KL shares mixed at opening amid subdued key regional indices

Shares on Bursa Malaysia were mixed today. — Bernama pic
Shares on Bursa Malaysia were mixed today. — Bernama pic

KUALA LUMPUR, Nov 15 — Shares on Bursa Malaysia were mixed today, amid the subdued key regional indices following a series of downbeat economic data and uncertainties surrounding the ongoing US-China trade war.

At 9am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 1.39 points to 1,594.95 from the 1,593.55 recorded at yesterday’s close.

At the opening bell, the barometer index inched up 0.24 of-a-point to 1,593.79.

Market breadth was however negative with losers beat gainers 119 to 117, with 215 counters unchanged, 1,550 untraded and 19 others suspended.

Turnover amounted to 81.23 million shares worth RM28.65 million.

In its note today, Malacca Securities Sdn Bhd said the FBM KLCI appeared to be in a consolidation mode from its overbought conditions after yesterday’s pullback that looks to continue to the end of the week.

“As it is, market conditions are still looking toppish and with the market turning into a wait-and-see mode, the weaker conditions could extend, in our view”.

The research house noted that the wariness over the US-China trade negotiations remained, with few new developments announced of late, while weaker economic data from China and Japan are also leaving market players with fewer catalysts.

“Back home, market players are scrutinising the spate of corporate results released thus far for clues on the direction of their future earnings potential. With the downside likely to continue, the supports are now pegged at the 1,590 and 1,586 levels. The resistances, meanwhile, are at 1,600 and 1,610 respectively,” it added.

The local investors are also monitoring for Bank Negara’s third-quarter results announcement, scheduled for today.

Of the heavyweights, MISC increase 10 sen to RM8.35, CIMB added three sen to RM5.23, Nestle jumped 70 sen to RM145.70 while Top Glove was five sen higher at RM4.55.

Of the actives, Sapura Energy and BTM were flat each at 29 sen and 19.5 sen, respectively, while I-Stone fell one sen to 21.5 sen and Jaks Resources slipped two sen to RM1.34.

The FBM Emas Index gained 8.04 points to 11,319.76, the FBMT 100 Index strengthened 8.71 points to 11,132.09 and the FBM Emas Shariah Index was 8.01 points higher at 11,841.82.

The FBM Ace rose 11.27 points to 4,909.36 and the FBM 70 improved 6.89 points to 14,123.75.

Sector-wise, the Financial Services Index advanced 11.32 points to 15,618.79, the Plantation Index surged 7.39 points to 6,936.87 but the Industrial Products & Services Index went down 0.12 point to 152.90. — Bernama

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