KUALA LUMPUR: Tenaga Nasional regained its footing while positive news flow from Axiata and higher oil prices boosted Petronas Gas and gave the FBM KLCI a slight boost early Wednesday while the broader market was mixed.
At 9.12am, the FBM KLCI was up 1.5 points or 0.09% to 1, 582.87. Turnover was 448.74 million shares valued at RM183.55mil. There were 204 gainers, 196 losers and 316 counters unchanged.
Bloomberg reported Asian stocks saw a muted start after their US peers retreated from all-time highs, with investors awaiting a policy decision from the Federal Reserve. Crude oil traded at the highest since 2018.
Shares opened a touch higher in Japan and Australia, and South Korean stocks led gains. US futures were little changed in early trading.
Earlier, weakness in the technology and real estate sectors helped snap a three-day winning streak for S&P 500 Index.
Overnight on Wall Street, the DJIA fell 0.27% to 34, 299. SP 500 lost 0.2% to 4, 246 and Nasdaqn was down 0.7% to 14, 072
At Bursa on Tuesday, foreign funds were net sellers at RM41mil and local institutions at RM3mil but local retail investors remained net buyers at RM44mil.
CGS-CIMB Retail Research said there is no change to its sideways view following yesterday’s uneventful day.
It said the KLCI is still trading between its 50-day EMA and its 200-day EMA. There are battles won by the bulls and there are also battles won by the bears but the war rages on.
“The upside appears to be capped by the 50-day EMA and the 1, 600 psychological level. Minor support is seen at 1, 568 followed by the year low of 1, 552.
“We shall continue to keep a close eye on the key levels of 1, 568 on the downside and 1, 600 on the upside. Our portfolio is still in risk-off mode for this week, ” it said.
At Bursa, Tenaga rose six sen to RM10 and Axiata five sen to RM3.97.
West Texas Intermediate climbed 0.5% after Tuesday’s 1.8% surge, and Brent topped US$74 a barrel. The industry-funded American Petroleum Institute reported US crude inventories fell 8.54 million barrels last week, according to a Bloomberg report.
Petronas Gas rose 12 sen to RM16.02 while Hengyuan added six sen to RM5.25. KNM rose 0.5 sen to 21 sen with 32.34 million shares.
Serba Dinamik slipped one sen to 67 sen in active trade.
Kobay was among the top gainers, up 16 sen to RM2.90, MPI 12 sen to RM40, Pecca nine sen to RM4.47.
Among the decliners were Euro, skidding 51 sen to RM1.21, TOcean 14 sen to RM4.86 while UWC lost 13 sen to RM5.29.
Berjaya Corp was down one to 32.5 sen, giving up part of the previous day’s gains.
Berjaya Corp’s newly appointed group chief executive officer Abdul Jalil Abdul Rasheed has revealed a three-year strategic plan to transform the conglomerate back towards profitability.