KUALA LUMPUR, Feb 6 — Bursa Malaysia opened higher today on buying interest in most index-linked counters including in heavyweights such as banking stocks, analysts said.
At 9.07am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.62 per cent or 9.61 points to 1,546.40 from yesterday’s close of 1,536.79.
The benchmark index opened 4.09 points higher at 1,540.88.
On the broader market, gainers led losers 215 to 88, with 155 counters unchanged, 1,519 untraded and 23 others suspended.
Turnover amounted to 175.79 million shares worth RM91.21 million.
Analysts said the improved sentiment was supported by the positive overnight performance of Wall Street’s and higher closing of its regional peers.
The Dow Jones Industrial Average Index surged 1.68 per cent to 29,290.9, while the Shanghai Composite Index gained 1.25 per cent and the Nikkei 225 Index was 1.02 per cent higher.
Meanwhile, Malacca Securities Sdn Bhd said the overnight positive sentiment across global indices, arising from solid economic data from the world’s largest economy, could see gains continue to take shape for the FBM KLCI to sustain its recovery.
“This could see index-linked stocks marching higher, albeit we think that any gains are likely to be mild for now. We reckon that the 1,550 level is served as a strong resistance for the time being, followed by the 1,560 level.
“On the downside, the support remained at the 1,515 level,” the stockbroking firm said in a research note today.
It was also reported that investors reacted positively to reports that scientists in both China and the United Kingdom have developed an effective drug to deal with the coronavirus.
Among the heavyweight banking stocks, Maybank increased seven sen to RM8.43, Public Bank gained 32 sen to RM18.32 and CIMB added one sen to RM4.99.
This was amid news that the three banks have been identified as Domestic Systemically Important Banks (D-SIBs) by Bank Negara Malaysia (BNM) in its policy document issued yesterday.
D-SIBs are defined as banks whose distress or failure have the potential to cause considerable disruption to the domestic financial system and the wider economy, according to the central bank’s assessment methodology.
Other heavyweights, MISC was up 19 sen RM8.15, IHH strengthened 11 sen to RM5.84 and Genting Malaysia added five sen to RM2.99.
Of the actives, Sapura Energy rose one sen to 24.5 sen, Alam Maritim bagged half-a-sen to 14.5 sen and TDM improved 1.5 sen to 30 sen.
On the index board, the FBM Emas Index increased 62.30 points to 10,999.64, the FBM Emas Shariah Index rose 46.43 points to 11,739.20 and the FBMT 100 Index accumulated 60.71 points to 10,805.96.
The FBM 70 was 50.85 points stronger at 13,762.15 and the FBM Ace recovered 41.38 points to 5,449.28.
Sector-wise, the Industrial Products and Services Index inched up 0.60 points to 145.13, the Financial Services Index was 100.47 points higher at 14,778.89 and the Plantation Index perked 49.38 points to 7,273.17. — Bernama
