Bursa Malaysia opens higher

Bursa Malaysia opens higher

KUALA LUMPUR,. Bursa Malaysia continued its upward momentum at the opening today, extending yesterday’s gains, on buying interest seen in selected heavyweights counters such as industrial products, services and healthcare.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 1.78 points to 1,589.74 from Tuesday’s close of 1,587.96.

The index opened 1.55 points better at 1,589.51.

Market breadth was positive with gainers leading losers 215 to 150, while 291 counters were unchanged, 1,492 untraded and 21 others suspended.

Turnover stood at 280.64 million shares worth RM114.77 million.

Malacca Securities Sdn Bhd, in a note, said the gains on the FBM KLCI was encouraged by the reduction in Covid-19 transmission, coupled with a strong performance delivered by the Employees’ Provident Fund that saw its gross investment income growing 58.6 per cent year-on-year to RM19.29 billion in the first quarter of 2021.

“We reckon that further upsides are on the cards, premised on the progressive step up in vaccination efforts, while investors may keep an eye on the unemployment rate data that demonstrate sequential improvements since January 2021.

“Meanwhile, the crude oil prices advanced to US$72.38 per barrel, but the crude palm oil prices retreated,” it said.

On Tuesday, the government said it targeted over 200,000 individuals to receive their Covid-19 vaccination shots daily beginning July, and over 300,000 individuals daily from August onwards.

National Covid-19 Immunisation Programme Coordinating Minister Khairy Jamaluddin said the steps to achieve the targeted numbers include opening more vaccination centres throughout the country.

“If we can do this, I am confident we can achieve our target of vaccinating 80 per cent of the population by October,” Khairy said.

Of heavyweights, Maybank was flat at RM8,20, Public Bank eased one sen to RM4.26, PetChem gained 11 sen to RM8.17 and TNB bagged two sen to RM9.97.

Among healthcare counters, Top Glove increased seven sen to RM4.85, IHH rose two sen to RM5.39, Hartalega added four sen to RM8.50, and Supermax gained three sen to RM3.85.

Meanwhile, trading in the securities of KL Kepong, IJM Corp and IJM Plantations was suspended at 2.30pm yesterday pending an announcement due to the offer made by KL Kepong to take over IJM Plantations.

Shareholders of IJM Plantations will be given the option of either a cash offer or share swap.

IJM Plantations’ share price has been on an upward trend since May 21 after touching a low of RM1.55 on Oct 5 last year, and it was last traded at RM2.46 prior to the suspension, giving it a market capitalisation of RM2.12 billion.

Among the actives, AHB gained three sen to 18.5 sen, Serba Dinamik rose 1.5 sen to 63.5 sen, and Tanco was flat at 15 sen.

Top gainers include Dutch Lady, improving 44 sen to RM34.48, MPI adding 40 sen to RM38.40, and See Hup rising 21 sen to RM1.69.

On the index board, the FBM Emas Index increased 16.18 points to 11,598.45 the FBMT 100 Index bagged 12.90 points to 11,284.45, while the FBM ACE shed 11.41 points to 7,700.99.

The FBM Emas Shariah Index rose 24.91 points to 12,754.62 and the FBM 70 strengthened 18.32 points to 15,040.04.

Sector-wise, the Financial Services Index fell 0.86 point to 15,361.56, the Industrial Products and Services Index edged up 0.22 point to 193.89, and the Plantation Index rose 7.80 points to 6,824.83. — Bernama



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