KUALA LUMPUR, Feb 27 ― Bursa Malaysia’s key index, the FTSE Bursa Malaysia KLCI (FBM KLCI) remained in the positive territory backed by buying interest in blue chip stocks.
This was driven by uptrend sentiment as the market awaits the outcome of the meeting between interim Prime Minister Tun Dr Mahathir Mohamad and the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah as well as the stimulus package announcement today.
As at 12.30pm, key index holders were in blue as the morning session concludes while the FBM KLCI was 3.55 points higher at 1,498.74 after opening 1.54 points higher at 1,496.73.
However, on the broader market; losers surpassed gainers 570 to 234 with 326 counters unchanged and 70 suspended.
Turnover stood at 2.01 billion shares changing hands worth RM1.23 billion.
An analyst said that while the top 30 companies are backed by institutional investors, technology, as well as medium and small caps stocks, experienced a retreat as they wait for further market direction.
“The Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah has concluded his meeting with all 222 Member of Parliaments and a decision is expected to be made soon.
“Meanwhile, the stimulus package which will be announced today at 4 pm will be the compass for the nation's economic direction for now,” she said.
On heavyweights performance, Maybank and Tenaga Nasional were both up four sen to RM8.37 and RM12.42 billion respectively, Public Bank was 22 sen up to RM17.42 while IHH was flat at RM5.66.
As for top gainers, Panasonic added 54 sen to RM34.44, Hong Leong Bank gained 34 sen to RM15.52 and Genting Plantation climbed 20 sen RM10.20.
Of the actives, Advance Synergy shed 2.5 sen to 19.5 sen and Sapura Energy declined half-a-sen to 20.5 sen while Avillon perked half-a-sen to 16.5 sen.
On the overall index performance, the board was in mostly red, with the FBM Emas Index reduced 7.04 points to 10,662.99 while the FBMT 100 Index increased 0.67 points to 10,464.78 while the FBM Ace shed 57.11 points to 5,622.33.
The FBM Emas Shariah Index shed 14.56 points to 11,336.61 and the FBM 70 declined 98.33 points to 13,294.04.
Sector-wise, the Industrial Products and Services Index edged lower by 0.10 of-a-point at 138.74, while the Financial Services Index gained 60.63 points to 14,436.73 while the Plantation Index rose 6.90 points to 6,978.21. ― Bernama
