Bursa Malaysia index rises despite global uncertainties

By DASHVEENJIT KAUR / TMR file pix

Bursa Malaysia main index ended today’s morning session in positive territory, extending its third day gain ahead of the 14th General Election (GE14).

At 12.30pm, the local stock market closed at 1,847.70 points, up 10.69 or 0.58% from Friday’s close of 1,837.01.

The KLCI opened 0.45 point higher better at 1,837.7 from last Friday’s close despite amid cautious trading. 

Market breadth was positive, with 585 gainers against 242 losers, while 305 were unchanged.

Gainers included Dutch Lady Milk Industries Bhd, Hengyuan Refining Company Bhd, Petron Malaysia Refining & Marketing Bhd, Nestle (M) Bhd, Petronas Dagangan Bhd, and Press Metal Aluminium Holdings Bhd.

But British American Tobacco (M) Bhd, as well as warrants of Press Metal Aluminium Holdings Bhd, GD Express Carrier Bhd and Sunway Construction Group Bhd were the losers.

Hong Leong Investment Bank Bhd (HLIB) in a traders’ brief said that in the US, the market volatility may persist with the ongoing reciprocal actions between the US and China.

“Any wild card by both parties would dampen the market sentiment. 

“Meanwhile, stocks on Bursa Malaysia may face with further selling pressure amid the spillover of negative sentiment from Wall Street,” it added.

HLIB said traders might be deploying a wait-and-see strategy over the near term until US and China discussions are settled.

A quick check on Bloomberg shows that the Malaysian ringgit appreciated 0.2% to 3.8628 against the U.S. dollar. 

Credit default swaps widened 0.3 basis points to 71.76 while benchmark 10-year bond yields rose to 3.938% from 3.937% in the previous session.