Uninspiring start for Bursa as key Asian markets subdued

KUALA LUMPUR: Bursa Malaysia started Friday on a cautious footing in the absence of strong fresh catalysts while key Asian markets were subdued.

At 9.31am, the KLCI was down 0.87 of a point or 0.05% to 1,634.81. Turnover was 471.93 million shares valued at RM217.27mil. There were 167 gainers, 240 losers and 258 counters unchanged.

Kenanga Investment Research retained its bearish outlook for the KLCI at this juncture despite mild improvements seen in momentum indicators. 

“Should a rebound happen, we look towards 1,660 (R1) and 1,700 (R2) as resistance levels. Conversely, downside supports can be found at 1,615 (S1) and 1,600 (S2),” it said.

Asian shares got off to a subdued start, while the dollar held near two-year highs against the euro on speculation that data later in the day will show the US economy outperforming the rest of the developed world, Reuters reported.

At Bursa, Vitrox fell 20 sen to RM7.05, KLK  and Heineken 10 sen each to RM24.60 and RM24.20 while Westports shed six sen to RM3.74. 

Cement players snapped their winning streak as Tasek lost 15 sen RM6.33 and Lafarge 12 sen to RM3.08.

 DWL-PA fell 7.5 sen to 78.5 sen, extending its decline.

Ekovest gained one sen to 95.5 sen and its warrant edged up a sen also to 45.5 sen.

Carlsberg was the top gainer, up 32 sen to RM24.66, Unisem added 30 sen to RM2.80 and Takaful 24 sen to RM5.96. 

G3 extended its rally, climbing 18 sen to RM1.57 and the warrants 15 sen to RM1.38. 

BIMB was up 14 sen to RM4.74, Petron 13 sen to RM6.76 and Teck Guan nine sen to RM2.86.

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