Bursa Malaysia backtracks downtrend path to end mid-day higher

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) garnered 3.07 points to 1,493.21 from 1,490.14 at Monday’s close. — Picture by Azneal Ishak
At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) garnered 3.07 points to 1,493.21 from 1,490.14 at Monday’s close. — Picture by Azneal Ishak

KUALA LUMPUR, June 2 — Bursa Malaysia reversed its path from an earlier downtrend to end the morning session higher, as it emulated the regional indices trajectory, said dealers.

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) garnered 3.07 points to 1,493.21 from 1,490.14 at Monday’s close.

The index opened 5.63 points weaker at 1,484.51 this morning and hovered between 1,480.17 and 1,494.02 throughout the early trading session.

Malacca Securities Sdn Bhd said that the 1,500 psychological level would likely be re-tested as investors continue to cheer on the gradual re-opening of the economy across the globe.

“Beyond that, the 1,510 level will serve as the resistance. On the flip side, the support is now pegged at the 1,460 level.

“We expect the oil and gas stocks to garner some limelight as Brent oil prices finished at its highest level in two months,” the research house said in a note today.

At lunch break, the benchmark Brent crude oil rose 0.99 per cent to US$38.70 per barrel.

Regionally, Japan’s Nikkei Index improved 0.93 per cent to 22,268.4, Hong Kong’s Hang Seng Index added 3.36 per cent to 23,732.52 and Singapore’s Straits Times Index grew 1.2 per cent to 2,581.5.

Back home, decliners exceeded gainers 468 to 403, while 371 counters were unchanged, 626 untraded and 26 others suspended.

Turnover stood at 5.47 billion units worth RM3.26 billion.

Among heavyweights, Maybank increased four sen to RM7.52, Tenaga rose 12 sen to RM12.02, Public Bank improved 58 sen to RM15.16, Petronas Chemicals added 11 sen to RM6.29, and IHH Healthcare gained five sen to RM5.61.

On the index board, the FBM Emas Index was 4.91 points better at 10,551.76, the FBMT 100 Index bagged 5.61 points to 10,404.32, while the FBM Emas Shariah Index decreased 60.1 points to 12,164.53, the FBM ACE declined 18.68 points to 5,912.64, and the FBM 70 trimmed 57.34 points to 13,114.37.

Sector-wise, the Financial Services Index increased 140.65 points to 12,563.94, the Industrial Products and Services Index added 1.13 points to 130.85, but the Plantation Index fell 60.31 points to 6,761.82. — Bernama

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