.JPG "An investor monitors the stock prices in the gallery of the RHB Investment Bank Bhd headquarters in Kuala Lumpur March 17, 2020. u00e2u20acu2022 Picture by Hari Anggara")
KUALA LUMPUR, April 29 — Bursa Malaysia opened marginally higher today as investors made a return to the market to support energy counters due to overnight rebound in oil price, amid continuing global uncertainties.
At 9.05am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) added 1.36 points to 1,373.56 from yesterday’s close of 1,372.20.
Market breadth was optimistic with gainers surpassing losers 209 to 91, while 192 counters were unchanged, 1,411 untraded and 71 others suspended.
Turnover stood at 234.03 million shares worth RM64.86 million.
Malacca Securities in its equity note today said that although the FBM KLCI manage to extend its’ gains, investors remain unconvinced on the recovery as buying momentum were only noticeable in the final trading hour, yesterday.
“We believe that the volatility on the crude oil prices does not bode well as demonstrated on the weakness in the energy sector. This may also dampen any gains arising from the prospects of the gradual re-opening of economic activities across the globe,” it said.
Energy counter today recorded the highest gains as it increased by 1.49 per cent to 655.69 after a volatile trading day yesterday.
As at 9am, benchmark Brent crude was at US$20.74 per barrel.
Another analyst said that the local bourse is expected to trade in a tight range today as investors wait for an announcement from the US Federal Reserve (US Fed) today on the expected discussion on the guidance for the economy to move forward.
According to Bloomberg, the US Fed has already cut interest rates to nearly zero and now has to decide if more should be said about how long they will stay there.
US central bankers have been busy rolling out emergency lending facilities to provide liquidity to an economy largely shut down by the coronavirus pandemic.
On the Covid-19 front, the global market continues to shudder as China is trying its best to avoid a devastating second wave of infections as it returns to a semblance of pre-pandemic life.
On heavyweight counters, Maybank was up two sen to RM7.38, Tenaga Nasional added eight sen to RM12.18, Public Bank inched two sen to RM15.96, IHH rose six sen to RM5.18 and Maxis climbed four sen to RM5.40.
As for actives, ARB inched 2.5 sen to 30 sen and JYC expanded two sen to 28 sen, while Nestle emerged as the top loser for the day as it shed RM1.10 to RM137.90 and MISC dipped 38 sen to RM8.00.
On the index board, the FBM Emas Index was 20.31 points stronger at 9,578.33, the FBMT 100 Index increased 17.74 points to 9,454,04, the FBM Emas Shariah Index advanced 19.27 points to 10,631.05, the FBM ACE appreciated 16.49 points to 4,649.51 while the FBM 70 earned 55.90 points to 11,441.23
Sector-wise, the Financial Services Index expanded 10.73 points to 12,209.53, the Industrial Products and Services Index inched up 0.11 point to at 114.43 while Plantation Index dipped rose 14.40 points to 6,139.80. — Bernama
