|COVID–19 NEWS||COVID: New cases drop to 5,097 Saturday (Nov 27) | Decreasing figures of new COVID cases in Sarawak are genuine, says Uggah | COVID-19: KBBM helps local businesses bounce back | Travel bans "draconian" and "counterproductive": S African Health Minister | New COVID-19 variant confirmed in Belgium ||
KUALA LUMPUR, Nov 23 -- Bursa Malaysia's key index extended uptrend in the early session today, boosted by mild buying interest in banking stocks.
At 9.10 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 4.18 points to 1,531.05 from 1,526.87 at Monday's close.
The index opened 0.38 of-a-point better at 1,527.25.
However, market breadth was weaker as losers outpaced gainers 187 to 166, while 263 counters were unchanged, 1,720 untraded and 18 others suspended.
Total volume stood at 179.70 million units worth RM102.80 million.
Malacca Securities Sdn Bhd said tracking the overnight negative performance on Wall Street, the market could expect the selling pressure to spillover on the local front, specifically hitting technology stocks.
"Meanwhile, we noticed that foreign funds have been selling local equities for the past two trading days and this may dampen the sentiment further. Given this setup, market players will be focusing on the ongoing earnings season, while the key index may extend its consolidation mode without any fresh catalyst.
"Crude palm oil price (CPO) remained on a high note above RM4,900, while crude oil price hovered above the US$78 per barrel mark,” the brokerage said in a research note today.
It added that plantation stocks could be riding on the elevated CPO price amid the earnings season following solid results from Ta Ann Holdings Bhd in the third quarter ended Sept 30, 2021.
"Besides, investors could be looking into payment and e-commerce-related counters amid reopening of business activities, where it might benefit the banking stocks eventually," Malacca Securities said.
Banking stocks, Public Bank added two sen to RM4.09 and CIMB rose three sen to RM5.19.
For other heavyweights, Maybank added one sen to RM8.16, Petronas Chemicals went up two sen to RM8.32, TNB advanced four sen to RM9.54, while IHH Healthcare was flat at RM6.62 and Press Metal shed two sen to RM5.72.
Of the actives, Iconic Worldwide and JAG were one sen higher at 38.5 sen and 39 sen, respectively, Malaysian Bulk Carrier advanced 1.5 sen to 61.5 sen, YBS International bagged three sen to 61 sen, Kejuruteraan Asastera edged up half-a-sen to 34.5 sen, while Tanco was flat at 27 sen and NWP declined 1.5 sen to 34 sen.
On the index board, the FBM Emas Index expanded by 22.84 points to 11,268.10, the FBMT 100 Index bagged 23.54 points to 10,920.02, the FBM Emas Shariah Index went up 17.44 points to 12,229.21, the FBM 70 rose 7.26 points to 14,758.50, while the FBM ACE eased 4.72 points to 6,788.85.
Sector-wise, the Industrial Products and Services Index fell 0.20 of-a-point to 200.31, while the Financial Services Index strengthened 34.69 points to 15,316.68, and the Plantation Index improved 24.64 points to 6,710.07.
Bernama is the trusted source of reliable real-time comprehensive and accurate news for both the public and media practitioners. Our news is published at www.bernama.com ; BERNAMA TV on: Astro Channel 502, unifi TV Channel 631, MYTV Channel 121 IFLIX; and Bernama Radio broadcasting locally on FM93.9 in Klang Valley, Johor (FM107.5), Kota Kinabalu (FM107.9) and Kuching (FM100.9).
Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial