KUALA LUMPUR, Dec 20 ― Bursa Malaysia opened marginally higher today as mild bargain hunting emerged, interspersed with profit-taking activities.
At 9.08am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.29 of-a-point easier at 1,596.30 from yesterday's close of 1,596.01.
The index opened 2.26 points higher at 1,598.27.
In the broader market, gainers outpaced losers 137 to 97, while 190 counters remained unchanged, 1,581 untraded and 43 others suspended.
Turnover amounted to 106.04 million shares worth RM88.45 million.
Axi Trader Asia-Pacific market strategist Stephen Innes said the Wall Street hit fresh record highs as investors chose to look through the impeachment charade while making merry after the United States (US) secretary of state Steven Mnuchin said that the “phase one” US-China trade deal was complete.
According to Mnuchin, the US and China would sign the agreement early January and that it would not be subject to renegotiation, thus eliminating any remaining market doubts as far as this segment of the trade talks is concerned.
“Indeed, the 'phase one’ deal between the US and China has removed quite a lot of the uncertainties in the outlook for 2020, and with the global growth revival trade looking better and better by the day, equity investors are revelling in the holiday cheer.
“A decline in global risks and an improving growth outlook is boosting investor confidence. But significantly, it eases the level of negativity in the term premium, which should free up more cash from defensive hedges that should find its way into the equity market, even at this late stage of the year,” Innes said in a note today.
Meanwhile, Malacca Securities Sdn Bhd is expecting the FBM KLCI to march higher, resuming the window dressing activities today to re-test the 1,600 psychological level and head towards the 1,614 resistance level.
The stockbroking firm said support will be pegged at the 1,580 level.
Among heavyweights, MISC ― which has also emerged as the top gainer ― rose 14 sen to RM8.50, Maybank added five sen to RM8.75, Public Bank gained 10 sen to RM19.72, while Hong Leong Bank dropped 36 sen to RM17.24 and Petronas Gas shed 28 sen to RM16.52.
Of the actives, Inari added five sen to RM1.66, Dynaciate was flat at 7.5 sen and Yong Tai recovered half-a-sen to 18 sen.
Other top gainers include Litrak which increased 14 sen to RM4.70 and Revenue which improved 12 sen to RM1.38.
Top losers were Nestle, which shed RM1.40 to RM145.60 followed by Hong Leong Bank, while Hong Leong Industries slipped 34 sen to RM10.02.
The FBM Emas Index recovered 7.54 points to 11326.92, the FBM Emas Shariah Index appreciated 1.49 points to 11,912.21 while the FBMT 100 Index perked 7.80 points to 11,131.61.
The FBM Ace, however, shed 7.06 points to 4,988.79 but the FBM 70 strengthened 33.62 points to 14,082.23.
Sector-wise, the Financial Services Index was up 16.43 points to 15,638.30, while the Plantation Index lost 11.30 points to 7,524.44 and the Industrial Products and Services Index eased 0.32 of-a-point to 152.67. ― Bernama
