 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.09 of-a-point better at 1,855.83 after opening 3.47 points lower at 1,852.27.
Turnover stood at 239.57 million shares worth RM79.31 million.
Market breadth was positive with gainers leading losers 164 to 150, while 222 counters were unchanged, 1,093 untraded and 29 others were suspended.
Kenanga Research said the FBM KLCI’s performance yesterday indicated heavy profit-taking activity on index-linked counters and daily relative strength index continued to slide lower, suggesting that further weaknesses was developing.
The research house said selling pressure might continue today, which will see further correction in the benchmark index.
“Barring any unforeseen circumstances, we believe that sentiment will be muted this week ahead of the US Federal Open Market Committee meeting. Immediate downside support is pegged at 1,840 points, where we believe buying interest would resurface,” it said in a note today.
Among the top gainers was British American Tobacco, which soared 78 sen to RM61.30, followed by United Plantations, up 64 sen to RM25.20, Kuala Lumpur Kepong was 26 sen higher at RM24 and Pharmaniaga rose 12 sen to RM4.80.
Xinghe Holdings which was listed on the ACE market, was a top gainer and most active stock this morning. It appreciated 11 sen to 22 sen with 20.35 million shares transacted.
Formerly known as Key West Global Telecommunications Bhd, the counter opened at 25 sen for a premium of 14 sen.
Trading in Xinghe’s shares was suspended since Oct 4, 2012, and prior to its corporate revamp, which included a private placement of shares, Bursa Malaysia had designated the group as a PN17 entity in May 2012.
Starting today, the company will be removed from the practice note 17 (PN17) list.
Other heavyweights, Maybank and Axiata added 1.0 sen each to RM9.65 and RM6.68, respectively, Public Bank gained 4.0 sen to RM20.20, TNB was 2.0 sen better at RM11.86 and CIMB was flat at RM7.49.
Among actives, 1 Utopia and Solution Engineering remained unchanged at 7.0 sen and 13 sen while Visdynamics Holdings lost 27 sen to 20 sen.
On the scoreboard, the Plantation Index gained 23.09 points to 8,987.74, the Industrial Index added 13.62 points to 3,155.33 and the Finance Index was 16.88 points higher at 17,034.92.
The FBM Emas Index rose 1.91 points to 12,881.73, the FBMT100 Index was 0.93 of-a-point higher at 12,518.06, the FBM 70 was 2.42 points better at 14,118.83 but the FBM Ace depreciated 23.6 points to 6,730.55. ― Bernama
