Bursa Malaysia opens mixed

Jan 9, 2017
Bursa Malaysia
Bursa Malaysia

Bursa Malaysia opened mixed today as market sentiment turned cautious due to the benchmark FTSE Bursa Malaysia KLCI’s (FBM KLCI) overbought condition following three consecutive intra-day highs last week.

At 9.10 am, the index stood at 1,674.52, down 0.97 of-a-point, after opening 0.16 of-a-point weaker at 1,675.33 from last Friday’s close of 1,675.49.

Winners outpaced losers 166 to 72, with 194 counters unchanged, 1,291 untraded and 19 others suspended.

Turnover stood at 129.36 million shares worth RM52.29 million.

In a note, Kenanga Research said while the immediate-term outlook looked rosy, it did not discount the possibility of the key index taking a sideways breather this week, to neutralise its overbought condition.

“All in, we expect an upward-bias trading range within 1,665-1,692 this week. Resistance levels are capped at 1,680 and 1,692, while supports are present at 1,665 followed by 1,657,” it added.

Among heavyweights, Maybank, Sime Darby and Petronas Chemicals were flat at RM8.25, RM8.55 and RM7.23 respectively, while TNB added four sen to RM13.98 and Public Bank eased two sen to RM19.98.

On actives, GFM Services bagged nine sen to 47 sen, Green Packet rose half-a-sen to 31 sen and iDimension was unchanged at five sen.

The FBM Emas Index rose 1.56 points to 11,700.45, the FBMT100 Index was 0.44 of-a-point weaker at 11,407.34 and the FBM Emas Shariah Index added 3.26 points to 12,296.1.

The FBM 70 improved 23 points to 13,269.33 and the FBM Ace increased 5.91 points to 4,891.44.

Sector-wise, the Plantation Index was 7.74 points higher at 7,898.59, the Finance Index gained 1.35 points to 14,641.84, and the Industrial Index inched up 2.16 points to 3,196.55. — Bernama