KL shares traded slightly higher

KUALA LUMPUR: Shares on Bursa Malaysia opened slightly higher this morning on mild buying interest despite weak overnight performance by Wall Street, dealers said.

At 9.02 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was up 0.41 of a point to 1,840.76, after opening 1.46 points better at 1,841.81.

HwangDBS Vickers Research said the US stocks capped their worst week since August amid concerns that improving economic data will prompt the Federal Reserve to cut stimulus.

"Following this development, our local bourse will probably remain cautious, trading sideways with immediate support and resistance levels at 1,825 and 1,850, respectively," it said in a research note.

HwangDBS said among the stocks that might be in the limelight today are Lion Corp, whose subsidiary, Megasteel Sdn Bhd, has been served a writ of summons by Tenaga Nasional Bhd for a financial claim totalling RM159.5 million.

The other stock is Barakah Offshore Petroleum, which announced that it has via its wholly-owned subsidiary, PBJV, has secured a Petronas contract to build pipelines and related equipment for offshore oil and gas fields within the country.

The research house said Telekom Malaysia's share would also gain interest today as the company would see gains between RM400 and RM600 milliom in lease fees over the next 10 to 15 years from the TM Next-Gen Backhaul Services agreement signed with Celcom Axiata Bhd and DiGi Telecommunications Sdn Bhd.

On the scoreboard, the Plantation Index rose 11.84 points to 9,037.4, but the Finance Index fell 28.38 points to 16,804.93 and the Industrial Index declined 13.6 points to 3,085.98.

The FBM Emas Index added 2.82 points to 12,700.04, the FBMT100 Index gained 3.3 points to 12,430.59, the FBM 70 added 6.14 points to 14,073.77, while the FBM Ace advanced 6.22 points to 5,634.91.

Gainers outnumbered losers 107 to 57, with 86 counters unchanged, 1,311 untraded and 31 others suspended.

Turnover stood at 27.359 million shares worth RM26.297 million.

Among actives, Barakah Offshore soared 11 sen to RM1.67, Naim Indah was flat at 12 sen while Daya Materials shed half-a-sen to 37 sen.

Of the heavyweights, Axiata Group gained four sen to RM6.79, while CIMB was flat at RM7.73.

Maybank lost seven sen to RM9.95, TNB slipped two sen to RM11.06 and Sime Darby eased three sen to RM9.56. -- Bernama