Bursa M’sia recovers on late buying
KUALA LUMPUR: Bursa Malaysia recovered from earlier losses to close higher in tandem with regional peers, lifted by late buying in selected index-linked counters led by Axiata.
At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.74 points higher at 1,587.88 compared with 1,585.14 at Wednesday’s close.
The index reversed its downtrend pattern 40 minutes before trading ended. It moved between 1,575.77 and 1,588.23 throughout the session.
Axiata pushed the composite index higher by 3.236 points after rising 20 sen to RM4.36 with 5.97 million shares changing hands.
On the broader market, losers outpaced gainers 448 to 377, with 396 counters remaining unchanged, 746 untraded and 24 others suspended.
Turnover improved slightly to 2.59 billion shares worth RM1.91 billion versus yesterday’s 2.54 billion shares worth RM1.68 billion.
Bank Islam Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said there seemed to be mixed reactions from the market following the signing of the Phase One deal between the United States (US) and China.
He opined that the deal was a little far-fetched.
“For instance, China will purchase at least US$40 billion per year of US food, agricultural and seafood products. This is way higher than the existing US exports of food to China,” he told Bernama.
For the first 11 months of 2019, US exports of food and live animals to China stood at US$4.3 billion.
In 2018, it was at US$4.5 billion from US$7.3 billion in 2017.
“As such, it would be a big jump if China were to comply. Perhaps, this may have affected the equities market today,” he explained.
Regionally, Hong Kong’s Hang Seng Index increased 0.38 per cent to 28,883.04, Japan’s Nikkei 225 gained 0.07 per cent to 23,933.13 and Singapore’s Straits Times Index improved 0.51 per cent to 3,273.72.
Of the other heavyweights, Maybank added one sen to RM8.61, Petronas Chemicals rose three sen to RM7.06, while both Public Bank and Tenaga were flat at RM19.56 and RM12.90 respectively.
CIMB, however, slipped one sen to RM5.17.
Among the actives, Vortex trimmed 1.5 sen to 12 sen, Yong Tai inched down half-a-sen to 14.5 sen, Alam Maritim and London Biscuits eased one sen each to 15.5 sen and 1.5 sen respectively, while Hubline was flat at four sen.
On the scoreboard, the FBM Emas Index improved 12.53 points to 11,315.7, the FBMT 100 Index advanced 13.53 points to 11,104.99, the FBM ACE bagged 25.96 points to 5,586.03, and the FBM Emas Shariah Index rose 24.6 points to 11,947.5.