FBM KLCI closes higher
Published on: Wednesday, June 19, 2019

KUALA LUMPUR: Bursa Malaysia closed higher on Tuesday, buoyed by buying in selected heavyweights and blue chips, mainly telco, plantation and transportation and logistics counters.

However, overall the market is still cautious and investors are quietly monitoring the two-day US Federal Reserve policy meeting which begins Tuesday.

“Investors are now betting the US Fed will move to cut rates as early as July, due to the slowdown in the US economy resulting from trade-related uncertainties,” a dealer said.

He said this is the best time for investors to go for defensive stocks and value stocks.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 14.36 points to 1,652.76 compared with Monday’s close of 1,638.18.

The barometer index, which opened 1.74 points weaker at 1,636.66 on Tuesday morning, moved between 1,636.18 and 1,652.76 throughout the day.

Losers trumped gainers by 428 to 357, while 386 counters were unchanged, 697 untraded and 21 others suspended. 

Turnover increased to 2.03 billion units worth RM1.72 billion from 1.62 billion units valued at RM1.43 billion recorded on Monday.

Axiata, which has a merger plan with Norway’s Telenor Group, saw its shares jump 24 sen to RM4.95, Sime Darby Plantation gained 18 sen to RM4.82, MISC increased 23 sen to RM7.20 and Digi was 14 sen higher at RM4.95.

To recap, Axiata announced last month that it was in talks with Telenor Group to merge their operations in Asia, including a plan to combine their respective subsidiaries, Celcom Axiata Bhd and Digi Com Bhd, into Malaysia’s largest mobile operator.

The local bourse opened Tuesday’s trading flat and it then turned mixed with investors adopting a wait-and-see attitude ahead of the meeting.

Besides the Fed, global exchanges would also be jittery ahead of two other policy meetings—by the Bank of England, and Bank of Japan.

Among heavyweights, Maybank fell three sen to RM8.96, Public Bank went up by two sen to RM23.04 and Tenaga  was 26 sen higher at RM13.

Steel pole manufacturer Mestron Holdings Bhd, which today made its debut on Bursa Malaysia’s Ace Market with a premium of four sen today, added half-a-sen at closing to 16.5 sen.

Meanwhile, T7 improved one sen to 42.5 sen. The 51 per cent-owned subsidiary of T7 Global Bhd is targeting to bid for contracts valued at up to RM200 million this year.

The FBM Emas Index rose 77.78 points to 11,616.46, the FBMT 100 Index increased 81.17 points to 11,471.45 and the FBM Emas Shariah Index soared 126.37 points to 11,898.91.

The FBM Ace went up 3.78 points to 4,353.52 and the FBM 70 added 26.09 points to 14,295.40.

Sector-wise, the Financial Services Index was 29.11 points lower at 16,683.62 and the Plantation Index improved 81.90 points to 6,942.01, while the Industrial Products and Services Index edged up 0.56 point to 159.97.

Main Market volume appreciated 946.01 million shares valued at RM1.41 billion from 820.87 million shares worth RM1.21 billion.

Warrants turnover fell to 472.21 million units valued at RM119.00 million from 513.93 million units worth RM120.60 million.

Volume on the ACE Market advanced to 609.66 million shares valued at RM181.86 million versus 283.78 million shares worth RM100.03 million.

Consumer products and services accounted for 161.74 million shares traded on the Main Market, industrial products and services (205.78 million), construction (112.72 million), technology (83.82 million), SPAC (nil), financial services (31.97 million), property (84.52 million), plantation (16.36 million), REITs (7.67 million), closed/fund (16,900), energy (131.25 million), healthcare (37.44 million), telecommunications and media (38.51 million), transportation and logistics (22.77 million), and utilities (11.46 million). – Bernama


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