Bursa Malaysia opens higher with good support

The key Bursa Malaysia index opens 9.34 points higher at 1,577.47 at 9am. ― Picture by Hari Anggara
The key Bursa Malaysia index opens 9.34 points higher at 1,577.47 at 9am. ― Picture by Hari Anggara

KUALA LUMPUR, Aug 6 — Bursa Malaysia opened higher today on buying support in almost all index-linked counters, tracking the overnight bulls in the US stock markets.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 11.30 points to 1,579.43 from 1,568.13 at yesterday's close.

The key index opened 9.34 points higher at 1,577.47 at 9am.

Market breadth was positive, with gainers leading losers 518 to 81, while 245 counters were unchanged, 1,135 untraded and 26 others suspended.

Trading volume stood at 1.03 billion shares worth RM439.31 million.

While the Dow Jones Industrial Average rose 1.4 per cent to settle at 27,201.52, its largest daily per cent gain since July 14, the Nasdaq Composite Index chalked its 31st record close this year, closing 0.5 per cent higher at 10,998.40, after briefly setting an intraday high of 11,002.11.

Malacca Securities Sdn Bhd in a note said the lower liners in the local bourse may continue with their ascend today, while the liquidity-driven market with trading volumes at a fresh record high again may provide further impetus to the lower liners over the near term.

As for sector in focus today, it said due to the depreciating value of the US dollar, coupled with the gold prices staying above US$2,000 per ounce (1 ounce = 28.34 gramme) level, this may provide further leeway for gold-related players to march higher.

“Meanwhile, the Brent crude prices that closed at the five-months high may trigger interests within the energy sector. At the same time, the healthcare and technology sector will remain as the clear frontrunners owing to the robust demand,” said the brokerage firm.

On the technical front, Maybank IB Research expects the FBM KLCI to continue to range between 1,550 and 1,600 today, with downside supports are at 1,550 and 1,515.

Of the heavyweights, Maybank added five sen to RM7.52, Top Glove rose 34 sen to RM28.28, Hartalega increased 14 sen to RM19.94 and Public Bank recovered 16 sen o RM16.84.

Tenaga advanced 18 sen to RM11.12 and IHH gained six sen to RM5.30.

Of the most actives, XDL ticked up one sen to 7.5 sen, while Borneo Oil and Fintec rose half-a-sen each to 5.5 sen and 13.5 sen, respectively.

Top gainers, Upa bagged 62 sen to RM2.70, HLT improved 44 sen to RM2.89 and Nestle added 40 sen to RM193.80.

For the top losers, Adventa eased 12 sen to RM4.96, Pentamaster slid nine sen to RM4.65 and Abm Fujiya lost five sen to 38 sen.

On the index board, the FBM Emas Index edged up 81.23 points to 11,422.41, the FBM Emas Shariah Index was 106.43 points firmer at 13,584.60 and the FBMT 100 Index strengthened 74.33 points to 11,217.62.

The FBM 70 rose 76.02 points to 14,977.79 and the FBM ACE jumped 192.25 points to 10,324.33.

Sector-wise, the Industrial Products and Services Index increased 1.18 points to 139.78, the Financial Services Index was up 64.10 points to 12,920.21 and the Plantation Index rose 17.69 points to 7,006.16. — Bernama

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