Bursa Malaysia opens higher from yesterday’s losses supported by renewed buying interest in selected heavyweights.
The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.9 of-a-points higher at 1,691.1 from yesterday’s close of 1,688.14.
Market breadth was positive, as gainers outnumbered losers 206 to 130, while 172 counters were unchanged, 1,391 untraded and 24 others suspended.
Among heavyweights, Maybank and CIMB rose two sen each to RM9.56 and RM5.68, respectively, TNB added four sen to RM13.58, Petronas Chemicals improved five sen to RM8.47 but Public Bank slipped two sen to RM24.78.Of actives, Hubline and Inix Technologies earned half-a-sen each to 6.5 sen and 10 sen, respectively, V.S Industry gained three sen to 81.5 sen, while Eduspec was flat at 2.5 sen.
KLSE Stock Loser
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Genting Malaysia Bhd (GenM) shares fell to RM3.16 after the group said yesterday Fox Entertainment Group LLC, Twentieth Century Fox Film Corp and FoxNext LLC filed a US$46.4 million (RM191.7 million counterclaim against GenM for alleged breach of contract.
FGV shares rose as one of the most heavily-traded stocks across Bursa Malaysia. The counter was traded at RM1.02. FGV Holdings Bhd named Datuk Haris Fadzilah Hassan as group chief executive officer to spearhead the company’s transformation.
US market witnessed volatile session as stocks earlier open higher not able to hold gains. The Dow outperformed by a wide margin. The Dow crose171.14 points or 0.7 percent to 24,575.62, while the Nasdaq inched up 5.41 points or 0.1 percent to 7,025.77 and the S&P 500 inched up 5.80 points or 0.2 percent to 2,638.70.
Major blue chips index stocks came with good financial results for the quarter. IBM posted profit above analyst estimate and raise its future guidance up for the year 2019. US Economic Advisers Chairman Kevin Hasselt said that the U.S. could see zero growth if the shutdown continues for the whole quarter.
Most of the major sectors ended the day showing only modest moves, although considerable weakness was visible among oil service stocks.
Forex Signals: The ringgit opens lower against the US dollar. The ringgit traded at 4.1385 vs. previous close 4.1370.
Gold Price: Gold trading in a tight range of $1280-$1285 in morning trade while yesterday it made low near $1279 and bounce back.
Gold Range: $1279-$1288.