Bursa Opens Lower But Rebounds Thereafter

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KUALA LUMPUR, Sept 15 – Bursa Malaysia opened lower but rebounded thereafter, prompted by bargain-hunting activities, a dealer said. At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.74 points higher at 1,663.13, against Wednesday’s close of 1,661.39.

The index opened 1.3 points lower at 1,660.09. On the broader market, gainers led losers 82 to 63 while 131 counters were unchanged, 1,404 untraded and 19 others were suspended. Turnover stood at 30.0 million shares worth RM12.8 million. A dealer said the local bourse bucked the easier trend regionally, tracking bearish US stocks as energy shares sank with the price of oil.

Japan’s Nikkei 225 slipped 0.92 percent, Hong Kong’s Hang Seng fell 0.11 percent and Singapore’s Strait Times was 0.40 percent lower. Affin Hwang Investment Bank Bhd noted that oil prices dipped sharply on speculation that a drop in US crude inventories was only temporary and supplies would swell again as refineries shut down for maintenance work in coming weeks.

Among heavyweights, Petronas Chemicals was up seven sen to RM6.70, CIMB improved four sen to RM4.74, TNB rose six sen to RM14.46 and Axiata improved three sen to RM5.34. Of gainers, BAT rose 90 sen to RM50.40, ML Global added 18 sen to 89.5 sen while Pos Malaysia, LBS Bina, BIMB and Lafarge gained seven sen each to RM3.20, RM1.79, RM3.97,RM7.92, respectively.

The FBM Emas Index increased 9.15 points to 11,715.12, the FBMT 100 Index rose 8.54 points to 11,420.91 and the FBM Emas Syariah Index improved 2.81 points to 12,359.51. The FBM 70 slid 2.16 points to 13,621.83, the Plantation Index decreased 23.12 points to 7,842.84 but the FBM Ace was 2.33 points higher at 5,189.12 while the Finance Index was 22.93 points better at 14,270.71. 

The Industrial Index fell 1.25 points to 3,107.98. Gold futures contract on Bursa Malaysia Derivatives opened untraded this morning, amid weak demand for the precious metal. At 9.24am, September 2016, October 2016, November 2016 and December 2016 were pegged at RM175.90, RM176.40, RM178.15 and RM178.15 a gramme, respectively. Volume was nil and open interest amounted to 258 contracts. At 9.30am, physical gold was 31 sen better at RM169.69 a gramme. — Bernama

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