KUALA LUMPUR: Bursa Malaysia fought to hold on to gains at midday in cautious trading despite positive external sentiment, while ringgit climbs against the US dollar.
At 12.30pm, the 30-stock index was up 0.66 of-a-point to 1,764.44. The index opened 4.54 points higher at 1,760.95 this morning.
Losers outpaced gainers 546 to 277, while 363 counters were unchanged. Volume stood at 1.86 billion units valued at RM1.19bil.
Ringgit was quoted at 4.0553, appreciating marginally at midday.
The US dollar weakened to a three-year low on Thursday following comments by US Treasury Secretary, Steven Mnuchin, who said he welcomed a weaker US currency, as it was good for trade and opportunities.
OANDA Head of Trading in Asia-Pacific, Stephen Innes said with the oil prices back on the up, the local currency should trade with a positive bias in today’s session.
“However, exuberance will likely be tempered by all the unknowns surrounding the US-China trade dispute,” he added.
Overnight, the Dow Jones Industrial Average rose 0.68% to 25,414.1 while the S&P 500 gained 0.91% to 2,846.07.
Reuters reported that Asian stocks edged higher on Thursday, taking comfort from gains on Wall Street after U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work toward eliminating trade barriers on industrial goods.
At Bursa Malaysia, Panasonic Manufacturing
was the top gainer, rising 42 sen to RM38. Aeon Credit rose 22 sen to RM14.80 and Westports Holdings gained 20 sen to RM3.60.
Nestle was the top loser, shedding 70 sen to RM147.50, British American Tobacco fell 26 sen to RM33.94 and Fraser & Neave declined 22 sen to at RM37.48.
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