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REVIEW: The domestic market’s rebound on Budget day was extended over the past week, with successive gains leading to a formation of a short-term positive trend.
KUALA LUMPUR: Bursa Malaysia joined key Asian markets to end Friday in the red after China's GDP for the third quarter grew at a slower-than-expected pace.
KUALA LUMPUR: The local tech sector shone brightly on a day where investor sentiment was dampened by news that the Chinese economy had grown less than expected in the third quarter, sending regional equities lower.
Bursa Malaysia's technology index bounced off the 14-day simple moving average to rise 1.6% in the morning session, erasing losses from the previous session and renewing hopes of a sustained rally.
Stocks seeing buying interest included MPI climbing 20 sen to RM10.60, KESM jumping 15 sen to RM7.70, Globetronics rising 13 sen to RM2.25 and Unisem rising nine sen to RM2.67.
Kenanga research said in a note it was maintaining its overweight stance on the sector as sales in the regional automotive sector showed signs of recovery.
"Overall, with a turn in the tide for the technology sector, we opine it is time to revisit. Our top pick: MPI (OP; TP: RM12.10)," it said.
At 12.30pm, the FBM KLCI was 3.53 points lower at 1,570.97. Trading volume on the stock exchange was 1.58 billion shares valued at RM872.79mil, There were 344 decliners versus 324 gainers and 363 counters unchanged.
Blue chips on the decline included IHH Healthcare, falling six sen to RM5.68, IOI dropping eight sen to RM4.32 and Sime Darby Plantation sliding six sen to RM4.81.
Bank stocks helped to prop up the FBM KLCI including Maybank up one sen to RM8.53, Public Bank gaining two sen to RM19.30, Hong Leong Bank rising six sen to RM16.90 and RHB climbing two sen to RM5.68.
The most heavily traded counters of the early session were KNM up 1.5 sen to 46 sen, MyEG rising three sen to RM1.28 and MTAG climbing 2.5 sen to 51 sen.
Oil prices were affected by news of the slowing Chinese growth, with WTI falling 10 cents to US$53.82 a barrel and Brent crude dropping 33 cents to US$59.58 a barrel.
In currencies, the ringgit slipped 0.1% against the greenback to 4.1820 and 0.1% against the Singapore dollar to 3.0640. It rose 0.25% against the pound sterling to 5.3718.
KUALA LUMPUR: Blue chips were holding steady in early Friday trade, despite slight slight declines in MAHB and Tenaga Nasional, as investors sought for directions from the firmer key Asian markets and support from institutional players.
KUALA LUMPUR: Blue chips closed off their intra-day low on Thursday, underpinned by gains in Sime Plantation and IOI Corp as crude palm oil (CPO) prices inched up.
KUALA LUMPUR: Investors turned to profit-taking on the domestic market after a brief advance in the early morning session, on the back of strong gains in the previous session.
KUALA LUMPUR: Blue chips were treading water early Thursday awaiting fresh leads and directions from institutional players but plantations KL Kepong and PPB Group slipped in razor thin trade.
PUTRAJAYA: Risk-sharing between the government and the private sector is one of the key elements of Budget 2020 that aspires to create more business opportunities for Malaysians, according to National Budget Office director Johan Mahmood Merican
PETALING JAYA: RHB Research Institute’s 2019 Small-Cap Jewels have collectively outperformed the FBM KLCI and FBM Small Cap Index over the last five months, even as most of the small-cap stocks under the list have declined in share price.
KUALA LUMPUR: Fund buying of key stocks Petronas Gas, IOI Corp, Hong Leong Bank and Digi underpinned the FBM KLCI advance on Wednesday, in line with the firmer key Asian markets despite worrries about the volatile US-China ties.