KUALA LUMPUR, Nov 22 — Bursa Malaysia finished the morning session on a firm note, with the key index recovering from an earlier sell-off due to bargain-hunting activities.
At 12.30pm, the benchmark FTSE Bursa Malaysia KCLI (FBM KLCI) improved 0.9 of-a-point to 1,593.09 from 1,592.19 yesterday after moving between 1,589.25 and 1,5094.02.
It opened 2.32 points weaker at 1,589.87.
The composite index was mostly stuck in the negative territory but rebounded half an hour before trading was closed on the help of buying in heavyweights, led by Petronas Chemicals and Axiata which represented a combined 2.694 points.
Petronas Chemicals rose 11 sen to RM7.14, while Axiata bagged seven sen to RM4.37.
On the broader market, there were 319 gainers and 373 losers, while 365 counters unchanged, 970 untraded and 15 others suspended.
Turnover amounted to 1.37 billion shares worth RM723.54 million.
FXTM market analyst, Han Tan said investors are mindful of the trade deal’s importance in supporting hopes of a global economic recovery next year, even as they take into account the Organisation for Economic Co-operation and Development's (OECD) lowered forecasts of 2.9 per cent global gross domestic product for this year and 2020.
“A further escalation in trade tensions would only undermine the world economy’s growth momentum while amplifying chatter about a global recession, which would weigh negatively on emerging-market assets and bolster demand for safe havens such as gold and US treasuries,” he said in a note today.
Other heavyweights, Tenaga perked six sen to RM13.54, while Maybank and IHH were flat at RM8.64 and RM5.45 respectively.
Public Bank lost eight sen to RM19.74 and CIMB eased four sen to RM5.34.
Of the actives, KNM trimmed 2.5 sen to 37.5 sen, Daya Material inched up half-a-sen to one sen, Ekovest shed three sen to 82.5 sen, Perdana Petroleum added one sen to 46.5 sen, while Perak Transit bagged 1.5 sen to 26 sen.
The FBM Emas Index was 4.97 points better at 11,313.75, the FBMT 100 Index recovered 6.66 points to 11,123.54, the FBM Emas Shariah Index increased 25.23 points to 11,861.62, the FBM Ace perked 2.65 points to 4,885.43 and the FBM 70 edged up 10.06 points to 14,130.89.
Sector-wise, the Financial Services Index erased 42.98 points to 15,523.06, the Industrial Products & Services Index added 0.79 of-a-point to 151.68, but the Plantation Index declined 4.01 points to 7,137.14. — Bernama
