Bursa Malaysia opens higher while tracking uptrend in overnight US stock markets

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) marginally rose 0.13 of-a-point to 1,576.07 from 1,576.07 at yesterday's close. ― Picture by Hari Anggara
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) marginally rose 0.13 of-a-point to 1,576.07 from 1,576.07 at yesterday's close. ― Picture by Hari Anggara

KUALA LUMPUR, Aug 5 ― Bursa Malaysia opened higher today, continuing yesterday's bargain hunting on selected stocks while tracking the uptrend in the overnight US stock markets.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) marginally rose 0.13 of-a-point to 1,576.07 from 1,576.07 at yesterday's close.

The key index opened 2.88 points firmer at 1,578.82 at 9am.

Market breadth was positive, with gainers leading losers 364 to 121, while 286 counters were unchanged, 1,192 untraded and 16 others suspended.

Trading volume stood at 814.63 million shares worth RM429.63 million. 

The Dow Jones Industrial Average rose 0.6 per cent, mainly driven by Apple, coupled with the ongoing negotiation on the stimulus package offsetting the rising US-China tension. 

Malacca Securities Sdn Bhd said markets could still be volatile as investors are wary ahead of the  upcoming batch of quarterly earnings results that kicked off this week.

“Elsewhere, we see rotational play amongst the lower liners to dominate the market sentiment with trading volumes rising to fresh record high again,” the brokerage firm said in a research note today.

It also said while technology and healthcare sector continues its upbeat momentum, commodity players under the plantation and energy sector could also be in the focus, with crude palm oil (CPO) prices rising towards RM2,800 per tonne, while crude oil prices hovers near five-months high.

Besides, the breakthrough of US$2,000 (RM8,417) per ounce on gold prices may also see gold-related players on the move.

Of the heavyweights, Maybank added one sen to RM7.51, Top Glove eased six sen to RM28.30, Hartalega rose 20 sen to RM20.14, Public Bank dropped eight sen o RM16.62, while Tenaga and Petronas Chemicals gained four sen each to RM10.98 and RM5.86 respectively.

Of the most actives, Hubline reduced one sen to eight sen. AT gave up half-a-sen to 10 sen, while Compugates increased one sen to three sen.

Top gainers, Nestle bagged 80 sen to RM139.80, Rubberex advanced 40 sen to RM7.12 and Careplus improved 31 sen to RM5.68.

For the top losers, PPB Group eased 34 sen to RM18.52, Kossan Rubber slid 24 sen to RM18.84 and Supermax declined 22 sen to RM22.20.

On the index board, the FBM Emas Index edged up 12.83 points to 11,347.40, the FBM Emas Shariah Index was 25.04 points firmer at 13,471.53 and the FBMT 100 Index strengthened 7.04 points to 11,161.08.

The FBM 70 rose 33.25 points to 14,775.05 and the FBM ACE jumped 183.85 points to 9,844.03.

Sector-wise, the Industrial Products and Services Index increased 0.85 of-a-point to 139.40, the Financial Services Index shed 1.78 points to 12,880.27 and the Plantation Index was up 2.84 points to 7,039.59. ― Bernama

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