Bursa stages mild rebound, more convincing needed

KUALA LUMPUR: Bursa Malaysia staged a mild rebound on Tuesday after the late selling pressure the previous day, but the recent weak corporate results were insufficient to lure more investors into risking assets.

At 9.16am, the FBM KLCI was up 2.553 points or 0.15% to 1,667.16. Turnover was 263.70 million shares valued at RM121.18mil. There were 242 gainers, 89 losers and 193 counters unchanged.

On the external front, the pound sterling jumped on Tuesday and Asian shares rose after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament on a divorce agreement, Reuters reported.

The pound was up 0.7%, buying US$1.3239 and taking its gains for two days to more than 1.6%.

In early trade, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3%, following on from a rally on Wall Street overnight. Australian shares were up 0.4%, while Japan’s Nikkei stock index jumped 1.6%.

On the outlook for the KLCI, Kenanga Research said it appears lacklustre currently as key momentum indicators are bearish.

At Bursa, Aeon Credit rose 40 sen to RM17.28 with 100 shares done while Allianz gained 20 sen to RM14.46 while Westports added nine sen to RM3.76.

Heineken rose 18 sen to RM23, PetronM 15 sen to RM6.78, Petronas Gas 14 sen to RM17.88 and Petronas Gas 14 sen to RM17.88.

Nestle fell 80 sen to RM146.90, BAT 28 sen to RM33.60, Petronas Dagangan 24 sen to RM25.66 and PPB Group 16 sen to RM18.22.

Source : TheStar