Bursa Malaysia starts the week on positive note

Bursa Malaysia is starting the week on a positive note. ― Picture by Hari Anggara
Bursa Malaysia is starting the week on a positive note. ― Picture by Hari Anggara

KUALA LUMPUR, May 18 — Bursa Malaysia starts the week on a positive note, tracking the Wall Street’s higher closing last Friday amidst the recovery in crude oil prices.

At 9.05am, the benchmark FTSE Bursa Malaysia KCLI (FBM KLCI) rose 6.62 points, or 0.47 per cent to 1,410.06 from 1,403.44 at last Friday’s close.

The index opened 5.95 points firmer at 1,409.39.

Market breadth was positive with gainers thumping losers 334 to 113, while 241 counters were unchanged, 1,187 untraded and 17 others suspended.

Turnover stood at 906.87 million worth RM240.18 million.

Malacca Securities Sdn Bhd said while the FBM KLCI nudged higher last Friday following higher commodity prices and moving forward, it expects the buying momentum may see some choppiness amid the renewed Sino-US trade tension. 

“A build-up from last week’s gains may see with the FBM KLCI to re-test the upper band of the consolidation range at around the 1,430 level after the key index managed to rise above the 1,400 psychological level. 

“At the same time the 1,360 will serve as the support level,” it said in a note today,

The local brokerage firm reckoned that rotational play may continue with trading interest to hinge towards the energy and plantation stocks over the near term, following the higher commodity prices as of late.

At 9.43, benchmark Brent Crude price increased by 4.06 per cent to US$33.82 per barrel.

Of the heavyweights, Petronas Chemicals increased 13 sen to RM5.69, Tenaga added 10 sen to RM12.30, IOI Corp was nine sen better at RM4.08, Hartalega bagged 12 sen to RM9.23 and MISC was eight sen firmer at RM8.08.

The most actives were dominated by oil and gas-linked counters. Bumi Armada and Hibiscus accumulated 5.5 sen each to 25 sen and 63.5 sen respectively, Icon Offshore strengthened three sen to 10.5 sen, KNM gained 3.5 sen to 21.5 sen while technology counter Lambo was unchanged at two sen.

Top gainer is Carlsberg, rising 28 sen to RM27.10 while top loser Pentamaster was 1.5 sen lower at RM4.28.

On the index board, the FBM Emas Index expanded 61.47 points to 9,929.53, the FBMT 100 Index gained 56.02 points to 9,772.13, the FBM Emas Shariah Index climbed 82.66 points to 11,783.51.

The FBM ACE climbed 49.67 points to 5,439.77 and the FBM 70 jumped 110.97 points to 12,102.38.

Sector-wise, the Financial Services Index increased 29.82 points to 12,297.03, the Industrial Products and Services Index inched up 1.30 points to 122.19 and the Plantation Index leapt 33.72 points to 6,230.88. — Bernama

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