Steady start for Bursa on some nibbling of MISC, KLK

October 21, 2019 editor Foreign Buying, KLCI

KUALA LUMPUR: Bursa Malaysia eked out slight gains on Monday on some nibbling of MISC and KL Kepong after a hesitant start, mirroring the key Asian markets.

At 9.28am, the KLCI was up 0.18 point or a mere 0.01% to 1,571.33. Turnover was 249.28 million shares valued at RM123.40mil. There were 199 gainers, 195 losers and 232 counters unchanged.

Last week, foreign investors snapped up RM184.6mil net of local equities last week, compared to -RM276.6mil net in the week before. Out of 42 weeks, Bursa has seen 14 weeks of foreign net buying in 2019, MIDF Research said.

Reuters reported Asian stocks were steady in a cautious start to the week, while the British pound fell following a delay to a crucial vote on Britain’s divorce from the European Union, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan were flat, with Australian shares off down 0.3%. Japan’s Nikkei rose 0.13%.

At Bursa, Allianz rose 28 sen to RM14.08, Carlsberg 16 sen to RM26.16, HLFG and MISC added 10 sen each to RM16,34 and RM8.40 while Can One and KLK added six sen each to RM3.45 and RM21.56.

MTAG was among the most active stocks with 24.20 million shares done. It rose two sen to 53 sen.

Nestle fell RM1.20 to RM143, F&N 32 sen to RM34.88, Scientex 27 sen to RM9.23, Aeon Credit 20 sen to RM16.20 and BAT 18 sen to RM19.64.

Meanwhile, oil prices eased amid persistent concerns about the global economic outlook and the impact on oil demand, while Russia again missed its target to cut oil output last month.

Brent crude oil futures fell by 10 cents, or 0.2%, to US$59.32 a barrel by 0108 GMT. US crude oil futures were down by 9 cents, or 0.2%, to US$53.69, Reuters reported.

Source: TheStar