KUALA LUMPUR, Jan 21 — Bursa Malaysia remains higher at mid-morning on improved buying sentiment due to bargain hunting following yesterday’s profit-taking activities.
At 11am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.02 points to 1,589.90 from Monday’s close of 1,588.88, after opening 0.41 point higher at 1,589.29 this morning.
Market breadth was positive with gainers outpacing losers 320 to 311, while 358 counters remained unchanged, 998 untraded and 28 others suspended.
Turnover amounted to 1.18 billion shares worth RM625.74 million.
In a note, Malacca Securities Sdn Bhd said conditions on Bursa Malaysia has been improving as the key index’s valuations turned slightly more appealing, but the lack of fresh catalyst could still see the local bourse’s recovery lagging behind regional peers.
“For now, we think the key index will be attempting to build up a base around the 1,600 psychological level over the near term, with possible bargain hunting activities pushing the FBM KLCI towards the 1,635-1,640 level in coming months.
“However, further gains could be more elusive due to the absence of fresh buying, coupled with the unrelenting foreign fund disposal of Malaysian equities. If the 1,550 level fails to hold, however, the 1,500 level will be the next major support,” it added.
Among the heavyweights, Maybank was unchanged at RM8.60, Public Bank gained two sen to RM19.50, Tenaga lost six sen to RM12.88 and Petronas Chemicals eased two sen to RM7.01.
Of the actives, Vortex declined one sen to nine sen, Yong Tai gained two sen to 15.5 sen and Rimbunan Sawit added 3.5 sen to 35.5 sen.
On the index board, the FBM Emas Index went up 9.40 points to 11,343.52 and the FBM Emas Shariah Index increased 23.14 points to 12,022.83.
The FBMT 100 Index rose 7.79 points to 11,128.87, the FBM 70 gained 12.50 points to 14,251.01 and the FBM Ace was 19.36 points lower at 5,637.35.
Sector-wise, the Industrial Products and Services Index inched down 0.23 of-a-point to 153.59, the Financial Services Index lost 10.85 points to 15,342.82 and the Plantation Index was 21.29 points higher at 7,510.89. — Bernama
