Bursa ends mixed on better gdp results
Published on: Saturday, August 17, 2019
By: Bernama
Kuala Lumpur: Bursa Malaysia wrapped up the week mixed on the back of the better than expected second quarter gross domestic product (GDP) announcement by Bank Negara Malaysia, Friday.The benchmark FTSE Bursa Malaysia (FBM KLCI) almost recouped earlier losses following the GDP announcement, as it briefly breached the 1,600 resistance level, before sliding back to 1.599.22 at close.
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However, on the broader market, sentiment remained strong as gainers outpaced losers 390 to 325, while 420 counters remained unchanged, 795 untraded and 14 others suspended.
The market barometer opened 2.23 points lower at 1,598.06 from Thursday’s close of 1,600.29 and moved between 1,590.18 and 1,600.17 throughout the day.
Turnover was lower at 1.78 billion units worth RM1.44 billion compared with 1.94 billion units worth RM1.85 billion Thursday.
Inter-Pacific Securities Sdn Bhd Head of Research Pong Teng Siew said investors remained cautious after two days of heavy selling and in line with the dip by the Dow Jones Industrial Average on Monday and Wednesday.
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“We can see from the scoreboard that the gainers did overcome losers, but it was marginal. This is an indicator that investors do not want to jump right in and be caught in the volatile market situation,” he told Bernama.
He said the market barometer would continue to trade between 1,580 to 1,600 before reaching the resistance level.
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“All eyes remain on global conditions. However, the domestic economy has proven its resilience despite the challenging economic situation,” Pong added.
As for the performance of heavyweights, Kuala Lumpur Kepong rose 12 sen to RM24.02, Digi and Press Metal both gained three sen to RM5.02 and RM4.79 respectively, while Petronas Dagangan and Tenaga Nasional both shed four sen to RM22.80 and RM13.68.
For the most active stocks, Eduspec and KNM gained half a sen to six sen and 38 sen respectively, while PCCS bagged 3.5 sen to 54 sen.
However, Sime Darby Property lost two sen to 85 sen and My E.G dropped one sen to RM1.47.
The FBM Ace declined 3.89 points to 4,587.72, the FBM 70 was down 27.11 points to 14,074.12, the FBM Emas Index lost 9.37 points to 11,308.11 and the FBM Emas Shariah Index depreciated 5.61 points to 11,843.22 as the FBMT 100 Index slid 10.77 points to 11,145.65.
Sector-wise, the Financial Services Index was 31.87 points lower at 15,5524.51, the Plantation Index declined 45.06 points to 6,758.37, and the Industrial Products and Services Index inched down 0.09 point to 149.72.
Main Market volume declined to 1.13 billion units worth RM1.30 billion from 1.19 billion shares worth RM1.67 billion Thursday.
Warrants turnover also fell to 404.74 million units worth RM95.41 million compared with 497.67 million units worth RM129.53 million.Stay up-to-date by following Daily Express’s Telegram channel.
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