KUALA LUMPUR, July 21 ― After a market pullback yesterday, Bursa Malaysia opened in blue driven by mild bargain hunting on selected stocks.

As at 9.03am, the main index FTSE Bursa Malaysia KLCI (FBM KLCI) was 2.28 points higher at 1,591.73 compared with yesterday's close of 1,589.45.

The index opened 1.03 points lower at 1,588.42 as TopGlove retreated at the opening bell.

Market breadth was positive with gainers surpassing losers 291 to 86, while 282 counters were unchanged, 1,312 untraded and 18 others suspended.

Total volume stood at 469.86 million units worth RM220.86 million.

Malacca Securities in its equity note today said after yesterday's pullback, investors will keep an eye on undervalued stocks as investors’ risk appetite remains well within the equities market.

"This is demonstrated by the rising trading activities as of late which may see rotational play to stay firm over the foreseeable future,” it said.

For the day, plantation stocks would be under the limelight as crude palm oil prices have hit five months high spurred by lower inventory level and improving demand prospects, it added.

On the technical front, an analyst said the FBM KLCI would still likely face the 1,600 immediate resistance level with another resistance at 1,615.0.

"As we had witnessed another record high in trading volume yesterday, we expect that the market would be quieter today until further catalyst is provided or another major corporate announcement takes place,” she said.

On the heavyweights, Tenaga Nasional rebounded from its yesterday's loss as it climbed six sen to RM11.40, while Maybank and CIMB group both added two sen to RM7.84 and 3.55 respectively.

Investor's favourite at the moment, TopGlove rebounded in minutes after retreating at the opening bell, added 12 sen to RM24.94 while Hartalega was flat at RM17.46.  

As for the actives, Hubline and XOX both added one sen to nine sen and 19 sen respectively while Lambo which has been actively trading since yesterday inched half-a-sen to five sen.

On the index board, the FBM Emas Index edged up 27.20 points to 11,281.88, the FBMT 100 Index appreciated 20.42 points to 11,133.12 and the FBM Emas Shariah Index was 25.82 points stronger at 13,091.04.

The FBM 70 rose 43.70 points to 14,195.40 and the FBM ACE was 72.46 points better at 7,518.01.

Sector-wise, the Financial Services Index improved 47.52 points to 13,432.01, the Plantation Index inched up 0.86 points to 7,032.84 and the Industrial Products and Services Index rose 0.38 of-a-point to 138.63. ― Bernama