KUALA LUMPUR: Bursa started Wednesday on a weak note with heavyweights dominating the losers’ list after the release of uninspiring corporate results including Petronas Dagangan and Telekom Malaysia in the quarter ended Dec 31.
At 9.04am, the KLCI was down 2.83 points or 0.16% to 1,716.17. Turnover was 79.21 million shares valued at RM44.12mil. There were 112 gainers, 110 losers and 155 counters unchanged.
On the KLCI, Kenanga Research believes the overall longer-term technical outlook is still positive given that the index has decisively broken above its 100-day SMA even though some healthy retracement is imminent.
“Continued buying momentum could see the index trend higher to its resistances at 1,780 (R1) and 1,800 (R2). Should there be negative developments from the trade talks, support levels can be identified at 1,700 (S1) and 1,630 (S2),” it said on Wednesday.
Commenting on the Dec 31, 2018 financial results issued on Tuesday, it said of the 27 results released, four were above, 12 below and the remainders are within expectations.
KL Kepong fell the most, down 38 sen to RM24.60 but with just 100 shares done, Genting Plantations lost 22 sen to RM10.40 and Sime Plantations was down 10 sen to RM5.14. PPB Group climbed 26 sen to RM18.78 with 100 shares traded.
IHH Healthcare lost 20 sen to RM5.50, Petronas Dagangan 20 sen to RM26.60, Telekom 10 sen to RM2.92 and CSC Steel nine sen lower at Rm1.08.
My EG rose three sen to RM1.06 and it was the most active with 6.33 million shares done after the release of its results which showed an improvement.
Nestle added 60 sen tto RM149.60, Ajinomoto 22 sen to RM18.84 while F&N added 14 sen to RM36.02.
Vitrox gained 18 sen to RM6.91, Amway 14 sen to RM6.23 and Dufu 11 sen to RM1.74.
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