BURSA LOOKS SET FOR HIGH CLOSE
Investors buoyed by oil prices, expected conclusion of US- China trade talks
BURSA Malaysia is expected to close high this week as investors flock back after the long Chinese New Year holidays, say research houses.
Yesterday, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) ended at 1,693.39 points, an increase of 9.78 points from 1,683.61 on Monday.
Analysts said investors were back in the market buoyed by a sense of comfort from the higher oil prices and the upcoming conclusion of the United States-China trade talks.
“Most are optimistic that the conclusion of the 90-day talk will be positive, even after all the peacocking by US President Donald Trump,” said an analyst.
“Now that oil prices are on the uptrend, the US mid-term election long concluded and the trade negotiations coming to an end, we will see a more active bourse participation.”
As at the close yesterday, the Finance Index increased 0.39 per cent to 17639.16 points, Properties Index was up 0.96 per cent to 946.23 points and the Plantation Index rose 0.70 per cent to 7319.77 points.
The market traded within a range of 7.82 points, between an intra-day high of 1693.48 and a low of 1685.66 during the session.
Among the heavyweights were Malayan Banking Bhd, which rose two sen to RM9.59, Public Bank Bhd (up four sen to RM24.86) and Tenaga Nasional Bhd (up 48 sen to RM13.42).
According to JF Apex Securities Bhd, the performance of the FBM KLCI was mainly lifted by buying interest in heavyweight counters, such as MISC Group, Tenaga and Genting Group.
Meanwhile, the ringgit finished higher yesterday on the back of higher oil prices.
At the close yesterday, the ringgit was pegged at 4.07 against the dollar.