KL shares turn easier at mid-morning
KUALA LUMPUR, Oct 13 — Share prices on Bursa Malaysia turned easier at mid-morning in range bound trading, with the barometre FTSE Bursa Malaysia KLCI (FBM KLCI) weighed down by profit taking in selected heavyweight stocks,led by Axiata and Public Bank, dealers said.
At 11.02am, the FBM KLCI was 1.08 points easier at 1,752.92, after opening two points higher at 1,756.00 from yesterday’s close of 1,754.00.
On the broader market, losers led gainers 306 to 287 with 373 counters unchanged, 894 untraded and 35 others suspended.
Turnover stood at 1.33 billion shares worth RM486.58 million.
In a note, Hong Leong Investment Bank said on the local bourse, trading activities among the ACE and penny stocks should remain active as bluechips continued to attract selling pressure.
“Investors will weigh on the prospects of the upcoming Budget 2018 and the third quarter reporting season in November coupled with uncertainty over the date for the upcoming general election,” it added.
Meanwhile, TA Securities said persistent foreign selling in bluechips might continue to drag the local benchmark lower, as market attention focuses on rotational play in small caps and ACE Market stocks with positive news flows.
“Immediate support for the index will be from the recent low of 1,750 and next at 1,740. Overhead resistance stays at 1,771,” it added.
Of the heavyweights, TNB and Petronas Chemicals gained two sen each to RM14.06 and RM7.35 respectively, Maybank and Sime Darby eased one sen each to RM9.52 and RM9.03, while Public Bank shed six sen to RM20.50.
Among active counters, Sumatec eased half-a-sen to five sen, Prinsiptek Corporation and Asia Bioenergy improved 2.5 each to 18 sen and 23 sen respectively, NetX Holding edged up half-a-sen to 6.5 sen while Borneo oil was flat at 9.5 sen.
The FBM Emas Index shed 7.16 points to 12,559.35, the FBMT 100 Index slid 7.16 points to 12,204.55 and the FBM Emas Shariah Index eased 3.31 points to 12,846.94, The FBM 70 slipped 7.80 points to 15,202.15 and the FBM Ace fell 17.69 points to 6,917.68.
Sector-wise, the Plantation Index expanded 13.26 points to 7,957.63, the Industrial Index up 1.46 points to 3,214.10, but the Finance Index was 10.99 points lower at 16,498.13. — Bernama
Source: The Malay Mail Online