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BURSA MALAYSIA: Bursa Rebounds To Open Higher

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KUALA LUMPUR: Bursa Malaysia rebounded from earlier losses to open higher Tuesday on renewed buying activity as investors took advantage of lower share prices, dealers said.

At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.89 points to 1,631.98, after opening 5.52 points better at 1,634.34.

Market breadth was positive with gainers leading losers 181 to 71, with 145 counters unchanged, 1,360 untraded and 13 others suspended.

Turnover stood at 155.64 million shares worth RM59.43 million.

Kenanga Research said that a further sell-down by investors post the US Fed interest rate hike, as well as the seemingly never-ending declining crude oil prices, have taken a toll on the local bourse.

“As we embrace the shortened trading week ahead, due to the Christmas celebration, we continue to view that the FBM KLCI could trade tepidly with a downside-bias towards 1,600 points this week,” it said in a research note today.

Of the heavyweights, Maybank added three sen to RM8.24, Public Bank gained 10 sen to RM18.34, Petronas Chemicals improved one sen to RM6.95, while TNB declined six sen to RM12.94.

Among actives, SMTrack earned half-a-sen to 12.5 sen, Emico was flat at 41 sen, while The Media Shoppe and APFT eased half-a-sen each to 8.5 sen and 28 sen respectively.

On the scoreboard, the FBM Emas Index advanced 23.66 points to 11,430.17,the FBMT100 Index increased 24.64 points to 11,105.33 and the FBM Emas Shariah Index rose 15.40 points to 12,344.45.

The FBM Ace climbed 18.79 points to 6,328.84 and the FBM 70 improved 46.86 points to 12,879.12.

On a sectoral basis, the Finance Index perked 39.55 points to 13,934.90, as the Industrial Index contracted 4.42 points to 3,149.26. The Plantation Index, however, improved 0.06 of a point to 7,352.72.


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