Bursa Malaysia opens higher in early trade

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.64 points to 1,586.54 from yesterday’s close of 1,576.90. — Picture by Azneal Ishak
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.64 points to 1,586.54 from yesterday’s close of 1,576.90. — Picture by Azneal Ishak

KUALA LUMPUR, July 7 ― Bursa Malaysia opened higher today taking a cue from the better overnight performance of US stocks which finished sharply higher in tandem with surging Chinese equity benchmarks.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 9.64 points to 1,586.54 from yesterday’s close of 1,576.90.

The index opened 5.13 points higher at 1,582.03.

Overall market breadth was positive with gainers led losers 347 to 90, while 252 counters were unchanged, 1,247 untraded and 25 others suspended.

Total volume stood at 468.93 million shares worth RM223.15 million.

Rakuten Trade Sdn Bhd in a note said Wall Street closed broadly higher on better than expected job data that strengthened investors’ confidence in equities despite the surge in COVID-19 cases in the US.

The Dow Jones Industrial (DJI) Average gained 460 points to just below the 26,300 level.

It said such resurgence could prompt continued buying on the regional markets today although profit taking may emerge following yesterday’s solid gains.

“As for the local bourse, the strong buying support from domestic investors has helped push the FBM KLCI higher than the pre-movement control order (MCO) levels and might test the 1,600 mark which was last seen in January this year.

“Nonetheless, we caution that profit taking may take place soon with immediate support at the 1,570 level,” it added.

Among heavyweights, Maybank added one sen to RM7.84, Public Bank gained six sen to RM17.40, Hartalega surged 50 sen to RM17.00 and Petronas Chemicals increased four sen to RM6.98.

Tenaga was flat at RM11.86.

Of the most active, Borneo Oil and Icon Offshore expanded one sen each to four sen and 13.5 sen respectively,  DGB Asia edged up half-a-sen to 3.5 sen, Anzo improved 1.5 sen to 24.5 sen while AirAsia eased two sen to 87.5 sen.

On the index board, the FBM Emas was 75.13 points higher at 11,163.12, the FBMT 100 Index advanced 74.25 points to 11,011.77.51 and the FBM 70 rose 121.89 points to 13,702.89.

The FBM Emas Shariah Index expanded 109.42 points at 12,843.92 and the FBM ACE added 64.38 points to 7,117.19.

Sector-wise, the Financial Services Index gained 37.59 points to 13,244.31, the Plantation Index improved 24.52 points to 6,891.16 and the Industrial Products and Services Index grew 0.78 of a point to 143.55. ― Bernama

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