KL shares creep into the black at mid-day

Some support for selected heavyweights nudges Bursa Malaysia into positive territory at mid-day. — Reuters pic
Some support for selected heavyweights nudges Bursa into positive territory at mid-day. — Reuters pic

, March 6 — Shares on Bursa Malaysia were marginally higher at mid-day, supported by mild buying in selected key heavyweights.

Overall, sentiment on the market was still cautious, in awaiting the headlines over the US- trade talks or from the National People’s Congress (NPC) in Beijing for direction, a dealer said.

At lunch break, the key FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,686.49, up by 0.87 of-a-point from yesterday’s close of 1,685.62 after opening 0.64 of-a-point better at 1,684.98.

The index moved between 1,684.08 and 1,688.30 throughout the morning session.

Market breadth was positive as gainers led losers 400 to 294, while 385 counters were unchanged, 790 untraded and 18 others suspended.

Turnover amounted to 1.69 billion shares worth RM1.09 billion.

Inter- Securities Sdn Bhd research head Pong Teng Siew said regionally, , namely in Thailand and Indonesia, had been on a downtrend in the recent weeks due to foreign selling.

“Investors have shifted their interest to China, which has seen its underlying fundamentals declining quite sharply by about 30 per cent, so they (investors) see it as bargain hunting,” he told Bernama.

China on Sunday convened its once-a-year NPC meeting, with the country’s slowing growth and geopolitical tensions, among the discussion highlights.

According to Pong, the positive performance of the local bourse today could be supported by the price of crude, which is currently trading above the US$60 per barrel.

“But, as a whole, I would see Bursa Malaysia trading lower,” he added.

As for other heavyweights, Maybank and were flat each at RM9.53 and RM24.60 respectively, Petronas Chemicals rose one sen to RM9.20, while Tenaga slipped two sen to RM12.78.

Among actives, My EG increased 13 sen to RM1.14, Sapura Energy inched up half-a-sen to 32 sen, Velesto improved 1.5 sen to 27.5 sen and Dayang Enterprise was six sen better at RM1.37.

The FBM Emas Index gained 27.43 points to 11,757.24, the FBMT 100 Index rose 25.91 points to 11,615.05 and the FBM Emas Shariah Index appreciated 53.79 points to 11,726.64.

The FBM 70 Index advanced 113.58 points to 14,105.90 and the FBM Ace Index was up by 25.17 points to 4,714.08.

Sectorwise, the Financial Services Index fell 46.46 points to 17,584.35, the Plantations Index inched up 14.32 points to 7,287.31, and the Industrial Products and Services Index improved 0.49 of a point to 168.45. — Bernama

Source: The Malay Mail Online

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