Muted start for Bursa, KLCI at key 1,600

KUALA LUMPUR: Bursa Malaysia started Thursday on a muted note, in line with key Asian markets, in the absence of strong fund buying to spur interest.

At 9.16am, the FBM KLCI was up 1.72 points or 0.11% at 1,600.44. Turnover was 972.96 million shares valued at RM367.57mil. There were 382 gainers, 238 losers and 394 counters unchanged.

On the external front, Bloomberg reported equity trading in Asia kicked off in muted fashion as global stocks paused at all-time highs, with investors assessing renewed optimism over US stimulus talks and vaccine approval. The dollar touched a more than two-year low.

On the outlook for Bursa, Rakuten Trade said following bouts of profit taking activities on Wednesday, it reckons the KLCI could possibly test the 1,600 level on Thursday.

“We believe the benchmark index would see some intermittent consolidation it continues to trend between the 1,590 and 1,610 range, ” it said.

The brokerage said there was some buying interest on construction related stocks as well amid some newsflow on the implementation of construction projects of late.

At Bursa on Wednesday, local funds were net sellers RM84.9mil followed by foreign funds at RM36.4mil but local retailers were net buyers at RM121.3mil.

BAT rose 40 sen to RM12.44, Petronas Dagangan 30 sen to RM21.50, Carlsberg 16 sen to RM19.96 and Euro 15 sen to RM2.41.

Public Bank added 14 sen to RM18.08 but BIMB fell 39 sen to RM3.52 and Maybank shed seven sen to RM8.20.

UWC added 14 sen to RM8.08 but KESM shed six sen to RM11.90.

Leader Steel jumped 12.5 sen to 79 sen and Hartalega climbed 12 sen to RM14.48.

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