Bursa Malaysia higher at mid-morning on hopes Opec cuts production

At 11am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) gained 6.21 points or 0.45 per cent to 1,367.60 from 1,361.39 at yesterday’s close. — Reuters pic
At 11am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) gained 6.21 points or 0.45 per cent to 1,367.60 from 1,361.39 at yesterday’s close. — Reuters pic

KUALA LUMPUR, April 9 ― Shares on Bursa Malaysia remained higher at mid-morning on renewed positive sentiment on hopes the Organisation of Petroleum Exporting Countries would announce deep output cuts in a bid to address the slump in oil price.

At 11am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) gained 6.21 points or 0.45 per cent to 1,367.60 from 1,361.39 at yesterday’s close.

The key index opened 7.5 points stronger at 1,368.89.

Market breadth turned positive with gainers outpacing losers 550 to 155, while 305 counters were unchanged, 909 untraded and 20 others suspended.

Turnover stood at 1.91 billion shares worth RM685.69 million.

Malacca Securities Sdn Bhd said the positive sentiment may power the FBM KLCI towards the 1,400 resistance level. On the downside, the 1,260 points support will come into play, should the 1,300 support gives way.

“The lower liners and broader market shares are still mixed with bouts of quick profit-taking activities and the trend look to persist due as market sentiment remain indifferent.

“Nevertheless, the firm trading activities with traded volumes and value above their historical averages suggest that risk appetite still lies within the equities market,” it said.

Among the heavyweights, Maybank rose two sen to RM7.89, Tenaga added six sen to RM12.00, Public Bank gained four sen to RM15.86 while IHH was flat at RM5.14.

The most active counters were from the consumer products and services, energy and property.

Avi and Hibiscus Petroleum inched up two sen each to 7.5 sen and 52.5 sen and MRCB-WB was 2.5 sen higher at 13 sen.

On the index board, the FBM Emas Index increased 57.58 points to 9,468.85, the FBM Emas Shariah Index improved 75.13 points to 10,397.58 while the FBMT 100 Index appreciated 52.20 points to 9,358.91.

The FBM Ace advanced 87.63 points to 4,173.30 while the FBM 70 expanded 102.35 points to 11,102.84.

Sector-wise, the Industrial Products and Services Index added 0.85 of-a-point to 110.07, the Financial Services Index rose 66.78 points to 12,465.25 and the Plantation Index was 26.46 points higher at 6,202.22. ― Bernama

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