Highlights

Bursa Malaysia opens mixed

 Publish date: Wed, 26 Aug 2020, 10:02 AM

KUALA LUMPUR: Bursa Malaysia opened mixed on as mild bargain-hunting interspersed with profit-taking in selected blue-chips stocks, dealers said.
 
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) were 0.56 of-a-point firmer at 1,555.52 from Tuesday's close of 1,554.96.
 
The barometer index opened 0.21 of-a-point easier at 1,554.75.
 
On the broader market, gainers led losers 238 to 175, while 284 counters were unchanged, 1,337 untraded and 33 others suspended.
 
Trading volume stood at 524.72 million shares worth RM240.78 million.
 
Malacca Securities Sdn Bhd said on the back of the sluggish quarterly corporate financial performance, investors are taking the opportunity as an excuse to lock in recent gains.
 
"We reckon that the downward bias consolidation may linger but weakness will be cushioned by thehigher crude oil prices. The negative momentum on Bursa Malaysia may also keep any strong gains at bay with quick profit-taking activities in the horizon," it said in a research note today.
 
The brokerage firm also continues to favour a rotational play on the pharmaceutical-related stocks amid a string of positive developments surrounding potential vaccines for COVID-19.
 
The energy sector will also likely be boosted by a rally in crude oil prices, hitting a five-month high due to the shutdown of production at the Gulf of Mexico ahead of Hurricane Laura.
 
On the technical front, integrated online share trading platform Rakuten Trade Sdn Bhd expects the FBM KLCI to remain volatile with downside bias as the selling on glove counters persists.
 
Immediate support is seen at the 1,550 mark with resistance at 1,570, it said.
 
Of the heavyweights, Maybank added one sen to RM7.50, Top Glove recovered 10 sen to RM25.50, Public Bank rose 20 sen to RM17.16, Tenaga and Petronas Chemicals fell six sen to RM10.96 and RM5.90, respectively, and Hartalega dropped 22 sen to RM16.28.
 
Among the actives, Sapura and XOX gained 1.5 sen each to 13.5 sen and 26.5 sen, respectively, and Bintai rose 22.5 sen to 93 sen.
 
Meanwhile, top gainers C.I. Holdings increased 38 sen to RM1.66, Kossan Rubber improved 36 sen to RM15.00 and Petronas Gas bagged 30 sen to RM17.08.
 
Top losers were Petronas Dagangan which fell 50 sen to RM20.72, followed by Hartalega, and MISC which dipped 21 sen to RM7.64.
 
On the index board, the FBM Emas Index increased 12.57 points to 11,186.58, the FBMT 100 Index was 12.08 points higher at 10,993.23 and the FBM 70 appreciated 47.77 points to 14,465.62.
 
The FBM Emas Shariah Index recovered 4.26 points to 13,191.35 and the FBM ACE rose 89.12 points to 10,978.28.
 
Sector-wise, the Financial Services Index strengthened 35.74 points to 12,949.61, the Industrial Products and Services Index shed 25 of-a-point to 140.33, and the Plantation Index added 17.00 points to 7,093.34.
 
 - Bernama
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