Home English News Business MPI, DNex, Petronas Dagangan underpin Bursa’s advance

MPI, DNex, Petronas Dagangan underpin Bursa’s advance

MPI, DNex, Petronas Dagangan underpin Bursa’s advance

KUALA LUMPUR: MPI, DNex and Petronas Dagangan underpinned the local stock market’s slight advance in early Friday trade.

At 9.09am, the FBM KLCI was up 1.62 points or 0.1% to 1, 581.52. Turnover was 536.36 million shares valued at RM249.04mil. There were 220 gainers, 153 losers and 313 counters unchanged.

The trading value and volume of stocks on Bursa have declined in recent days as investors are staying on the sidelines due to the continued lockdown and await fresh clearer political developments.

Asian stocks were steady early Friday after US shares and Treasuries rallied as investors judged that a jump in inflation is likely to be transitory, leaving scope for ongoing central-bank support, Bloomberg reported.

Japanese shares fluctuated, South Korea rose and Australia slipped. The S&P 500 Index climbed to a record overnight, while a technology rally boosted the Nasdaq 100. Meme-stocks favoured by day traders, such as GameStop Corp., plunged.

At Bursa on Thursday, local funds were net buyers at RM15.6mil while local retail investors extended their net buying to RM34.8mil but foreign funds were net sellers at RM50.4mil.

TA Securities Research expects stocks to likely extend sideways trade ahead of the weekend, pending less ambiguity over local political developments with the Agong due to meet the council of rulers next week, most probably over a decision to extend emergency measures, or more concerted efforts to contain the worsening domestic Covid-19 pandemic.

“Immediate index support remains at last Monday’s low of 1, 568, followed by the recent pivot low of 1, 552, with better supports seen at 1, 540 and 1, 520. Initial profit-taking resistance stays at 1, 600, with stronger resistance levels expected at the recent highs of 1, 623, 1, 635 and 1, 642, ” it said.

At Bursa, RTS which made its debut on the LEAP Market was yet to be traded. Its issue price was 16 sen.

DNex rose 4.5 sen to 90 sen with 115 million shares done. However, Serba Dinamik fell 1.5 sen to 62.5 sen.

MPI rose 78 sen to RM38.28, Microlink 24 sen to RM2.78 and Pentamaster added seven sen to RM4.62.

Trans Ocean rose 33 sen to RM4.57, Petronas Dagangan 12 sen to RM18.94 and CI Holdings nine sen to RM3.79.

MCom Holdings fell 19 sen to 10 sen, Widetech 14 sen to RM2.82 and Seni Jaya Corp seven sen to RM1.98.

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