KUALA LUMPUR: The positive performance on Wall Street overnight may help to reaffirm investor sentiment on the domestic market following yesterday’s flat performance in the absence of fresh trading leads.
At the start of trading on Tuesday, the benchmark FBM KLCI was down 0.14 points to 1,456.86 as the market sought new direction at the conclusion of the state elections, which kept the status quo.
“Given the outcome of the Malaysia state elections was within expectations, the local bourse did not see further significant selling pressure and ended flat; we expect the overall sentiment will be able to trade higher over the near to mid-term.
“Also, with the positive performance on Wall Street, we think the investors may look
into the technology stocks on the local front,” said Malacca Securities Research in a note.
It added that buying interest has been shifting towards the small and mid-cap stocks.
Over the coming term, it said investors will be keeping a close tab on a slew of Chinese economic data to gauge the health of the world’s second largest economy.
In early trading, Bursa’a blue chips were little changed with Maxis rising four sen to RM3.98 and Maybank rising two sen while Public Bank added one sen to RM4.16.
CIMB shed two sen to RM5.63, Tenaga Nasional dropped four sen to RM9.76 and MISC was down five sen to RM7.10.
Glostrext, which made its trading start on the ACE Market today, topped the most actively traded stocks with 24.16 million shares exchanging hands. The geotechnical instrumentation and testing specialist climbed 26 sen to 45 sen for a strong debut.
Other top traded stocks were Classita up 0.5 sen to nine sen and Iris down one sen to 7.5 sen.
– The Star