KUALA LUMPUR: Bursa Malaysia extended last week’s gain to open slightly higher today, lifted by continuous buying support in the selected heavyweight counters, despite mixed signals in the regional bourses after the US-China tariffs came into effect on Sunday.
At 9.16am, the FTSE Bursa Malaysia KLCI rose 0.12 of-a-point to 1,612.26 after opening 0.64 of-a-point higher at 1,612.78 compared with Friday’s close of 1,612.14.
In a research note today, Malacca Securities Sdn Bhd expected the local bourse to experience quick profit-taking activities to erase some of last Friday’s gains amid the more cautious market undertone, in addition to fewer immediate catalysts as the results reporting season has ended with corporate results still mostly on the mixed-to-lower side.
“Going into the start of the month, we think that cautiousness will again prevail after the US made good on its promise to raise tariffs on China-made goods and this is likely to dampen sentiments on Bursa Malaysia again.
“For now, we expect the 1,600 points support to hold as the pullback is likely to be mild. There is interim support at the 1,610 level which we think is unlikely to hold, while the resistances are at the 1,620 and 1,626 levels respectively,” it said.
Among heavyweights, Maybank perked 3.0 sen to RM8.72, Public Bank added 6.0 sen to RM20.38, Petronas Chemicals gained 1.0 sen to RM6.94, IHH earned 4.0 sen to RM5.83 while TNB was 2.0 sen higher at RM13.98.
On the scoreboard, the FBM Emas Index increased 9.69 points to 11,358.19, the FBMT 100 Index was 8.24 points higher at 11,198.87 and the FBM Emas Shariah Index edged up 6.82 points to 11,918.87.
The FBM Ace went down 2.08 points to 4,486.12 and the FBM 70 jumped 41.25 points to 13,985.86.
Sector-wise, the Financial Services Index rose 27.40 points to 15,577.42 and the Plantation Index climbed 16.62 points to 6,906.10 while the Industrial Products and Services eased 0.28 of-a-point to 148.40.
On the broader market, gainers edged losers 170 to 167, with 201 counters unchanged, 1,407 untraded and 21 others suspended.
Turnover stood at 236.07 million units worth RM108.45 million. - Bernama
