By Abdul Hamid A Rahman
KUALA LUMPUR, Aug 20 (Bernama) -- Bursa Malaysia opened almost flat on Tuesday, amid a mixed regional market performance despite an upbeat showing on Wall Street overnight, said an analyst.
At 9.10 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 0.55 of-a-point to 1,649.25 from yesterday’s close of 1,648.70.
The index opened 0.86 of-a-point firmer at 1,649.56.
On the broader market, gainers outpaced decliners 268 to 142, with 295 counters unchanged, 1,775 untraded and seven others suspended.
Turnover stood at 277.58 million units worth RM179.14 million.
Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said that the strong Bursa Malaysia performance yesterday was somewhat surprising and also spurred by an influx of foreign funds, with the 1,630-mark decisively broken.
“The FBM KLCI surged to a 52-week high before paring gains to just below the 1,650 level.
“Although daily volume remains below expectations, we believe retail participation will emerge soon, supported by improving market liquidity,” he told Bernama.
Thong expects the ongoing uptrend to continue, with the index expected to hover within the 1,650-1,660 range today.
On United States front, Thong said Wall Street also continued its uptrend as sentiment remains upbeat on a soft landing scenario due to solid retail sales and lower jobless claims.
“As a result, the Dow Jones Industrial Index gained 237 points, while the Nasdaq added 245 points, with the US 10-year yield easing marginally to 3.875 per cent,” he added.
Among the heavyweights, Tenaga Nasional rose 8.0 sen to RM13.98, IHH Healthcare added 3.0 sen to RM6.30, Public Bank gained 1.0 sen to RM4.55.
CIMB Group was flat at RM7.97 while Maybank dropped 2.0 sen to RM10.58.
Among the actives, TWL Holdings climbed half-a-sen to 3.0 sen, Pestech International added half-a-sen to 21.5 sen and Top Glove rose 1.0 sen to RM1.00, Velocity Capital was unchanged at 6.5 sen, and Perdana Petroleum dropped 2.0 sen to 43.5 sen.
On the index board, the FBM Emas Index jumped 20.40 points to 12,500.23, the FBMT 100 Index expanded 20.45 points to 12,148.82, and the FBM Emas Shariah Index perked up 28.38 points to 12,442.85, the FBM 70 Index gained 91.02 points to 18,048.23, and the FBM ACE Index increased 15.14 points to 5,416.29.
Sector-wise, the Industrial Products and Services Index edged up 0.30 of-a-point to 184.21, while the Financial Services Index decreased 3.86 points to 19,103.68, the Energy Index dipped 0.86 of-a-point to 948.59, and the Plantation Index slid 11.01 points to 7,143.57.
-- BERNAMA
