KUALA LUMPUR, June 22 — Bursa Malaysia opened lower but rebounded thereafter, with the key index trading above the 1,500-level supported by continuous buying in plantation and healthcare counters.

At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.187 points to 1,508.44 from Friday’s close of 1,507.26. 

The index opened 1.31 points weaker at 1,505.95.

On the broader market, gainers outpaced losers 264 to 246, while 293 counters were unchanged, 1,129 untraded and 18 others suspended.

Turnover stood at 682.51 million units worth RM337.31 million.

In a note today, Malacca Securities said it expected that a recovery in last week’s closing session may not be prevalent as investors may take the opportunity to lock in quick gains amid the lingering concern over rising Covid-19 cases.

"We think that choppiness prevails while investors nibble on beaten-down stocks while the firmer commodity prices (of both crude oil and crude palm oil) may provide a cushion for the recent volatility.

"Should the 1,500 psychological level continue to hold, we reckon that the recovery will power the key index towards the upper band of the consolidation zone with immediate resistance at 1,550. On the flip side, the immediate support remains pegged at 1,490, followed by 1,460,” it said.

Meanwhile, the research firm reckoned that the additional RM942 million in discounts and rebates for domestic users’ electricity bills under the Bantuan Prihatin Elektrik Tambahan may propel consumer staple stocks on the back of higher disposable income.

The RM46 billion Penang Transport Master Plan (PTMP) that was given the green light by authorities, on the other hand, may power the construction sector and selected property developers that have a strong presence in Penang, it added.

Among Bursa Malaysia’s heavyweights, Maybank slipped three sen to RM7.63, while TNB gained four sen to RM11.84, Public Bank went up eight sen to RM16.66 and Petronas Chemicals and IHH Healthcare improved 10 sen each to RM6.37 and RM5.50 respectively.

Of the most active, MQ Technology and Key Alliance gained one sen each to six sen and 8.5 sen respectively, Careplus added five sen to RM1.46 while KNM was flat at 24.5 sen.

On the index board, the FBM Emas Index was up 13.78 points at 10,614.38, the FBMT 100 Index increased 9.67 points to 10,459.15 and the FBM 70 advanced 17.92 points to 12,974.44.   

The FBM Emas Shariah Index was 28.30 points better at 12,030.38, and the FBM ACE perked 55.73 points to 6,108.59. 

Sector-wise, the Industrial Products and Services Index earned 0.45 point to 135.64, the Financial Services Index depreciated 11.93 points to 12,966.32, while the Plantation Index declined 36.36 points to 6,761.19. — Bernama