欧博allbet网址:Bursa Malaysia ends marginally higher on late buying
KUALA LUMPUR: Bursa Malaysia ended the week marginally higher supported by last-minute buying in selected heavyweight counters, led by Tenaga Nasional Bhd and Sime Darby Plantation, *** ysts said.
At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.07 per cent or 1.03 points higher to finish at 1,492.23 from Thursday’s close of 1,491.20.
Tenaga Nasional added 20 sen to RM8.26, while Sime Darby Plantation rose 13 sen to RM4.36. These counters contributed a combined 3.5 points to the FBM KLCI.
The benchmark index, which opened 0.03-of-a-point easier at 1,491.17, hit its intraday low of 1,488.07 at mid-afternoon and intraday high of 1,497.53 at mid-morning.
The overall market breadth was positive with gainers outnumbering losers 557 to 383, while 412 counters were unchanged, 935 untraded, and 54 others suspended.
Total turnover was reduced to 2.79 billion units worth RM1.98 billion from 2.83 billion units worth RM1.81 billion on Thursday.
Malacca Securities Sdn Bhd senior *** yst Kenneth Leong said the FBM KLCI marched higher at the opening bell but encountered some quick profit-taking activities during midday following yesterday’s sharp rally.
"Nevertheless, the final-hour buying support in selected index heavyweights sent the key index to close marginally higher today.,
"Moving forward into August, we are entering the quarterly reporting month and corporate earnings releases will dictate market movement," he told Bernama.
Technically, he noted the resistance is set at 1,500, while support is pegged at 1,460.
Meanwhile, Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng opined Malaysian equities continued to trend higher with buying mainly in technology, plantation and energy stocks.
"Despite the cautious market undertone in the region, we expect the FBM KLCI to continue its uptrend in the near term given the cheap valuations of local stocks, continuous inflow of foreign investors and the improving macroeconomic situation in the country.
"Hence, we anticipate the FBM KLCI to test the 1,500 psychological level and trending within the range of 1,490 to 1,510 next week," he said.
Thong told Bernama that after breaking the 1,500 level, the FBM KLCI should see the next resistance at 1,530, with support at 1,460.
Among the heavyweights, Maybank improved one sen to RM8.86, Petronas Chemicals decline three sen to RM8.88, CIMB Group decreased seven sen to RM5.21, while both Public Bank and IHH Healthcare were flat at RM4.64 and RM6.39 respectively.
Of the actives, CSH Alliance was two sen lower at seven sen, Metronic Global and Sapura Energy