Bargain-hunting lifts Bursa Malaysia higher at opening

KUALA LUMPUR,. Bursa Malaysia rebounded from yesterday’s losses to open higher today, as buyers emerged to buy on weakness after the benchmark index declined by almost 2.0 per cent on a week-on-week basis.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) jumped 8.96 points, or 0.58 per cent, to 1,566.51 from 1,557.55 at yesterday’s close.

The key index opened 9.35 points firmer at 1,566.90.

On the broader market, gainers outnumbered losers 437 to 134, while 266 counters were unchanged, 1,361 untraded and 71 others suspended.

Total volume stood at 591.10 million units worth RM249.17 million.

Rakuten Trade Sdn Bhd, in a note, said as bargain hunters emerged, the FBM KLCI is expected to see some upside and trend around the 1,560-1,570 range today.

Meanwhile, Malacca Securities Sdn Bhd noted that while the National Covid-19 Immunisation Programme kickoff did not boost the local bourse yesterday, it opined that some bargain-hunting activities would arise in lower liners today after nearly 1,000 counters closed in the red on Wednesday.

”The key index should continue to rangebound with support pegged at 1,550 and resistance level around 1,590-1,600,” it said in a note.

Given the higher Brent oil price, which has exceeded US$67 per barrel, both Rakuten Trade and Malacca Securities believe that traders may refocus on the oil and gas sector today.

Among the heavyweights, Maybank bagged 11 sen to RM8.00, Public Bank edged up one sen to RM4.09, Petronas Chemicals added four sen to RM7.71, Tenaga was nine sen firmer at RM9.99, while IHH was unchanged at RM5.08.

Of the actives, Permaju Industries perked three sen to 18 sen, Alam Maritim Resources inched up half-a-sen to 9.5 sen, Techna-X was one sen better at 17 sen, YKGI accumulated three sen to 29 sen, and Ta Win improved 1.5 sen to 21.5 sen.

Top gainers were led by MPI, jumping 64 sen to RM35.70, followed by D&O, climbing 27 sen to RM3.60, Lion Posim gaining 23 sen to 80 sen, Uchi Technologies expanding 22 sen to RM3.29, and Hengyuan Refining firming 20 sen to RM5.91.

On the index board, the FBM Emas Index accumulated 88.24 points to 11,571.36, the FBMT 100 Index strengthened 68.56 points to 11,242.82, and the FBM Emas Shariah Index was 98.46 points higher at 12,970.55.

The FBM 70 soared 110.73 points to 15,462.19 and the FBM ACE leapt 83.51 points to 10,904.46.

Sector-wise, the Financial Services Index surged 110.20 points to 14,823.94, the Industrial Products and Services Index ticked up 1.70 points to 183.19, and the Plantation Index increased 5.15 points to 7,165.85.

― Bernama


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