KL shares retreat after opening higher

Bursa Malaysia shares open positively after Wall Street's bullish performance. — Reuters pic
Bursa shares open positively after ’s bullish performance. — Reuters pic

, Oct 26 — Shares on Bursa Malaysia opened on a positive note today on bargain hunting following yesterday’s losses and in line with Wall Street’s bullish overnight performance.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.36 points higher at 1,687.95 from yesterday’s close of 1,686.59.

The index opened 3.89 points better at 1,690.48.

PublicInvest Research said US markets bounced back overnight as technology-based stocks led the comeback.

“The Dow Jones Industrial Average gained 1.6 per cent, the S&P 500 rose 1.9 per cent and the Nasdaq Composite jumped 2.9 per cent,” it said in a note.

On the technical front, the research house said the FBM KLCI is anticipated to consolidate between the 1,664 and 1,700 marks, with support levels at 1,622, 1,664 and 1,680, and resistance levels at 1,700, 1,719 and 1,735.

On the broader market, gainers led losers 256 to 60 with 124 unchanged, 1,460 counters untraded and 22 others suspended.

Volume stood at 141.14 million units valued at RM99.83 million.

Among heavyweights, Maybank fell one sen to RM9.46, declined 20 sen to RM24.70, Tenaga added four sen to RM14.04 and Petronas Chemicals gained one sen to RM9.26.

For actives, Hibiscus Petroleum gained two sen to RM1.11, while Sapura Energy and Prestariang added half-a-sen each to 34 sen and 51.5 sen, respectively.

The FBM Emas Shariah Index increased 26.71 points to 11,629.46, the FBM Ace Index recovered 39.44 points to 4,851.09 and the FBM 70 was up 83.68 points at 13,328.47.

The FBM Emas Index was 26.71 points higher at 11,629.46 and the FBMT 100 Index added 23.64 points to 11,480.31.

Sectorwise, the Plantation Index shed 0.59 point to 7,316.84, the Industrial Products and Services Index was 0.33 point better at 168.08 and the Financial Services Index was 2.35 points higher at 17,180.13. — Bernama

Source: The Malay Mail Online

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