Bursa Malaysia In See-saw Trade In Early Session

By Nurul Jannah Kamaruddin

KUALA LUMPUR, Nov 27 (Bernama) -- Bursa Malaysia see-sawed during the early session, with the main index swinging between gains and losses. 

At 9.09 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) improved by 0.58 of-a-point to 1,603.73 from Tuesday’s close of 1,603.15.

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The benchmark index opened lower, declining 1.81 points to 1,601.34.

Market breadth was positive as advancers outpaced decliners 176 to 159 while 261 counters remained unchanged, 1,861 untraded, and 44 suspended.

Turnover totalled 173.46 million units valued at RM118.13 million.

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Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects the index to remain within the 1,600-1,610 range today as market velocity remains muted as seen in the lacklustre daily volume.

Additionally, US President-elect Donald Trump’s comment to impose extra levies on China, Mexico and Canada is set to induce worries regionally.

On sectors, Malacca Securities Sdn Bhd opined that export-oriented sectors like gloves and technology may benefit given the escalating trade tensions between the US and China, coupled with a stronger US dollar.

The rebound in crude palm oil prices could lift sentiment in the plantation sector.

“As the festive season approaches, in addition to stronger earnings from passenger and holiday traffic, we like stocks within the aviation, hospitality and consumer sectors,” it said in a note.

Heavyweight Maybank rose two sen to RM10.24, CIMB bagged five sen to RM8.40, while Public Bank, Tenaga Nasional and CelcomDigi were flat at RM4.43, RM14.04 and RM3.58, respectively.

Among the active stocks, Genetec Technology was five sen higher at RM92.5 sen, MBSB rose 2.5 sen to 75 sen, JCY International added two sen to 37.5 sen, Mestron was one sen higher at 31 sen and Coraza climbed 7.5 sen to 42.5 sen.

On the index board, the FBM Emas Index recovered 11.54 points to 12,182.49, the FBMT 100 Index appreciated 11.26 points to 11,887.63, the FBM Emas Shariah Index increased 5.34 points to 12,135.70, the FBM 70 Index grew 42.71 points to 17,933.56 and the FBM ACE Index ticked up 9.46 points to 5,148.71.

Sector-wise, the Financial Services Index garnered 70.13 points to 19,269.69 and the Plantation Index was up 0.49 of-a-point to 7,533.11.

The Industrial Products and Services Index lost 0.26 of-a-point to 172.06 and the Energy Index fell 0.71 of-a-point to 820.42.

-- BERNAMA