KUALA LUMPUR: The benchmark FBM KLCI ended marginally higher on Thursday in range-bound trading as investors took some profits off the table ahead of the long weekend.
At midday, the 30-stock FBM KLCI index was 0.18 of-a-point higher at 1,720.56. The market traded within a range of 7.96 points between an intra-day high of 1,724.75 and a low of 1,716.79 during the morning trading session. The index opened 0.76 of-a-point lower at 1,719.62.
In the broader market, decliners outnumbered gainers with 460 counters ended higher, 298 closed lower and 352 counters were unchanged. Turnover stood at 966.45 million shares worth RM1.09bil.
Dealers said investor sentiment may remain subdued while some traders have trimmed their positions ahead of the public holiday tomorrow.
Bursa Malaysia and its subsidiaries will be closed on Friday in conjunction with Maulidur Rasul.
Hong Leong Investment Bank Research said the benchmark index was heading towards 1,728-1,735 zones amid new listings of Sime Darby demerger group and overnight Dow’s fresh record.
“Following yesterday’s rebound, near term KLCI outlook has turned mild positive but we reiterate that only a successful breakout above 1728 (38.2% FR) and 1735 (downtrend line) levels will arrest the downtrend, before retesting the formidable resistance 1753 zones. Crucial supports are situated at 1,700-1,706 levels.
“A breakdown below 1,700 will trigger more selldown towards 1685 (61.8% FR) and 1658 (76.4% FR) levels,” it said.
“In light of recent RM and oil price strength coupled with the new listings of Sime Darby demerger group today, KLCI may extend yesterday’s gains towards 1728-1735 zones.
“Nevertheless, overall sentiment will remain edgy, underpinned largely by GE14 uncertainty, 2018 earnings prospects amid ongoing November reporting season coupled with fears of vicious economic cycle as a result of the current episode of property imbalances,” Hong Leong said.
On Bursa Malaysia, the top gainer was British American Tobacco
that gained 78 sen to RM36.70. Sime Darby rose 54 sen to RM2.39 while Old Town gained 19 sen to RM2.62. The decliners included IQ Group, Success and Tasek.
Elsewhere in the region, Japan’s Nikkei 225 gained 0.53% to 22,715.91, Hong Kong’s Hang Seng Index fell 1.1% to 29,297.55 and Singapore’s Straits Times Index eased 0.33% to 3,427.66.
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