Bursa Malaysia rebounds to open higher

Bursa Malaysia rebounded to opened higher. — Bernama pic
Bursa Malaysia rebounded to opened higher. — Bernama pic

KUALA LUMPUR, Aug 19 — Bursa Malaysia rebounded to opened higher as the indices moved in line with regional peers backed by optimism that the trade dispute between the US and China would de-escalate soon.

According to an analyst, Bursa’s positive opening was also contributed by stronger than expected second-quarter gross domestic products announced last Friday, indicating Malaysia’s sound economy. 

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.3 points to 1,599.52, after opening 3.71 points easier at 1,595.51.  

The market barometer closed at 1,599.20 last Friday. 

On the broader market, gainers led losers 146 to 63, while 144 counters unchanged, 1,577 untraded and 14 others suspended.

Turnover stood at 98.24 million units worth RM42.19 million.

Japan’s Nikkei was 125.84 points higher to 20,544.65, Hong Kong’s Hang Seng was 238.72 points higher to 25,734.22, South Korea’s KOPSI was 6.28 points higher at 1,933.45 and Jakarta’s Composite Index was 29.07 points higher to 6,286.66. 

Malacca Securities Sdn Bhd in its research note today said the FBM KLCI is still holding on to the 1,600 points level after its recent slide but has ample support to sustain it. 

“However, the overall market sentiments remain morbid with few sustainable noteworthy leads for market players to follow.

“Thus, we believe that a firmer recovery remains elusive for now, albeit we think that the near term recovery could be decent on mild bargain hunting actions,” it said. 

The equity note has also increased the market barometer level resistance level to 1,610 over the near term with support remains at 1,580-1,590. 

Heavyweights, Dialog and Sime Darby both added two sen to RM3.55 and RM2.18 respectively, while Tenaga Nasional gained six sen to RM13.74. 

However, plantation related stocks took a dip following reports that India would initiate a probe on whether a jump in refined palm oil imports from Malaysia has caused a serious impact on the domestic industry.

Kuala Lumpur Kepong slide 38 sen to RM23.94 while PPB drops 18 sen to RM18.60. 

For the most active stocks, Sapura Energy gained half-a-sen to 27.5 sen, Sealink gained one sen to 26 sen, Naim gained 2.5 sen to RM1.00, while KNM and Bumi Armada remained flat at 38 sen and 22 sen respectively. 

The FBM Ace gained 35.62 points to 46.23, the FBM 70 rose 40.85 points to 14,144.97, the FBM Emas Index recovered 11 points to 11319.11, the FBM Emas Shariah Index depreciated 19.27 points to 11,823.95 and the FBMT 100 Index added 9.18 points to 11,154.84.

Sector-wise, the Financial Services Index was 80.61 points lower for 15,605.12, the Plantation Index discounted 50.13 points to 6,708.24, and the Industrial Products and Services Index inched up 0.30 of-a-point to 150.02. — Bernama