.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, May 12 — Bursa Malaysia opened lower but rebounded thereafter, continuing the last session's uptrend ahead of the release of the country's first-quarter gross domestic product (GDP) tomorrow.
At 9.10am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.02 points to 1,386.33 compared to Friday’s close of 1,382.31, after opening 2.87 points lower at 1,379.44.
The market was closed yesterday for the extended Nuzul Al-Quran public holiday.
On the broader market, gainers led losers by 331 to 143, while 266 counters were unchanged, 1,143 untraded and 17 others suspended.
Total turnover stood at 429.19 million units worth RM211.87 million.
Bank Negara Malaysia is expected to announce Malaysia’s first-quarter GDP on May 13, with growth expected to be between 0.8 per cent and more than 4.0 per cent.
AxiCorp chief global market strategist Stephen Innes said Asian stocks are poised for a mixed start as traders assess the challenges economies face in removing restrictions amid the Covid-19 pandemic.
“Energy sector is a bit off given the fall in oil prices despite additional cuts by Saudi Arabia but it's all about the rebound and the big picture is gradually improving on the thought of reopenings,” he told Bernama.
Overseas, investors are also looking forward US Federal Reserve Chairman Jerome Powell speech on current issues facing by the US economy on Wednesday as well as the release of key data.
US retail sales and industrial output data for April well as China industrial output, retail sales and jobless data for April scheduled to be released Friday.
Malacca Securities Sdn Bhd said the with the Conditional Movement Control Order (CMCO) now extended for another month to June 9, it reckons that the FBM KLCI may continue to linger on a sideway trend with immediate resistance located at the 1,400 psychological level over the near term. On the downside, immediate support is located at the 1,360 level.
Among the heavyweights, Top Glove jumped 92 sen to RM8.26, Hartalega was 20 sen better at RM7.57 and Sime Darby Plantation rose five sen to RM4.82.
Maybank and Axiata each added two sen to RM7.43 and RM3.91 respectively.
As for the actives, Hubline was flat at five sen, Careplus increased 5.5 sen to 64.5 sen, Ageson dropped two sen to 15.5 sen and Key Alliance was unchanged at 11 sen.
On the index board, the FBM Emas Index improved 32.93 points to 9,768.84, the FBMT 100 Index gained 29.20 points to 9,615.71, the FBM Emas Shariah Index added 57.26 points to 10,903.71, the FBM ACE climbed 43.33 points to 5,064.74 and the FBM 70 strengthened 41.77 points to 11,941.44.
Sector-wise, the Financial Services Index bagged 6.15 points to 12,291.42, the Industrial Products and Services Index inched up 0.29 of-a-point to 120.93, while the Plantation Index went up 2.56 points to 6,242.32. — Bernama
