Malaysian shares edge higher despite weaker market breadth
Declining counters outnumbered gainers 201 to 156, while Apex Securities expected trading to remain range-bound.
Malaysia’s benchmark FTSE Bursa Malaysia KLCI stood at 1,596.11 at 9.15am on October 20, a rise of 0.36 points, or 0.02 per cent. It reversed an opening decline of 3.18 points to 1,592.57, compared with the previous closing level of 1,595.75.
The wider market was weaker: 201 counters fell and 156 rose, with 302 holding steady. Trading volume reached 180.64 million units, with a value of RM90.02 million.
Among banking heavyweights, Maybank added four sen, reaching RM9.94; CIMB was two sen higher at RM7.17; and Public Bank increased one sen to RM4.72. TNB declined six sen to RM12.92, while YTL Power dropped five sen to RM5.21.
The biggest gainer was Nestle, which climbed 40 sen to RM90.30. KESM lost 15 sen to RM4.54, and Kerjaya Prospek declined 10 sen to RM3.22.
Apex Securities Bhd expected an overnight Wall Street recovery to help the Malaysian benchmark, but said weak market breadth and high US Treasury yields could restrict gains. It forecast range-bound trading, with investors favouring defensive stocks and counters driven by domestic activity.
The brokerage said Malaysian technology stocks could follow US chip shares higher, while oil prices around US$100 per barrel could underpin energy counters. It also said data centre projects could benefit construction stocks, although elevated US Treasury yields could keep property counters and real estate investment trusts under pressure.
