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KUALA LUMPUR, Feb 22 — Bursa Malaysia strayed into the negative territory at midday as its key index entered the consolidation phase following last week’s rebound.
At lunch break, benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) lost 4.14 points, or 0.26 per cent to 1,580.79 from 1,584.93 at last Friday’s close.
The key index opened 2.58 points higher at 1,587.51 and moved between 1,579.23 and 1,587.51 throughout the morning trading session.
However, market breadth remained positive, with gainers edging past losers 588 to 568, while 402 counters were unchanged, 638 untraded and nine others suspended.
Total volume was 8.12 billion units worth RM3.07 billion.
In a note today, Public Investment Bank Bhd (PIVB) said as the key index enters its consolidation phase, it is anticipated to trend sideways, around 1,580 in the near term.
“Support levels for the index are at 1,580, 1,551 and 1,515, while the resistance levels are at 1,600, 1,610 and 1,620,” it said.
The investment bank noted that consumer products and services, industrial products and services, as well as transport and logistics sectors are anticipated to take centre stage in the near future.
Echoing PIVB’s views, Malacca Securities Sdn Bhd said the key index is subject to further consolidation following the rebound last week.
“We expect the FBM KLCI should consolidate along 1,560-1,620 over the near term,” it said.
Among the heavyweights, glove counters led the list of losers, as Top Glove erased 18 sen to RM5.87, Hartalega lost 26 sen to RM11.80, while Supermax was 21 sen lower at RM5.59.
Nonetheless, retreats in the 30 FBM KLCI counters were capped by gains in the telecommunication counters following the launch of the MyDIGITAL initiative and the Malaysia Digital Economy Blueprint last week.
Axiata and TM rose nine sen each to RM3.46 and RM6.57, respectively, Digi advanced three sen to RM3.77, while Maxis was two sen firmer at RM4.77.
Of the actives, Key Alliance gained half-a-sen to six sen, Nexgram and AT Systematization added two sen each to six sen and 16 sen, respectively, Mestron was three sen higher at 26.5 sen, while Dagang Nexchange accumulated 7.5 sen to 76.5 sen.
Top loser Vitrox shed 68 sen to RM17.12, while top gainer Heineken surged 92 sen to RM24.42.
On the index board, the FBM Emas Index declined 9.89 points to 11,631.72, the FBMT 100 Index slid of 15.45 points to 11,305.89 and the FBM Emas Shariah Index was 22.80 points lower at 13,096.29.
The FBM 70 strengthened 38.56 points to 15,397.91 and the FBM ACE soared 275.80 points to 11,524.42.
Sector-wise, the Financial Services Index declined 50.11 points to 14,822.67, the Healthcare Index shrank 41.81 points to 3,409.73, the Plantation Index dwindled 33.57 points to 7,155.48 and the Industrial Products and Services Index eased 0.06 of-a-point to 182.21. — Bernama
Source: Malay Mail
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