KLCI recovers after opening 2.18 points lower

by TMR

The local equity market continued its rise for the morning session despite tracking lower upon opening today.

At 12.30pm, Bursa Malaysia’s KLCI was up 2.97 points to end the session at 1,852.68, extending four days of gains since Wednesday last week.

Global uncertainty remains a factor as the US-China trade spat continues to cast a shadow to equity markets. Geopolitical tensions and internal risks in the US contributed to Bursa Malaysia’s main index to open 2.18 points lower at 1,847.53.

The index traded between a high and low of 1,855.75 and 1,846.78 respectively.

Malaysia’s equity market is expected to trade rangebound ahead of the impending general elections following the Parliament dissolution. 

The KLCI saw 1.77 billion shares exchanged hands during the session valued at RM991.21 million. Gainers thumped losers 673 to 208 while 291 counters were unchanged.

Top gainers are KESM Industries Bhd, Press Metal Aluminium Holdings Bhd, Ann Joo Resources Bhd and Bursa Malaysia Bhd.

Among the major losers are Nestle (Malaysia) Bhd, Dutch Lady Milk Industries Bhd, British American Tobacco (Malaysia) Bhd and Hengyuan Refining Company Bhd.

Asian markets were higher for the day with the broader MSCI AC Asia Pacific index up by 1.19 points at 172.86.

Japan’s Nikkei 225 traded higher at 21,832.10 (up by 153.84 points), Korea’s KOSPI at 2,447.60 (up 3.52 points) and Hong Kong’s Hang Seng at 4,239.38 (up 46.25 points).

Singapore’s STI and Shanghai’s exchange was higher at 3,457.42 (up 7.46 points) and 3,154.257 (up 15.963 points) respectively.

US markets were higher with the Dow Jones Industrial Average up 46.34 points at 23,979.10 and the S&P 500 index up 8.69 points at 2,613.16.