FBM KLCI higher on positive market sentiment
Published on: Friday, June 21, 2019
KUALA LUMPUR: Bursa Malaysia closed higher amid positive market sentiment with US President Donald Trump and Chinese President Xi Jinping scheduled for a meeting soon to discuss ways to ease their trade tensions.
US and Chinese officials will resume trade talks before the upcoming G20 summit in Osaka, Japan on June 28-29.
ADVERTISEMENT
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 8.89 points or 0.53 per cent to end at 1,675.43 compared with Wednesday’s close of 1,666.54.
The index that opened 5.71 points weaker at 1,660.83 on Thursday morning hovered between 1,660.83 and 1,675.43 throughout the day.
Market breadth was positive with gainers trumping losers 468 to 353, while 380 counters were unchanged, 677 untraded and 21 others suspended.
However, turnover decreased to 2.27 billion units worth RM2.28 billion from 2.42 billion units valued at RM2.34 billion recorded Wednesday.
ADVERTISEMENT
A dealer said the local bourse was also higher at close after the US Federal Reserve maintained its interest rate.
“Although it did not meet investors’ expectations (of a rate cut), the Fed hinted at possible rate cuts later this year,” he said, adding that overall, the market tone is still cautious and it could dampen in the longer run.
ADVERTISEMENT
Meanwhile, Genting and Genting Malaysia saw their shares move up on news the chief executive officer is taking a 20 per cent pay cut.
Genting rose 23 sen to RM6.91 while Genting Malaysia added four sen to RM3.38.
The group, which is facing higher gaming taxes, was reported to be working on various initiatives to reduce costs.
On the other hand, shares of plantations-related companies were lower due to weak crude palm oil price.
MIDF has set a “neutral” call on the sector. KLK fell two sen to RM24.58, Sime Darby Plantation erased 22 sen to RM4.78 while IOI Corp was four sen easier at RM4.33.
Among heavyweights, Maybank was flat at RM8.94, Public Bank went down two sen to RM23.08 while Tenaga improved 60 sen to RM13.88.
As for the active stocks, Greatech added 9.5 sen to RM1.06, Iskandar Waterfront inched down six sen to RM1.04 and Mestron Holdings fell half-a-sen to 15.5 sen.
The FBM Emas Index appreciated 87.57 points to 11,786.28, the FBMT 100 Index increased 87.33 points to 11,640.53 and the FBM Emas Shariah Index soared 124.10 points to 12,132.76.
The FBM 70 jumped 212.72 points to 14,553.60 and the FBM Ace went up 38.61 points to 4,361.92.
Sector-wise, the Financial Services Index rose 14.44 points to 16,692.00, the Industrial Products and Services Index edged up 0.25 point to 160.52 but the Plantation Index dropped 83.74 points to 6,970.75.
Main Market volume depreciated to 1.36 billion shares valued at RM2 billion from 1.52 billion shares worth RM2.10 billion recorded on Wednesday.
Warrants turnover fell to 540.16 million units valued at RM110.51 million versus 592.46 million units worth RM135.87 million.
Volume on the ACE Market increased to 362.92 million shares valued at RM58.17 million against 308.13 million shares worth RM96.69 million.
Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
