Bursa Malaysia turns higher at mid-morning

The key FTSE Bursa Malaysia KLCI (FBM KLCI) opened 0.11 of-a-point higher at 1,614.68 after ended at day’s high, gaining 13.22 points at 1,614.57 yesterday. — Picture by Hari Anggara
The key FTSE Bursa Malaysia KLCI (FBM KLCI) opened 0.11 of-a-point higher at 1,614.68 after ended at day’s high, gaining 13.22 points at 1,614.57 yesterday. — Picture by Hari Anggara

KUALA LUMPUR, May 29 ― The FBM KLCI turned higher at mid-morning, adding 0.55 per cent or 9.01 points to 1,623.58 as anticipation of a pullback by investors is likely to be mild for now as the selling pressure has abated.

The key FTSE Bursa Malaysia KLCI (FBM KLCI) opened 0.11 of-a-point higher at 1,614.68 after ended at day’s high, gaining 13.22 points at 1,614.57 yesterday.

Market breadth was slightly negative as losers outpaced gainers outpaced losers, 298 to 282, with 277 counters unchanged, 1,095 untraded and 60 others suspended.

Turnover stood at 678.84 million units worth RM422.98 million.

AllianceDBS  Research in a note said that there was no strong selling interest to push the benchmark index back down below the 1,600 level.

“Unlike what we saw on previous tradings, market participants apparently were more willing to take a less aggressive view on the selling side,” it said.

Among index-linked counters, TNB rose 72 sen to RM12.38, IHH advanced 15 sen to RM5.51, Digi rose eight sen to RM4.80, Petronas Gas accumulated 28 sen to RM16.62 and Maybank gained four sen to RM9.03.

Of the actively-traded stocks, Lambo unchanged at six sen, Bumi Armada and Vortex gained half-a-sen to 20 sen and 20.5 sen, respectively while Ekovest added four sen to 77 sen.

The FBM Emas Index was up 43.59 points to 11,368.61, the FBMT 100 Index increased 44.0 points to 11,225.25, the FBM Emas Shariah Index improved 80.98 points to 11,536.73,  the FBM Ace up 1.03 points to 4,269.32.

The FBM 70 was 20.69 points easier at 13,811.06.

Sector-wise, the Financial Services Index rose 1.43 points to 16,641.58 but the Plantation Index slid 19.09 points to 6,842.11, while the Industrial Products & Services Index was 0.99 of-a-point lower at 159.10. ― Bernama