Bursa Malaysia ends higher on institutional support

20 Aug 2019 / 17:49 H.

KUALA LUMPUR: Bursa Malaysia wrapped the day on a slightly higher note and moderately above the immediate resistance level of 1,600 backed by institutional support.

The benchmark FTSE Bursa Malaysia (FBM KLCI) ended 0.39% or 6.30 points higher at 1,602.75, after trading between 1,597.13 and 1,603.43 throughout the day.

The market barometer opened 1.92 points higher at 1,598.37.

On the broader market, sentiment was on the weak side as losers narrowly outpaced gainers 400 to 369, while 402 counters remained unchanged, 783 untraded and 15 others suspended.

Turnover was lower at 2.06 billion units worth RM1.73 billion from 2.21 billion units worth RM1.59 billion yesterday.

VM Markets Pte Ltd managing partner Stephen Innes said the trading today was practically muted as investors awaited a clearer direction locally and abroad.

He said the US Commerce Department’s 90-day trade extension to Huawei indicates a positive momentum for the next round of trade discussions as it would act as a litmus test.

“The US-China trade tension might have subsided, but from previous history, despite the initial optimism, it still remain a huge risk,“ he told Bernama.

US President Donald Trump yesterday said that the trade talks between the two countries were going well but the US is not ready for a deal yet.

With the market remaining uncertain, investors have also shifted to government-backed companies, which have a solid financial track record.

Among Petronas counters, Petronas Dagangan expanded 44 sen to RM23.30 and Petronas Gas added 22 sen to RM16.20.

Digi and Dialog remained the top heavyweights traded for the day with both adding five sen and three sen to RM5.02 and RM3.51 respectively, while MISC gained five sen to RM7.36.

Of the active stocks, Sapura Energy inched up one sen to 28 sen, Impiana Hotels added half a sen to 3 sen, Barakah Offshore lost one sen to 3.5 sen, Berjaya Land shed 1.5 sen to RM21 sen and PCCS Group slid 5.5 sen to 21 sen.

The FBM Emas Shariah Index appreciated 38.46 points to 11,878.78, the FBM Emas Index added 41.79 points to 11,349.68, the FBMT 100 Index gained 41.86 points to 11,184.77, the FBM Ace contracted 10.28 points to 4,608.18 while the FBM 70 was 44.38 points higher at 14,183.24.

Sector-wise, the Financial Services Index strengthened by 70.12 points to 15,605.62, the Industrial Products and Services Index was marginally lower by 0.55 point at 150.01 and the Plantation Index rose 13.77 points to 6,761,37.

Main Market volume rose to 1.48 billion units worth RM1.59 billion from 1.43 billion worth RM1.44 billion yesterday.

Warrants turnover fell to 312.23 million units worth RM74.91 million from 362.17 million units worth RM75.79 million yesterday.

Volume on the ACE Market, meanwhile, contracted by almost half to 261.25 million units from 410.17 million units worth RM77.03 million.

Consumer products and services accounted for 313.95 million shares traded on the Main Market, industrial products and services (205.77 million), construction (69.72 million), technology (160.13 million), SPAC (nil), financial services (39.80 million), property (148.94 million), plantations (14.51 million), REITs (13.07 million), closed/fund (nil), energy (381.03 million), healthcare (17.47 million), telecommunications and media (80.83 million), transportation and logistics (31.32 million), and utilities (11.55 million). — Bernama

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