Bursa Malaysia marginally higher in early trade

Bursa Malaysia marginally higher in early trade

KUALA LUMPUR,. Bursa Malaysia opened marginally higher as market sentiment may be improving as five states in the country are moving into Phase Two of the National Recovery Plan (NRP).

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.24 of-a-point to 1,533.59 from Friday’s close of 1,533.35.

The market bellwether opened 0.69 of-a-point higher at 1,534.04.

On the broader market, gainers led losers 192 to 169, while 299 counters were unchanged, 1,513 untraded, and nine others suspended.

Turnover stood at 286.43 million units valued at RM124.17 billion.

On Saturday, the National Security Council announced that Kelantan, Pahang, Perak, Terengganu and Perlis have fulfilled three indicators of the NRP and will move into Phase Two on Monday.

Senior Minister (Security) Datuk Seri Ismail Sabri Yaakob and Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said these five states were being rewarded for having lowered their number of cases, having better capacity in ICU wards and having increased the percentage of the population vaccinated in accordance to set thresholds under the NRP.

However, Malacca Securities said the upside for the FBM KLCI could be capped as investors could stay cautious as Covid-19 daily cases remained above 6,000.

Meanwhile, investors may monitor Bank Negara Malaysia’s interest rate decision this week to position themselves in the stock markets.

“Commodities-wise, crude palm oil prices rose for the fourth consecutive day. The oil and gas sector may be focused on as Brent oil price is trending at around US$76,” Malacca Securities said in a research note today.

In addition, the brokerage opined that the technology sector should stay in line with the Nasdaq’s upward movement.

“Given that we are still in the lockdown mode with five states moving into Phase Two of the NRP, we may look out for plastic packaging stocks amid stronger demand on plastic usage,” it said.

Among heavyweights, Petronas Chemicals rose two sen to RM8.09, TNB increased three sen to RM9.76, Press Metal advanced four sen to RM4.82, and Maybank and IHH Healthcare were flat at RM8.11 and RM5.61, respectively. Meanwhile, Public Bank fell one sen to RM4.10 and CIMB shed two sen to RM4.62.

Of the actives, Serba Dinamik gained three sen to 41.5 sen, NWP Holdings went up one sen to 22.5 sen, Pasukhas improved 3.5 sen to 32 sen, and Sarawak Consolidated and KPower jumped 4.5 sen each to 85.5 sen and 96.5 sen, respectively.

On the index board, the FBM Emas Index was 4.52 points higher to 11,165.43, the FBMT 100 Index gained 2.55 points to 10,875.97, and the FBM Emas Shariah Index expanded by 12.47 points to 12,188.58.

The FBM ACE eased 0.66 of-a-point to 7,210.55, but the FBM 70 was 6.52 points stronger at 14,456.85.

Sector-wise, the Financial Services Index dipped 11.38 points to 15,116.07, the Industrial Products and Services Index was up 0.55 of-a-point higher at 187.48, and the Plantation Index added 0.82 of-a-point to to 6,416.64. — Bernama

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