Bursa Malaysia mixed in early trade

Institution : Bursa Malaysia
13 May, 2020      14

 

 

KUALA LUMPUR: Bursa Malaysia opened mixed in early trade Wednesday with the barometer index was up driven by rotational play in beaten-down counters and continuous support in glove makers as well as the healthcare industry.

At 9.50 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) climbed 9.94 points to 1,389.87 compared to Tuesday's close of 1,379.93 after opening 8.50 points higher at 1,383.22.

On the broader market, losers led gainers by 418 to 247, while 274 counters were unchanged, 926 untraded and 17 others suspended.

Total turnover stood at 2.11 billion worth RM985.9 million.

Malacca Securities Sdn Bhd said at the same time, investors are turningcautious on the impending Malaysia first-quarter gross domestic product (GDP) data today.

"And the FBM KLCI is likely to continue to trade in a rangebound manner, between the 1,360 and 1,400 psychological level which are also their immediate support and resistance respectively.

"A softer than expected data may see the key index dwindle towards the lower band of the consolidation and vice versa," it said in a note.

It also reckons that rotational plays in selected sectors such as healthcare will continue over the short to medium term amid the lack of fresh positive developments surrounding COVID-19 treatment.

Among the heavyweights, Top Glove jumped to a new high, adding by 97 sen to RM8.96, Hartalega was 63 sen better at RM8.16 and IOI increased 17 sen to RM4.02.

Tenaga, however, continued its downtrend, losing 26 sen to RM12.08 and Genting dropped four sen to RM4.01.

As for the actives, K-One jumped 12.5 sen to 37.5 sen, HLT Global went up 15.5 sen to 53.5 sen, and Key Alliance rose half-a-sen to 10.5 sen.

On the index board, the FBM Emas Index improved 60.04 points to 9,788.07, the FBMT 100 Index gained 62.25 points to 9,634.32, the FBM Emas Shariah Index added 96.92 points to 10,979.78, the FBM ACE climbed 97.08 points to 5,297.94 and the FBM 70 strengthened 49.80 points to 11,940.94.

Sector-wise, the Financial Services Index bagged 23.34 points to 12,236.84, the Industrial Products and Services Index inched up 0.13 of-a-point to 120.68, while the Plantation Index went up 68.02 points to 6,284.60.-- BERNAMA


Original Source: https://www.nst.com.my/business/2020/05/592094/bursa-malaysia-mixed-early-trade


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