Bursa Malaysia continues upbeat momentum at opening

At 9.05am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 1.78 points to 1,502.13 after opening 5.13 points higher at 1,505.48. — Picture by Hari Anggara
At 9.05am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 1.78 points to 1,502.13 after opening 5.13 points higher at 1,505.48. — Picture by Hari Anggara

KUALA LUMPUR, Oct 28 ― The local market continued yesterday’s upward momentum as it opened slightly higher almost across all index today.

At 9.05am the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 1.78 points to 1,502.13 after opening 5.13 points higher at 1,505.48.

Gainers overtook losers 212 to 155, while 263 counters were unchanged, 1520 untraded and 79 others suspended.

Total volume stood at 250.99 million units worth RM178.59 million.

An analyst said the indices are expected to remain in positive territory, extending yesterday’s bargain-hunting but with a range-bound movement.

“Institutional investors are currently conducting bargain-hunting on slipped stocks, while retail investors are largely absent from the market pending further direction.

“This can be witnessed through a decline in volume transacted since the start of this week,” she said.

On the technical forecast, she said the KLCI movement will be in a tight range for the day with 1,510 as the immediate resistance and 1,485 as the support level.

On heavyweights, Hartalega added 16 sen to RM18.44, Sime Darby inched up five sen to RM2.45, Petronas Gas up 14 sen to RM16.16, and Sime Darby Plantation and Dialog gained three sen each to R4.90 and RM3.73, respectively.

Hartalega and Petronas Gas emerged as the top gainers together with Malaysian Pacific which rose 34 sen to RM22.88 and Kuala Lumpur Kepong which added 10 sen to RM22.46.

On actives, Tech counters Vivocom and and Pestaiang increased half-a-sen and nine sen to five sen and 50 sen, respectively.

On the index board, the FBM Emas Index added 16.97 points to 10,885.04, the FBMT 100 Index was 14.01 points higher at 10,690.12 and the FBM Emas Shariah Index climbed 33.16 points to 13,068.65.

The FBM 70, meanwhile, rose 24.01 points to 14,357.05 and the FBM ACE was 2.13 points weaker at 10,003.20.

The Financial Services Index inched down 6.77 points to 12,306.15, while the Industrial Products and Services Index was 0.06 of-a-point higher at 144.80, and the Plantation Index added 26.24 points to 6,967.81. ― Bernama

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