Bursa Malaysia opens higher in early trading

Bursa Malaysia opens higher in early trading

KUALA LUMPUR,. Bursa Malaysia opened higher taking the cue from the Wall Street which ended mostly higher on hopes of an agreement between President Donald Trump and the Senate over the latest Covid-19 stimulus package.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) increased 5.86 points to 1,577.52 from yesterday’s close of 1,571.66.

The key index opened 8.51 points higher at 1,580.17.

Market breadth was positive, with gainers outpacing losers 456 to 119, while 286 counters were unchanged, 1,117 untraded and 21 others suspended.

Trading volume stood at 1.60 billion shares worth RM486.76 million.

Malacca Securities Sdn Bhd in a note said expectedly, quick profit-taking activities emerged as investors offload from the recent rally.

“With the indifference still a feature, we saw Malaysian equities maintaining their consolidation for longer to digest the recent gains.

“While there could be mild bargain hunting taking place, investors will be watchful on the upcoming batch of corporate earnings that are reflective of the full impact stemmed from Covid-19,” it said.

For the sector focus, it said the rotational play is shifting towards the laggard sectors, mainly property and construction on their cheaper valuation metrics.

The energy sector may see some improvement following Saudi Aramco’s bullish undertone on demand that boosted crude oil prices, while the higher-than-average trading volumes will provide support rotational play among FBM ACE-related stocks, it added.

Of the heavyweights, Maybank eased one sen to RM7.51, Top Glove surged 96 sen to RM28.16, Hartalega rose 24 sen to RM18.60, Tenaga shed two sen to RM11.00, while Public Bank was flat at RM16.80.

Of the most active, AT Systematization added four sen to 16 sen, Vicocom gained 1.5 sen to six sen, EA Holdings edged up half-a-sen to five sen while Priceworth and Borneo Oil were flat at four sen and 8.5 sen respectively.

The top gainers are Supermax, Top Glove and Kossan.

On the index board, the FBM Emas Index increased 84.21 points to 11,368.77, the FBM Emas Shariah Index was 142.68 points higher at 13,495.76 and the FBMT 100 Index expanded 79.41 points to 11,175.61.

The FBM 70 rose 253.34 points to 14,810.87 while the FBM ACE surged 310.21 points to 10,925.34.

Sector-wise, the Financial Services Index was down 17.33 points at 12,950.12, the Plantation Index added 4.23 points to 7,045.68 and the Industrial Products and Services Index improved 0.19 point to 141.22. ― Bernama

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