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China GDP and oil prices buoy Bursa Malaysia

KUALA LUMPUR, Oct 19 — Bursa Malaysia settled the day marginally higher in line with most regional markets as sentiment was buoyed by encouraging Chinese economic data and extended gains in global oil prices, dealers said.

At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.70 of a point to 1,668.27 against yesterday’s close of 1,667.57.

The index opened 1,667.25 in the morning and moved between 1,664.91 and 1,670.93 throughout the day.

Market breadth turned negative as losers outpaced gainers 403 to 373, while 412 counters were unchanged, 471 untraded and 21 others suspended. Volume fell to 1.39 billion units worth RM1.58 billion from 1.57 billion units worth RM1.88 billion yesterday.

The US West Texas Intermediate crude oil was 44 cents higher at US$50.73 per barrel while global benchmark Brent crude rose 46 cents to US$52.14 per barrel, spurred by a fall in US crude inventories.

The local market was swinging between gains and losses during late trading, due to lack of market driving factors before settling marginally higher.

However, the index uptrend was capped by heavyweights led by Tenaga, Maybank and Axiata. Axiata posted the biggest loss among the index-linked counters following news on an investigation by the Indonesian authority on its telecommunication unit, XL Axiata, on cartel practices. Axiata fell 12 sen to RM5.10.

Inter-Pacific Research Sdn Bhd Head of Research Pong Teng Siew said sustained buying interest was seen in the local bourse as the index clawed back to end slightly higher.

“Although the local market is seen trading higher, swift high volume countermove is needed to negate the bearish-bias outlook which could offer a slight opportunity to climb up further,” he told Bernama.

Pong said the market had not stabilised completely from its recent fall.

“Most industry players would want to wait and see more concerted rise in the market before deciding that it has turned bullish,” he added.

“There’s a sense of positive anticipation among investors, and this is probably going to benefit blue chips more than the second and third liners,” said Pong.

Among heavyweights, Tenaga shed two sen to RM14.38, Maybank gave up one sen to RM7.70, Public Bank added four sen to RM19.80, while Petronas Chemicals and Sime Darby each added five sen to RM6.86 and RM7.95, respectively.

Of the gainers, KESM Industries added 57 sen to RM9.79, Panasonic Manufacturing rose 50 sen to RM37.40, Lafarge garnered 21 sen to RM8.40, and Time Dotcom and Tahps each gained 20 sen to RM8.00 and RM6.70.

On the scoreboard, the FBM Emas Index rose 4.18 points to 11,808.42, FBM Emas Shariah Index gained 0.26 of a point to 12,454.32, FBMT100 Index garnered 5.30 points to 11,508.33 but the FBM Ace fell 47.33 points to 5,108.59. The FBM 70 added 8.24 points to 13,915.04.

On a sectoral basis, the Plantation Index eased 11.06 points to 7,929.80, Industrial Index gained 8.82 points to 3,138.36 and the Finance Index was 18.85 points higher to 14,374.61. The Main Market turnover fell to 889.97 million units worth RM1.51 billion from 936.78 million units worth RM1.79 billion yesterday.

The ACE Market volume slipped to 281.56 million shares valued at RM29.20 million from 386.37 million shares valued at RM38.26 million previously.

Warrants decreased to 213.93 million units worth RM47.19 million from 242.77 million units worth RM49.02 million yesterday.

Consumer products accounted for 82.33 million shares traded on the Main Market, industrial products (158.44 million), construction (75.23 million), trade and services (364.23 million), technology (41.13 million), infrastructure (15.30 million), SPAC (6.88 million), finance (39.54 million), hotels (328,300), properties (67.21 million), plantations (15.62 million), mining (5,000), REITs (23.60 million) and closed/fund (135,200). — Bernama

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