KUALA LUMPUR, Feb 8 —  Bursa Malaysia rebounded to open higher on Monday, tracking the US market despite traders remaining cautious ahead of the Chinese New Year celebration at the end of this week.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.47 of-a-point to 1,579.10 from 1,578.63 at Friday’s close.

The index opened 1.81 points higher at 1,580.44.

On the broader market, gainers beat losers 351 to 181, while 328 counters were unchanged, 1,280 untraded and 11 others suspended.

Total volume stood at 520.23 million units worth RM211.57 million.

Malacca Securities Sdn Bhd said the FBM KLCI underperformed its regional peers last Friday, as glove and plantation heavyweights lost their ground following their recent rallies, with the selling pressure among local and foreign institutions continued to weigh on the local bourse despite buying interest among local retail investors.

"For today’s trading, the lower liners may see some rebound ahead of the vaccine rollout,” it said in a note.

As for sector in focus on Monday, the firm said said buying support is expected to surface within the plantation counters on the back of a higher crude palm oil price.

"Besides, technology, furniture and consumers related stocks should continue their uptrend move throughout the reporting season period,” it added.

Among the heavyweights, Maybank rose one sen to RM7.87, Public Bank lost two sen to RM4.10, Petronas Chemicals gained seven sen to RM7.42, and Tenaga was four sen higher at RM9.74.

Of the actives, AT Systemization, Dagang Nexchange and Thrive Property up 1.5 sen each to 18 sen, 29.5 sen and 27 sen, respectively, while MTouche eased half-a-sen to five sen.

On the index board, the FBM Emas Index gained 25.52 points to 11,527.85, the FBMT 100 Index added 13.61 points to 11,243.17 and the FBM Emas Shariah Index rose 29.59 points to 13,091.95.

The FBM 70 increased 58.14 points to 15,117.96 and the FBM ACE appreciated 60.01 points to 10,921.24.

Sector-wise, the Financial Services Index advanced 23.44 points to 14,623.35, the Industrial Products and Services Index edged up 1.03 points to 175.74, and the Plantation Index surged 7.01 points to 7,214.78. — Bernama