Bursa Malaysia higher at midday break, investors anticipates cabinet line-up


Bursa Malaysia ended the morning session higher today as confidence returns and investors await the announcement of the new cabinet.

At 12.30 pm, the benchmark index rose 6.33 points to 1,854.53 from yesterday’s close of 1,848.2.

The index opened 3.63 points higher at 1,851.83 and moved between 1,841.83 and 1,855.69 throughout the morning session.

An analyst with a local brokerage said that foreign funds have been exerting pressure on the local stock market but their disposals have been absorbed by local institutions and retail investors.

Hong Leong Investment Bank Bhd (HLIB) said despite the positive KLCI technicals, the sentiment on the local bourse could remains volatile pending the cabinet line-up and economic and fiscal policies announcements.

“At this current juncture, we think investors may continue to look into defensive (consumer and REITs) as well as export oriented stocks (amid stronger USD) for short term trading purpose,” HLIB said in a traders brief today.

Losers led gainers 431 to 399 with 325 counters unchanged. Volume stood at 1.72 billion units valued at RM1.15 billion.

Public Bank Bhd increased 18 sen to RM24.18, Petronas Chemicals Group Bhd added two sen to RM8.62 and CIMB Group Bhd gained five sen to RM6.80.

Tenaga Nasional Bhd slipped two sen to RM15.90, while Malayan Banking Bhd was flat at RM10.80.

Sapura Energy Bhd climbed half-a-sen to 82 sen and UMW Oil & Gas Corporation Bhd rose 1.5 sen to 31 sen. Gabungan AQRS rose almost 6% to 93 sen.