KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
theedgemalaysia.com identified three stocks with negative momentum at Bursa Malaysia by the afternoon close on Monday, based on a proprietary algorithm that tracks trading volume and price movements. The highlighted stocks all exhibited negative momentum, indicating a falling price trend on volume.
The stocks with negative momentum were:
- Hextar Technologies Solutions Bhd (KL) — up one sen or 0.81% to RM1.24
- PLB Engineering Bhd (KL) — up one sen or 0.86% to RM1.17
- Sin-Kung Logistics Bhd (KL) — down 1.5 sen or 7.14% to 19.5 sen
The momentum list helps traders track higher-than-normal volume and price movements, categorized by either positive (+ve) or negative (-ve) momentum. However, it is not a recommendation to buy or sell, as momentum typically persists for only a short period.
Each stock comes with a fundamental score and valuation score to help traders assess its attractiveness if they want to capitalize on the momentum.
Comments
Post a Comment