As the global market is still volatile as trader took cue from gains on Asian stocks. Investors should be cautious.

Malaysia: Shares on Bursa Malaysia were slightly higher in the early session today, as trader took cue from gains on Asian stocks.

At 9.08 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was trading at 1,863.52, up 0.06 of-a-point from last Friday’s 1,863.46.

The benchmark index opened 0.4 of-a-point easier at 1,863.06.

Market breadth was positive with 139 gainers against 72 losers, while 185 counters were unchanged, 1,477 untraded and 21 others suspended.

Turnover stood at 198.58 million shares worth RM62.82 million.

In a note, Kenanga Research said despite gains by the key index on Friday, the technical picture seemed subdued, given that the momentum indicators are still displaying signs of weakness.

“As the global market is still volatile, investors should be cautious and wait for a decisive break out from 1,880.

“Should this happen, expect the index to rally towards 1,910. Conversely, support levels can be identified at 1,840 and 1,800. if market sentiment remains bearish,” it added.

Among heavyweights, Maybank fell eight sen to RM10.52, while Public Bank, Tenaga and CIMB were all flat at RM24, RM16.24 and RM7.19 respectively.

For actives, SKH Consortium and Borneo Oil fell half-a-sen each to nine sen and 7.5 sen, while Sapura Energy added two sen to 56.5 sen.

The FBM Emas Index rose 10.42 points to 13,056.01, the FBMT 100 Index was 7.8 points better at 12,856.82 and the FBM Emas Shariah Index improved 24.05 points to 13,254.79.

The FBM 70 increased 34.71 points to 15,636.1 and the FBM Ace was 20.17 points higher at 5,476.06.

Sector-wise, the Finance Index slid 37.1 points to 18,190.87, the Industrial Index increased 2.98 points to 3,240.65 and the Plantation Index rose 9.99 points to 8.011.37.

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