KUALA LUMPUR, Sept 1 — Bursa Malaysia ended the morning trading on a high note with investors slowly gaining confidence amid the encouraging economic policies announced globally.
At 12.30pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 6.35 points or 0.417 per cent to 1,527.78 from Tuesday’s close of 1,521.43.
The barometer index opened 3.69 points higher at 1,525.12 and moved between 1,523.69 and 1,532.07 throughout the morning session.
On the broader market, however, losers were slightly higher than gainers at 500 to 475, while 412 counters were unchanged, 619 untraded and 25 others suspended.
Trading volume stood at 6.96 billion shares worth RM2.58 billion.
In the US, the Federal Reserve said last week that it would maintain an easy money policy to fuel trade after China posted strong factory data, signalling a bounce-back in its economy.
Rakuten Trade head of research Kenny Yee attributed the currently high liquidity in the system mainly to the low-interest regime not only in Malaysia but in other countries as well.
“As for Malaysia, we are set to have the next Monetary Policy Meeting on Sept 10. I foresee the index to be in a positive momentum until the meeting,” he told Bernama.
Globally, equity markets are continuing to climb higher with investors projecting more support from policymakers.
Analysts are also bullish that the worst is behind us after economies posted the weakest gross domestic product data since the Great Depression.
“Now all the data shows some signs of recovery with policymakers always ready to intervene and cushion any pandemic impact,” said an analyst.
Of the heavyweights, Maybank rose 11 sen to RM7.24, Tenaga added six sen to RM11.04, Top Glove lost 20 sen to RM26.30 and Hartalega was 78 sen weaker at RM15.68.
Among the actives, Pasukhas rose 2.5 sen to 14 sen, JCY International gained 16 sen to 83.5 sen, Sapura inched up one sen to 13.5 sen but MQ Technology was 2.5 sen lower at 21 sen.
Of the top losers, healthcare linked companies topped the losing counters due to prof-taking activity.
Hartalega shed 78 sen to RM15.68, Kossan Rubber slipped 52 sen to RM15.28, Top Glove reduced 20 sen to RM26.30 and Pharmaniaga was 20 sen lower at RM5.43.
As for the top gainers, Malaysian Pacific Industries rose RM1.04 to RM18.04, Nestle up RM1 to RM140.00 and F&N was 50 sen higher at RM31.60.
On the index board, the FBM Emas Index gained 43.63 points to 11,118.09, the FBMT 100 Index was 42.88 points stronger at 10,912.32 and the FBM 70 appreciated 48.60 points to 14,809.92.
The FBM Emas Shariah Index strengthened 29.06 points to 13,249.98 and the FBM ACE climbed 21.01 points to 11,225.44.
Sector-wise, the Financial Services Index appreciated 103.72 points to 12,615.70, the Industrial Products and Services Index inched up 1.22 points to 137.85 and the Plantation Index added 38.57 points to 7,123.37. — Bernama
