Bursa opens higher on selected heavyweight buying

Kuala Lumpur shares are finding support around the 1560 level and look to stay on a firmer trajectory.  — Picture by Razak Ghazali
Kuala Lumpur shares are finding support around the 1560 level and look to stay on a firmer trajectory. — Picture by Razak Ghazali

KUALA LUMPUR, Dec 5 — Bursa Malaysia rebounded from yesterday's losses to open slightly higher today, boosted by renewed buying demand in selected heavyweights, as lower prices attracted investors to make a return to the stock market, dealers said.

At 9.22 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.48 points to 1,562.41 from Wednesday's close of 1,560.93.

At the opening bell, the barometer index was 1.01 point higher at 1,561.94.

On the broader market, there were 256 gainers and 104 losers, while 244 counters were unchanged, 1,365 untraded and 18 others suspended.

Turnover amounted to 304.20 million shares worth RM124.81 million.

In a research note today, Malacca Securities Sdn Bhd said stocks on Bursa Malaysia stocks clawed back most of its losses yesterday to find support at around the 1,560 level despite continuing uncertainties over a US-China trade deal.

“However, yesterday’s recovery could be a prelude for stocks to stage a firmer recovery over the near term as there appears to be some support emerging.

“At the same time, fresh developments on a trade deal to avoid higher tariffs on China goods in the middle of the month could help to renew the near term buying interest, in tandem with the gains in many overseas bourses overnight,” it said.

This, it said, could help to arrest the recent falls on Malaysian equities as the more positive undertone could prompt some near term bargain hunting activities.

“With the 1,560 support holding, the FBM KLCI’s resistances are now pegged at the 1,568-1,570 levels, followed by the 1,580 level. The supports, meanwhile, are at 1,556 and 1,550 respectively – the latter it’s recent low and also its four-year low,” it added.

Among heavyweights, Maybank rose three sen to RM8.53, Public Bank jumped 10 sen to RM19.40, Petronas Chemicals declined six sen to RM7.03, while TNB and CIMB were flat at RM13.40 and RM5.15, respectively.

Of actives, Sapura Energy earned half-a-sen to 27.5 sen, Mudajaya went up 3.5 sen to 43 sen, Sarawak Cable gained five sen to 39.5 sen and Solarvest advanced three sen to 90 sen.

The FBM Emas Shariah Index perked 15.83 points to 11,627.68, the FBM Emas Index improved 20.54 points to 11,091.52, the FBM 70 added 60.07 points to 13,826.91, the FBMT 100 Index increased 19.06 points to 10,903.39 and the FBM Ace gave up 9.99 points to 4,798.74.

Sector-wise, the Plantation Index went up 13.21 points to 7,136.41, the Financial Services Index edged up 19.44 points to 15,262.21 and the Industrial Products & Services Index inched down 0.58 of-a-point to 148.78. — Bernama

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