KUALA LUMPUR, July 22 ― Bursa Malaysia maintained higher at the opening today with buying activities mainly led by Petronas Chemicals, CIMB, Tenaga and Digi.
As at 9.16am, the main index FTSE Bursa Malaysia KLCI (FBM KLCI) added 1.83 points to 1,597.76 compared with yesterday's close of 1,595.93.
The index opened 1.88 points lower at 1,594.05.
Market breadth was positive with gainers surpassing losers 285 to 251, while 322 counters were unchanged, 1,122 untraded and 19 others suspended.
Total volume stood at 1.03 billion units worth RM484.10 million.
Malacca Securities in its equity note today said since local financial institutions declared that extension of loan moratorium is off the table, with options for repayment to targeted groups; it suggests the potential spike in non-performing-loans in the final quarter of the year will be contained and the nation is on the track for recovery.
“Further stimulus from central banks across (EU and Japan) and positive developments vaccine for Covid-19 may further contribute to the positive sentiment,” it said.
Due to this, long-term investors could also capitalise on the recovery in the financial sector.
Meanwhile, energy stocks will also be favourable after crude oil prices jumped to the highest level since March 2020.
On the technical front, the FBM KLCI eked out some gains as the key index continues to be supported above the daily exponential moving average 9 levels.
The recovery may see gains to build-up over the near as the key index looks to re-test the immediate resistance at around 1,615, followed by 1,620.
The support is pegged at 1,560, followed by 1,530, according to the research company.
On the heavyweights, PetChem rose eight sen to RM6.28, CIMB added four sen to RM3.63, Tenaga Nasional gained six sen to RM11.46 and Digi was four sen higher at RM4.29.
As for the actives, Lambo, Vortex and Sapura were flat each at 4.5 sen, eight sen and 10 sen respectively, while Ocean Vantage was 17.5 sen better at 43.5 sen.
On the index board, the FBM Emas Index edged up 13.80 points to 11,316.55, the FBMT 100 Index appreciated 9.92 points to 11,160.83 and the FBM Emas Shariah Index was 9.08 points stronger at 13,110.90.
The FBM 70 inched up 1.29 points to 14,173.35 and the FBM ACE was 27.85 points better at 7,649.98.
Sector-wise, the Financial Services Index improved 40.49 points to 13,527.76, the Plantation Index strengthened 33.21 points to 7,008.20 and the Industrial Products and Services Index added 0.79 of-a-point to 139.85. ― Bernama
