Bursa Malaysia ends higher on optimism over global economy

 Publish date: Fri, 6 Sep 2019, 6:37 PM

KUALA LUMPUR: Bursa Malaysia closed higher today in tandem with positive sentiment on the regional stock markets as investors remained optimistic on the global economic outlook, dealers said.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.72 points to 1,604.47 at the close after trading between 1,599.75 and 1,606.40 throughout the day.
The market barometer opened 1.91 points higher at 1,601.66.
Phillip Capital Management senior vice-president (investment) Datuk Dr Nazri Khan Adam Khan said investors were positive on the bullish economic outlook on the global front and expectation of higher crude palm oil (CPO) demand from India moving forward.
“Overall, based on the current technical landscape, we opine that the local bourse is still in the process of recovering. The strong support is within 1,600 to 1,572 points. Conversely, the immediate resistance remains at between 1,620 and 1,680 points, followed by the psychological 1,700-point resistance threshold,” he told Bernama today.
Meanwhile, another dealer said the Asian market was in an uptrend today, in line with global market sentiment, boosted by firm US economic data and next month’s meeting between US and Chinese negotiators which signalled an easing in trade tensions.
Among the heavyweights, Maybank rose one sen to RM8.75, TNB improved two sen to RM13.82, Petronas Chemicals jumped 12 sen to RM7.00, IHH Healthcare went up four sen to RM5.80 while Public Bank slipped four sen to RM20.20.
As for actives, Priceworth International gained half-a-sen to five sen, GD Express improved one sen to 29.5 sen, while Vsolar fell one sen to 11.5 sen and Bumi Armada eased half-a-sen to 25.5 sen.
The FBM Emas Index added 33.58 points to 11,281.12, the FBMT100 Index was 34.02 points higher at 11,120.66 and the FBM Emas Shariah Index perked 58.44 points to 11,826.29.
The FBM Ace advanced 8.67 points to 4,457.38 and the FBM 70 went up 47.61 points to 13,788.45.
Sector-wise, the Financial Services Index slid 31.67 points to 15,479.17, the Plantation Index inched up 10.43 points to 6,806.94 and the Industrial Products and Services Index was 1.30 points higher at 149.12.
Market breadth was positive as gainers led losers 406 to 340, with 405 counters unchanged, 797 untraded and 33 others suspended.
Turnover was lower at 1.67 billion units worth RM1.44 billion from Thursday’s 1.85 billion units worth RM1.58 billion.
 - Bernama
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