KUALA LUMPUR, June 26 ― Bursa Malaysia rebounded from yesterday losses to open higher today, driven by fresh buying demand in the consumer product counters, and in line with most of the regional bourses, dealers said.
At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,494.04 from yesterday’s close of 1,489.20.
The index opened 2.77 points higher at 1,491.97.
Overall market breadth was positive with gainers outpacing losers 311 to 135, while 251 counters were unchanged, 1,265 untraded and 35 others suspended.
Total volume stood at 532.90 million shares worth RM164.91 million.
In a research note today, Malacca Securities Sdn Bhd expects bargain-hunting activities to take precedence today, after three consecutive days of downturn, as investors nibble on beaten down stocks.
“The recovery will also take cue from the positive developments on Wall Street overnight, coupled with the higher crude oil prices. Gains, however, may be measured owing to the lack of fresh positive leads as investors remain concern over the rising cases of Covid-19 and weaker economic outlook,” it said.
Meanwhile, the research firm said US stockmarkets rebounded from their previous session rout as the Dow Jones rose 1.2 per cent on the back of the lower-than-expected new jobless claims, while the final reading of first quarter 2020 gross domestic product contracted by 5.0 per cent year-on-year.
Among heavyweights, Maybank improved two sen to RM7.63, TNB added four sen to RM11.62, Public Bank gained 12 sen to RM16.50, while Petronas Chemicals and IHH Healthcare were flat at RM6.33 and RM5.38, respectively.
Of the most actives, AT Systematization went up two sen to 17 sen, AT Syatematization advanced one sen to 10 sen, Technodex earned half-a-sen to 6.5 sen, while Vivocom Intl was flat at three sen.
On the index board, the FBM Emas Index perked 37.50 points to 10,512.26, the FBMT 100 Index appreciated 35.41 points to 10,364.50 and the FBM 70 climbed 51.46 points to 12,877.71.
The FBM Emas Shariah Index was 34.14 points higher at 11,920.96, while the FBM ACE gained 32.89 points to 6,176.18.
Sector-wise, the Industrial Products and Services Index earned 0.44 of-a-point to 134.05, the Financial Services Index increased 24.60 points to 12,825.20, while the Plantation Index reduced 0.35 of-a-point to 6,684.10. ― Bernama
