FBM KLCI almost flat in early trade

KUALA LUMPUR: The FBM KLCI was almost flat, in early trade, in line with Wall Street's performance overnight, said a dealer.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,747.01, down 0.18 of-a-point or 0.01 per cent, from Tuesday's close of 1,747.19.

The key index opened 1.56 points lower at 1,745.63.

However, the market breadth was positive as gainers led losers 282 to 124 with 257 counters unchanged, 1,046 untraded while 13 others were suspended.

Turnover stood at 357.93 million shares worth RM163.31 million.

JF Apex Securities said the FBM KLCI was expected to remain flat, below its resistance of 1,770 points, following the mixed performance in the US and Europe.

"US markets ended flat overnight ahead of a meeting between Presidents of the US and China.

Meanwhile, the European stocks advanced after being led by basic resources, commodities and manufacturing counters," it said in a note today.

JF Apex Securities added that the medium-term outlook for the local bourse remained positive as the uptrend channel remained intact.

Among heavyweights, Petronas Dagangan shot up 20 sen to RM24.22, Petronas Gas rose 10 sen to RM19.90, Maxis gained two sen to RM6.42 while TNB, Public Bank, CIMB and IHH Healthcare were all flat at RM13.74, RM19.96, RM5.57 and RM5.99, respectively.

Of actives, GHL Systems surged 25 sen to RM1.73, BCM Alliance rose 1.5 sen to 21.5 sen, Inix Technologies edged up half-a-sen to 9.5 sen and Borneo Oil inched down half-a-sen to 18.5 sen.

The FBM Emas Index was 8.36 points higher at 12,446.62, the FBM Emas Syariah Index increased 22.29 points to 12,908.36 and the FBMT100 Index rose 4.94 points to 12,080.45.

The FBM 70 appreciated 29.27 points to 14,737.76 and the FBM Ace went up 24.46 points to 5,987.17.

Sector-wise, the Plantation Index declined 9.78 points to 8,207.26, the Finance Index eased 2.64 points to 15,787.84 while the Industrial Index improved 4.72 points to 3,267.15.

The physical price of gold as at 9.30am stood at RM172.75 per gramme, down 66 sen from RM173.41 at 5pm yesterday. — Bernama