Bursa turns positive at mid-morning

BURSA Malaysia turned positive at mid-morning, lifted by buying in plantation, consumer products and financial heavyweights.

At 11.02am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 3.36 points better at 1,503.65 from last Friday’s closing of 1,500.29.

The benchmark index opened 13.77 points lower at 1,486.52.

However, on the broader market, losers thumped gainers 569 to 191, while 302 counters were unchanged, 1,297 untraded and 81 others suspended.

In a note, Rakuten Trade VP of equity research Thong Pak Leng said he expects sentiments to remain cautious following the steep decline on Wall Street last Friday.

“Therefore, we anticipate some selling to emerge and see the index hovering within the 1,490-1,505 range today.

“Although earnings reported by plantation stocks have been encouraging so far, some profit-taking activities may emerge as many expect the third-quarter earnings to dip following the recent decline in crude palm oil prices,” he said.

Meanwhile, among the heavyweights, Malayan Banking Bhd added five sen to RM8.96 and Petronas Chemicals Group Bhd gained two sen to RM8.71, while CIMB Group Holdings Bhd shed four sen to RM5.42, IHH Healthcare Bhd eased one sen to RM6.36 and Public Bank Bhd was flat at RM4.63. Of the actives, MyEG Services Bhd declined 2.5 sen to 73 sen, Dagang NeXchange Bhd was 1.5 sen easier at 86 sen, CNergenz Bhd slipped 3.5 sen to 94.5 sen, Agmo Holdings Bhd added two sen to 91.5 sen while TWL Holdings Bhd was flat at 5.5 sen.

On the index board, the FBM Emas Index eased 6.08 points to 10,642.76, the FBM T100 Index lost 1.99 points to 10,391.37, the FBM 70 tumbled 104.40 points to 12,641.75, the FBM ACE went down 94.03 points to 4,862.34 and the FBM Emas Shariah Index shed 6.45 points to 10,753.52.

Sector-wise, the Plantation Index was 67.31 points higher at 7,121.65, the Industrial Products and Services Index eased 0.31 of-a-point to 181.87, the Financial Services Index decreased 17.94 points to 16,741.63 and the Energy Index slid 2.72 points to 730.16. — Bernama / pic MUHD AMIN NAHARUL