Bursa Malaysia rebounds to open higher

Bursa Malaysia rebounds to open higher

KUALA LUMPUR,. Bursa Malaysia rebounded from yesterday’s losses to open slightly higher today, in line with most regional markets, driven by renewed interest due to lower prices, dealers said.

At 9.15 am, the benchmark index FTSE Bursa Malaysia KLCI (FBM KLCI) added 0.72 of-a-point to 1,584.40 after opening 1.31 points higher at 1,584.99.

Gainers led losers 392 to 202, while 341 counters were unchanged, 1,236 untraded and 28 others suspended.

Total volume stood at 951.23 million worth RM396.16 million.

Malacca Securities Sdn Bhd said the recent toppish condition that warranted a pullback saw the FBM KLCI retreated where the meteoric rise since the start of the month has seen a shift in sentiment as investors were quick to lock in recent gains.

“Meanwhile, the uncertainty over the passing of Budget 2021 also weighed on the recent market sentiment,” it said in a research note today.

Going forward, the research firm expects choppiness to prevail with mild bargain-hunting activities to take place while the lower liners are likely to trend higher, boosted by the liquidity-driven market, coupled with the rotational play.

“We continue to favour the plantation sector on the back of the rising crude palm oil prices that has yet to demonstrate any reversal pattern at current juncture.

“The construction sector is also picking up pace in anticipation of packages to be awarded for the flurry of mega-infrastructure projects,” it said.

Among the heavyweights, Maybank declined 5.0 sen to RM8.05, Public Bank slipped 14 sen to RM18.24, TNB fell 2.0 sen to RM111.22, while Top GLove went up 8.0 sen to RM7.02, and Petronas Chemicals was flat at RM6.77.

Of the actives, Key Alliance, VSolar, Metronic Global and Trive Property were flat at 6.0 sen, 4.5 sen, 10.5 sen and 1.5 sen, respectively.

On the index board, the FBM Emas Index was 28.51 points higher at 11,405.49, the FBM Emas Shariah Index rose 75.09 points to 13,154.98, the FBMT 100 Index gained 24.03 points to 11,185.23, the FBM 70 jumped 105.68 points to 14,671.02, and the FBM ACE improved 31.25 points to 11,171.93.

Sector-wise, the Industrial Products and Services Index earned 0.32 of-a-point to 158.71, the Plantation Index perked 6.95 points to 7,355.94 but the Financial Services Index lost 66.84 points to 13,940.29.




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