.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 30 — Bursa Malaysia opened higher today with almost all counters recording encouraging gains spurred by renewed market sentiment.
At 9.05am, key index FTSE Bursa Malaysia KLCI (FBM KLCI) added 8.44 points to 1,388.74 from yesterday’s close of 1,380.30.
Market breadth was in an uptrend with gainers surpassing losers 339 to 70, while 168 counters were unchanged, 1,344 untraded and 69 others suspended.
Turnover stood at 379.80 million shares worth RM152.45 million.
Malacca Securities in its equity note today said that stocks across Bursa Malaysia are expected to trade higher following the announcement of easing restrictions on approved sectors to operate at full capacity.
“The gradual re-opening of economic activities bodes well to support the economic growth which bolsters investors’ confidence that the Movement Control Order (MCO) could come to an end this May 12,” it said.
It added that with the rising possibility resumption of economic activities to normalcy, coupled with signs of positive developments surrounding the potential treatment for Covid-19, the FBM KLCI will continue to react positively on the news.
“It would re-test the 1,400 level again over the near term. Beyond that, the next resistance is located at the 1,420 level. On the downside, the 1,360 and the 1,340 will serve as the support levels” it said.
On heavyweight counters, Petronas Chemicals rose 14 sen to RM5.28, Maybank was up six sen to RM7.47, Tenaga Nasional added 12 sen to RM12.22 and Public Bank inched eight sen to RM16.08.
As for actives, Sapura Energy and Velesto both inched five sen to 8.5 sen and 13.5 sen while AirAsia Group added two sen to 80.5 sen.
As for top gainers, consumer products and services stocks led the gains as Dutchlady added 48 sen to RM48.00 while sin counters Carlsberg, British American Tobacco and Heineken Malaysia all rose 36 sen, 22 sen and 16 sen respectively to RM28.50, RM12.62, and RM24.68.
On the index board, the FBM Emas Index was 68.41 points stronger at 9,705.47, the FBMT 100 Index increased 64,14 points to 9,571.37, the FBM Emas Shariah Index advanced 66.50 points to 10,774.35, the FBM ACE appreciated 43.27 points to 4,745.29 while the FBM 70 earned 102.56 points to 11,636.34.
Sector-wise, the Financial Services Index expanded 81.27 points to 12,338.81, the Industrial Products and Services Index inched up 1.58 point to at 117.01 while Plantation Index dipped 9.08 points to 6,236.88. — Bernama
