Bursa Malaysia mixed at midday

Bursa Malaysia ended the morning session mixed in range bound trading, mainly supported by buying interest in trade and services-linked heavyweights.

At lunch break, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.57 of-a-point higher at 1,759.73 from last Friday’s close of 1,759.16.

The index opened 2.19 points better at 1,624.17 and moved between 1,757.22 and 1,761.35 during the  session.

However, on the broader market, decliners outpaced gainers 429 to 258 with 352 counters unchanged, 788 untraded and 24 others suspended. 

Turnover stood at 905.42 million shares worth RM555.12 million.

Among the trade and services-related heavyweights, Tenaga rose 10 sen to RM14.22, Astro advanced six sen to RM2.54, Genting Malaysia improved four sen to RM6.02 and Sime Darby was two sen better at RM9.56.

The four counters contributed 2.111 points  to the FBM KLCI’s improvement. 

Despite the support from the heavyweights, Hong Leong Investment Bank said investors adopted a wait-and-see attitude, ahead of the of the two-day Invest Malaysia Kuala Lumpur 2017 (IMKL 2017) conference tomorrow.

“Speculation is rife that the Prime Minister Datuk Seri Najib Tun RAzak, who will officiate the conference, may disclose the new master developer for Bandar Malaysia at the event,” it said in a note today.

Meanwhile, another dealer said a joint meeting among the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC members later today also kept market participants on the sidelines.

Alliance DBS Research in another note said it was indeed a challenge for investors and traders to find trading opportunities, as market participants become conservative in their game. by not selling into the demand zone.

“Given that buying power has remained stronger than selling pressure as such, we expect the FBM KLCI to likely to trade above the 1,759.16 level on Monday,” it added.

Among the actives, SC Estate Builder and Hubline added half-a-sen each to 3.5 sen and six sen respectively, Globaltec Formation and Borneo Oil remained flat at 6.5 sen and 10.5 sen, while MLAB eased half-a-sen to 19.5 sen.

The FBM Emas Index was 5.3 points lower at 12,534.71, the FBM Emas Shariah Index declined 10.10 points to 12,709.79 and the FBM Ace shed 25.88 points to 6,729.60.

The FBMT100 Index fell 4.29 points to 12,175.39 and the FBM 70 eased 36.34 points to 14,879.55.

On a sectoral basis, the Plantation Index gave up 21.07 points to 7,850.28, the Industrial Index lost 5.76 points to 3,269.38, while the Finance Index was 5.26 points higher at 16,676.40.- BERNAMA