KUALA LUMPUR, June 9 ― Bursa Malaysia opened higher today, on the positive sentiment in the market, while tracking the higher overnight performance of Wall Street sparked by hopes of economic recovery following the easing in lockdowns, dealers said.

A surprise fall in the US unemployment rate for May reported last week had also added to the economic optimism with the market expected the worst is over and the economy is moving towards a rebound.

At 9.07am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) surged 29.12 points to 1,585.45 from last Friday’s close of 1,556.33.

The index opened 16.47 points higher at 1,572.80.

On the broader market, gainers surpassed decliners 561 versus 60, while 235 counters were unchanged, 1,045 untraded and 20 others suspended.

Turnover stood at 699.87 million units worth RM431.57 million.

In a note today, Malacca Securities Sdn Bhd said the slew of measures announced under the Short-Term Economic Recovery Plan (Penjana) may continue to provide some impetus to the market coupled with the gradual re-opening of economic activities.

The expectation by the World Bank on Malaysia’s economic recovery to start at the end of the year might provide some boost to the market sentiment, it said.

For the sector in focus, the research house said the tax incentives under the Penjana announced last Friday might provide some headway to the automotive, plantation and property sectors.

On the technical outlook, it said despite last Friday’s pullback, losses were limited owing to quick bargain hunting on an intraday basis as the FBM KLCI is still trading on an upward trend.

“Hence, we think that upsides may continue towards 1,600 psychological level with interim resistance at the 1,580 level. Support is located around 1,530, followed by 1,500 psychological level,” it added.

Among the heavyweights, Maybank added nine sen to RM8.17, Public Bank increased 28 sen to RM17.60, Petronas Chemicals rose 25 sen to RM6.95 and IHH Healthcare gained 13 sen to RM5.68.

Tenaga declined 28 sen to RM11.68.

Of the most actives, Sapura Energy and AirAsia X edged up half-a-sen each to 11 sen respectively, Velesto and Bumi Armada added one sen each to 18 sen and 26.5 sen respectively while Hibiscus Petroleum gained two sen to 70 sen.

On the index board, the FBM Emas Index was 212.66 points higher at 11,143.44, the FBMT 100 Index jumped 213.11 points to 11,005.35, the FBM Emas Shariah Index rose 221.33 points for 12,528.43, the FBM 70 surged 310.23 points to 13,702.07 and the FBM ACE added 78.83 points to 5,931.36.

Sector-wise, the Industrial Products and Services Index improved 3.87 points to 142.92, the Financial Services Index jumped 270.43 points to 13,996.45 and the Plantation Index increased 104.60 points to 6,891.62. ― Bernama