save malaysia!

Bursa turns mixed on cautious sentiments

Publish date: Wed, 17 Apr 2024, 01:42 PM

KUALA LUMPUR (April 17): Bursa Malaysia turned mixed at midday on Wednesday amid mixed regional market sentiments as investors remained cautious on US interest rate cuts and unresolved tension in the Middle East, said an analyst. 

At 12.30pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 1.24 points to 1,533.76 from Tuesday's close of 1,535.

The benchmark index opened 0.05 of a point firmer at 1,535.05.

However, the market breadth was positive with gainers outpacing decliners 512 to 342, while 462 counters were unchanged, 1,036 untraded and 11 others suspended.

Turnover amounted to 1.85 billion units worth RM1.18 billion. 

Regionally, Japan’s Nikkei declined 0.29% to 38,359.44, Hong Kong’s Hang Seng Index slipped 0.07% to 16,238.09 and South Korea’s Kospi eased 0.28% to 2,602.21. 

Meanwhile, Singapore’s Straits Times Index rose 0.49%t to 3,160.21, and China's SSE Composite Index improved 1.24% to 3,044.26.

Malacca Securities Sdn Bhd said given the mixed trading sentiment on Wall Street, the selling pressure on the local front might have been excessive, and the market should be due for a rebound.

“We think there might be a rebound in the construction, property and technology sector. 

“Meanwhile, traders could stake their position within transportation and logistics companies, while long-term investors may look into more defensive sectors such as the consumer segment," it said in a note on Wednesday. 

The brokerage envisaged resistance to be around 1,550-1,555 and support at around 1,515-1,520.

Among the heavyweights, Maybank Bhd shed five sen to RM9.53, CIMB Group Holdings Bhd was a sen lower at RM6.47 and Tenaga Nasional Bhd eased two sen to RM11.46. 

Meanwhile, Public Bank Bhd edged up a sen to RM4.11 and Petronas Chemicals Group Bhd gained three sen to RM6.83. 

As for the actives, Ingenieur Gudang Bhd and MY EG Services Bhd inched up half a sen each to 15 sen and 77.5 sen, respectively, and Velesto Energy Bhd rose a sen to 28 sen, while Alpha IVF Group Bhd and Bina Puri Holdings Bhd were flat at 33.5 sen and eight sen, respectively.

On the index board, the FBM Emas Index widened by 14.38 points to 11,529.39, the FBMT 100 Index rose 9.63 points to 11,178.61 and the FBM ACE Index grew by 35.23 points to 4,917.17.

The FBM Emas Shariah Index climbed 21.88 points to 11,718.31 and the FBM 70 Index improved 90.39 points to 16,087.19.

Sector-wise, the Industrial Products and Services Index inched up 0.74 of a point to 182.82, and the Energy Index added 5.1 points to 955.04.

Meanwhile, the Financial Services Index edged down 0.86 of a point to 17,008.09, and the Plantation Index slid 78.72 points to 7,320.52.

Be the first to like this. Showing 0 of 0 comments

Post a Comment