Bursa remains at six-month high in early trade

Market breadth was negative with losers outpacing gainers 268 to 203, while 329 counters were unchanged, 1,154 untraded and 22 others suspended. — Picture by Azneal Ishak
Market breadth was negative with losers outpacing gainers 268 to 203, while 329 counters were unchanged, 1,154 untraded and 22 others suspended. — Picture by Azneal Ishak

KUALA LUMPUR, July 14 — Bursa Malaysia remained at a six-month high in early trade today amid a mixed market breadth.

An extended rise in glove shares continued to anchor the FBM KLCI index but the uptrend was limited following losses mainly in heavyweights MISC, CIMB and KLK as well as rotational plays among the lower liners.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.87 points to 1,608.30 after swinging between gains and losses with little changed earlier.

The index opened 1.85 points higher at 1,608.28 compared with yesterday's close of 1,606.43.

Market breadth was negative with losers outpacing gainers 268 to 203, while 329 counters were unchanged, 1,154 untraded and 22 others suspended.

Total volume stood at 806.24 million shares worth RM580.48 million.

Malacca Securities said investors will be keeping an eye on Malaysia’s unemployment rate for May 2020, after the rate recorded 5.0 per cent in April 2020.

“While the healthcare sector will continue to be in favour, we think that the technology sector may also edge higher as companies around the world embark on digital transformation and automation,” it said in a note today.

Overseas, investors will digest a barrage of corporate earnings releases from the US, of which analysts are predicting -44.6 per cent year-on-year in earnings contraction for the second quarter 2020.

The research house said the index may re-test the immediate resistance at 1,615 over the foreseeable future, followed by 1, 640 and downside risk is now pegged at 1,570, followed by 1,550.

In addition, an analyst said Opec meeting, scheduled tomorrow to discuss on production has investors worried amid growing Covid-19 cases.

He said the oil prices moved lower in post-settlement trade as California’s governor yesterday clamped new restrictions on businesses as Covid-19 cases and hospitalisations soared.

Both Brent and WTI crude were easier at US$41.90 and US$39.19 per barrel respectively.

Back home, heavyweights, Top Glove rose 92 sen to RM24.92, Hartalega was 20 sen higher at RM18.10, PetChem was seven sen higher at RM6.29 and Hap Seng went up three sen to RM9.05.

In contrast, MISC was 11 sen lower at RM7.77, CIMB dropped four sen to RM3.76 and KLK depreciated 34 sen to RM22.30.

Of the most active, Hubline improved one sen to 8.5 sen, Anzo added two sen to 17.5 sen and PDZ as well as Sanichi edged up half-a-sen each to 24 sen and nine sen respectively.

On the index board, the FBM Emas Index was 24.25 points higher at 11,343.07, the FBMT 100 Index increased 28.43 points to 11,203.48 and the FBM Emas Shariah Index rose appreciated 62.63 points to 13,062.65.

The FBM 70 expanded 96.89 points to 14,104.83 and the FBM ACE added 14.74 points to 7,262.25.

Sector-wise, the Financial Services Index declined 42.40 points to 13,509.30, the Plantation Index dropped 15.98 points to 6,829.30 and the Industrial Products and Services Index eased 0.02 of-a-point to 138.91. ­— Bernama

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