KUALA LUMPUR, Aug 3 ― Bursa Malaysia was slightly higher in early trade today, reversing yesterday’s downtrend as market sentiment improved on hopes for stimulus packages from the United States and China, coupled with a decline in daily local Covid-19 cases, dealers said.
However, on the broader market, decliners slightly outnumbered gainers 175 versus 159, while 247 counters were unchanged, 1,591 untraded and nine others suspended.Malacca Securities Sdn Bhd said Investors are likely to be more cautious in selecting stocks, given the heightened political uncertainties, but there might be some buying interest in companies with bright outlook amid the upcoming corporate earnings season.
“Investors are likely to trade in a cautious mode, with the next support level set at 1,480, followed by 1,450, while the resistance is located at 1,500,” it said in a note today. On the index board, the FBM Emas Index was 2.25 points higher at 10,987.91, the FBMT 100 Index improved 2.17 points to 10,694.3, and the FBM ACE went up 2.26 points to 7,089.19.
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