Petronas-linked stocks fuel key index’s advance
BURSA Malaysia finished higher yesterday, supported by buying interest in selected key heavyweights, mainly Petronas-linked stocks.
The FBM KLCI settled at 1,880.49, up 1.73 points. The key index, despite a weak opening and cautious trading, moved to as high as 1,885.12 in the morning session.
Overall, there were 506 losers and 424 gainers, with 394 counters unchanged and 581 untraded and 27 suspended.
Petronas Gas rise rose 54 sen to RM18.54, Pettronas Dagangan increased 70 sen to RM26.78 and Petronas Chemicals added six sen to RM8.51.
Inter-Pacific Securities Sdn Bhd head of research Pong Teng Siew said the market was cautious following Bursa Malaysia’s introduction of intra-day short selling (IDSS) on Monday as part of the exchange’s strategy to boost market liquidity.
“Apart from that, we also see profit-taking in the broader market, including the selling of small-capitalised stocks, as they are heavily involved in the IDSS, hence there are more downs than ups,” he told Bernama.
Among the heavyweights, Maybank gained 2 sen to RM10.62 and CIMB perked 6 sen to RM7.30. Public Bank lost 6 sen to RM23.98. Tenaga Nasional was flat at RM15.94.