Renewed buying interest lifts KL shares

Share prices on Bursa Malaysia opened higher this morning on renewed buying interest after recent losses, analysts said.


At 9.11am, the benchmark FBM KLCI was 1.92 points higher at 1,557.10 after opening 0.07 of a point higher at 1,555.25.


HwangDBS Vickers Research said Wall Street was little changed
last night as bargain hunters stepped in to provide support as they
believed valuations were attractive following the recent market
sell-off.


"However, this may not be the case for Malaysian equities. The
headline FBM KLCI -– which stood fairly resilience until yesterday’s
drop of 18.4 points or 1.2 per cent on thin volume -– could pull back
further.






"On the chart, the benchmark index is expected to slip under the
immediate support line of 1,555 ahead," it said in a research note
today.


The research house said stocks that could face selling pressure
today were index-linked counters with high foreign shareholdings and
relatively resilient share prices such as AirAsia, Axiata and UEM Land.



The Finance Index added 0.05 of a point to 13,930.26, the
Plantation Index rose 4.94 points to 8,146.21 and the Industrial Index
improved 2.68 points to 2,731.60.


The FBM Emas Index gained 12.65 points to 10,603.80, the FBM
Mid 70 Index increased 12.40 points to 11,474.03 and the FBM ACE Index
rose 7.30 points to 4,139.19.


Advancers led decliners 98 to 53 while 88 counters were unchanged, 1,315 untraded and 18 others suspended.


Turnover stood at 44.116 million shares worth RM24.615 million.


Among the active counters, Global Tec Formation was flat at 10 sen
while Metronic Global and Ingenuity Solutions rose half a sen each to
1.15 sen and 4.5 sen respectively.


Maybank improved one sen to RM8.61, Sime Darby rose six sen to RM9.69 and CIMB added three sen to RM7.40. -- BERNAMA