Bursa Malaysia ends morning trading on positive note, investors nibble on beaten stocks

Bursa Malaysia ended its morning trading on a positive note. ― Picture by Hari Anggara
Bursa Malaysia ended its morning trading on a positive note. ― Picture by Hari Anggara

KUALA LUMPUR, Oct 23 — Bursa Malaysia ended its morning trading on a positive note, with investors nibbling on beaten down stocks.

However, on the broader market, the prevailing negative sentiment still deterred investors from taking large positions.

At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 1.49 points to 1,500.29, from 1,498.80 at yesterday’s close.

The market barometer opened 0.96 of-a-point higher at 1,499.76 and moved between 1,496.73 and 1,502.67 throughout the morning trading session.

On the scoreboard, gainers edged past losers 481 to 445, while 451 counters were unchanged, 790 untraded and 21 others suspended.

Total volume stood at 2.83 billion units worth RM1.75 billion.

Malacca Securities Sdn Bhd noted that the local bourse may attempt to find stability, with investors taking on beaten down stocks.

“Although the prevailing negative market sentiment is deterring investors to take large positions, the lower liners may continue to see rotational play, boosted by the higher-than-historical-average trading activities,” the brokerage firm said in a note.

Sector-wise, it said the technology sector will remain in a prime position to march higher ahead of the upcoming batch of corporate earnings releases next month.

The plantation sector would likely see improvements too, riding on three consecutive sessions of higher crude palm oil price, which saw it rising to RM2,900 per tonne.

Of the heavyweights, Maybank rose five sen to RM7.11, Public Bank added 30 sen to RM15.86, while Top Glove slipped three sen to RM8.87 and Hartalega was eight sen lower at RM17.72.

Of the actives, Iris inched down one sen to 29.5 sen, Diversified improved 1.5 sen to 20 sen and Daya Materials was half-a-sen better at 1.5 sen.

On the index board, the FBM Emas Index rose 13.38 points to 10,899.49, the FBMT 100 Index went up 15.20 points to 10,692.72 and the FBM Emas Shariah Index fell 26.70 points to 13,051.18.

The FBM 70 advanced 38.26 points to 14,421.40 and the FBM ACE appreciated 102.71 points to 11,053.91.

The Financial Services Index expanded 86.57 points to 12,390.62, the Industrial Products and Services Index inched up 0.93 of-a-point to 145.74, while the Plantation Index shrank 62.35 points to 6,858.10. — Bernama

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