Bursa recovers on bargain-hunting

Estimate Reading Time: 2 minutes

KUALA LUMPUR (Nov 22): Bursa Malaysia was slightly higher in early trade on Tuesday (Nov 22) as bargain-hunting emerged following Monday’s sell-off due to cautious market sentiment.

-Advertisement-

At 9.05am, the benchmark FBM KLCI had gained 1.34 points to 1,449.3 from 1,447.96 on Monday.

The market bellwether opened 1.24 points easier at 1,446.72.

However, on the broader market, losers led gainers by 134 to 119, while 164 counters were unchanged, 1,881 untraded, and 14 others suspended.

Turnover stood at 191.27 million units worth RM66.35 million.

Malacca Securities Sdn Bhd said the key focus would be on the local political scene, with the market eyeing the nomination of the prime minister candidate.

Given the fluid political developments, investors should focus on apolitical sectors, such as the telecommunications, consumer staples, and utilities sectors, as well as stocks with high net cash with stable dividend payouts, the stockbroking firm said.

“Traders should deploy a ‘buy ahead of event and sell on news’ strategy once the Government is formed,” it said in a note on Tuesday.

Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said market sentiment is expected to remain cautious until the formation of the new Government.

-Advertisement-

He expected the index to trend in the 1,430-1,450 range on Tuesday.

Among the heavyweights, Malayan Banking Bhd (Maybank) rose four sen to RM8.57, Petronas Chemicals Group Bhd increased six sen to RM8.70, CIMB Group Holdings Bhd gained two sen to RM5.53, and IHH Healthcare Bhd bagged five sen to RM6.10.

Public Bank Bhd was unchanged at RM4.33 and Hong Leong Bank Bhd was flat at RM20.62, but Tenaga Nasional Bhd (TNB) gave up three sen to RM8.38.

Among the actives, Advance Synergy Bhd gained two sen to 18 sen and Dagang NeXchange Bhd (DNeX) perked two sen to 59 sen, Malayan United Industries Bhd inched up half a sen to 10.5 sen, and Infoline Tec Group Bhd improved four sen to 54 sen.

On the index board, the FBM Emas Index rose 11.74 points to 10,286, the FBM Emas Shariah Index climbed 4.52 points to 10,412.02, the FBMT 100 Index advanced 11.41 points to 10,016.41, and the FBM 70 earned 22.64 points to 12,189.59.

However, the FBM ACE decreased 20.59 points to 4,931.91.

Sector-wise, the Financial Services Index was 31.71 points higher at 16,239.49, and the Industrial Products and Services Index added 0.57 of a point to 179.49, while the Plantation Index slid 2.79 points to 6,836.38, and the Energy Index slipped 0.74 of a point to 722.63. -BERNAMA


Notice: ob_end_flush(): failed to send buffer of zlib output compression (0) in /home/capitalp/public_html/wp-includes/functions.php on line 5279