KUALA LUMPUR: The local bourse endured a choppy trading session before closing marginally higher at midday on the back of a firmer ringgit against the US Dollar.
At 12.30pm, the FBM KLCI was slightly higher by 0.44 of-a-point to 1,747.44. Turnover stood at 2.09 billion shares worth RM979.45mil. On the broader market, losers thumped gainers by 503 to 274 while 359 counters unchanged.
Dealers said there were lack of fresh local market-moving factors and expect trading to remain rangebound for the rest of the day. Additionally, they noted that investors were also following the development of President Donald Trump’s struggle to push through a healthcare bill.
Overnight, Wall Street declined after lawmakers delayed a vote on a healthcare bill seen as President Donald Trump’s first policy test. The Dow Jones Industrial Average ended down 0.02% at 20,656.58 points, while the S&P 500 lost 0.11% to 2,345.96.
“The FBM KLCI might open with a negative bias today after Wall Street turned lower in late trade overnight as news emerged that a crucial House vote on the new Republican healthcare bill would be delayed. Paul Ryan, the Republican Speaker of the House, abandoned the vote after efforts by the White House to convince conservative rebels to support the bill failed,” PublicInvest Research said.
Hong Leong Investment Bank Research said KLCI was likely to extend its sideways consolidation within 1,758 (52-week high on Mar 21) and 1,738 ( Mar 22’s low) territory, as technical oscillators are hooking downward to neutralise ongoing overbought positions.
“Mirroring yesterday’s trading pattern, sentiment on Bursa Malaysia will remain vigilant as a long-awaited profittaking consolidation should follow, which is welcomed as it is healthy for the market to consolidate recent strong gains and rebuild support for uptrend resumption ahead,” it said.
On Bursa Malaysia, British American Tobacco
was the top gainer, up 50 sen to RM47.70, MPI rose 36 sen to RM11.60 while Tasek added 26 sen to RM13.40.
Rev Asia, which hits limit-up yesterday was down 13 sen, or 11.71% to 98 sen.
The top losers included Aeon Credit, which fell 68 sen to RM15.88 while Dutch Lady declined 26 sen to RM58.22.
Among key heavyweights, Maybank added one sen to RM9.01, while Petronas Chemicals and CIMB each rose two sen to RM7.53 and RM5.62, respectively.
Both Telekom Malaysia (TM) and Axiata saw its shares closed lower. TM fell 1 sen at RM6.34 while Axiata shed 5 sen to RM4.95.
Both TM and Axiata have denied that there are any merger talks between them. Both companies said in separate filings to the stock exchange that no such talks have been held.
Meanwhile, ringgit rebounded to open higher against the US dollar today. It was quoted at 4.4292 to a dollar at noon.
Elsewhere in the region, Asian shares were mixed with Japan’s Nikkei Stock Average rising 0.93%, the Shanghai Composite Index gained 0.67%, South Korea’s Kospi declined 0.17% and the Hang Seng Index in Hong Kong was down 0.02%.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
