Bursa Malaysia extends uptrend, CI hit 1,400 level

KUALA LUMPUR, May 14 — Bursa Malaysia opened higher today with the barometer index broke the psychological level of 1,400 points supported by a continuous rally in rubber glove maker and healthcare-related provider counters.

At 9.05am, the benchmark FTSE Bursa Malaysia KCLI (FBM KLCI) went up 7.72 points to 1,404.85 compared with 1,397.13 at yesterday’s close.

The index opened 3.12 points higher 1,400.34.

Market breadth was positive with gainers surpassing losers 184 to 174, while 242 counters were unchanged, 1,273 untraded and 35 others suspended.

Turnover stood at 340.36 million units worth RM162.22 million.

Trading volume across Bursa Malaysia hit an all-time high of 9.59 billion units of shares valued at RM5.1 billion at the close yesterday.

Malacca Securities Sdn Bhd said firm trading interest continues to linger within the healthcare sector, which may see gains extending over the foreseeable future.

“A breakout above the 1,400 psychological level may see the key index to re-test the 1,430 level. Downside risk remains pegged at the 1,360 level,” it said in a note.

However, it believes yesterday’s upswing after Bank Negara Malaysia announced a much-better-than-expected gross domestic product of 0.7 per cent in the first quarter, may warrant quick profit-taking on the FBM KLCI.

It said investors would turn their attention back towards the new waves of COVID-19 infections.

“With the toppish conditions, we think that the lower liners may warrant a pullback over the near term as demonstrated in the second half of the trading session yesterday.

Meanwhile, Rakuten Trade Research said a less than positive outlook from the Federal Reserve has further spooked investors as Wall Street continues with the slump.

The Dow Jones Index Average lost almost 520 points, clinging precariously above the 23,000 level which marked a decline of almost 1,000 points over the last two days.

“As such, we should see continuing sell-down on the regional markets today as investors jittery persists,” it added.

Among the heavyweight counters, Top Glove and Hartalega continued its new high, adding 57 sen and 55 sen each to RM9.88 and RM9.41 respectively amidst a surge in global demand for rubber gloves from the medical sector.

IHH Healthcare added six sen to RM5.41 and Maybank rose five sen to RM 7.44.

As for the actives, medical and healthcare equipment manufacturer, K-One added 4.5 sen to 35.5 sen, Minetech was 10 sen higher at 27 sen and Key Alliance expanded half-a-sen to 10 sen.

Careplus increased 9.5 sen to RM1.01.

On the index board, the FBM Emas Index improved 45.60 points to 9,871.55, the FBMT 100 Index gained 48.57 points to 9,724.07, the FBM Emas Shariah Index added 70.68 points to 11,105.43, the FBM ACE climbed 64.49 points to 5,355.61 and the FBM 70 strengthened 40.02 points to 11,993.83.   

Sector-wise, the Financial Services Index bagged 19.29 points to 12,277.11, the Industrial Products and Services Index inched down 0.18 of-a-point to 120.04, while the Plantation Index went up 22.68 points to 6,270.17. — Bernama