Bursa Malaysia recoups earlier losses to close higher

 Publish date: Mon, 3 Jun 2019, 6:44 PM

KUALA LUMPUR: Bursa Malaysia recouped earlier losses in late trading to close higher today, lifted by buying interest in selected index-linked counters amid weak external development, a dealer said.
At 5 pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) closed 4.55 points higher at 1,655.31 from Friday’s close of 1,650.76.
The index opened 0.83 of a point lower at 1,649.93 and moved in the red territory for most part of the day, hitting a low of 1,642.66, on the back of weak market sentiment following US President Donald Trump’s trade threats on Mexico and India, coupled with weak economic data from China.
However, some nibbling in blue chips emerged 30 minutes before the trading session ended and helped to lift the composite index into positive territory, reaching a high of 1,656.68.
Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said despite the gloomy external front, Bursa Malaysia was supported by buying from local institutional investors.
“Tenaga and Petronas Chemicals are the main factor for the rebound, alongside Genting and IHH Healthcare.
“There are values in these stocks and the sharp decline in prices recently would provide the right entry point as the long-term story for the stocks are still intact,” he told Bernama.
Mohd Afzanizam also said there would possibly be some bargain hunting from foreign investors, whose were net buyers on Thursday and Friday last week.
Overall, there were 577 losers and 266 gainers, with 355 counters unchanged, 684 untraded and 26 others suspended.
Turnover was paltry at 1.60 billion units worth RM1.55 billion compared with 2.22 billion units valued at RM2.56 billion recorded last Friday.
Among the heavyweights, Tenaga rose 16 sen to RM12.86, while Petronas Chemicals, CIMB and IHH Healthcare gained two sen each to RM8.34, RM5.29 and RM5.52 respectively.
However, Maybank shed three sen to RM8.99 while Public Bank lost six sen to RM23.54.
Of the actively-traded stocks, Hibiscus Petroleum shed five sen to 99 sen, while Ekovest, Sapura Energy and Lambo trimmed half-a-sen each to 76.5 sen, 29 sen, and 5.5 sen.
Bumi Armada was flat at 20 sen.
 - Bernama
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