KUALA LUMPUR, Oct 6 — Bursa Malaysia continued its upbeat momentum from yesterday to open higher today, driven by encouraging performance of almost all index.
At 9.05 am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.27 points to 1,514.70 from previous close of 1,512.43.
On the broader market, gainers powered above losers 272 to 114, while 266 counters were unchanged, 1,443 untraded and 20 others suspended.
Total volume stood at 313.40 million units worth RM209.83 million.
Malacca Securities, in its equity note today, said with the local bourse turning slightly bullish amid the resurgence of buying momentum in glove heavyweights following the spike in Covid-19 cases, the movement of FBM KLCI will now be dictated by the glove heavyweights again.
“In the meantime, government authorities have quashed rumours of the re-implementation of the Movement Control Order (MCO), (hence) providing some alleviation to the economic recovery progress.
“Similarly, the lower liners and broader market are on a recovery mode as investors capitalise on the rising trading activities,” it said.
It added that the main index has also gapped up and subsequently lingered mostly in the positive territory, forming a bullish candle to close above the daily EMA20 level.
“We believe short-term buying momentum may induce the local bourse towards the immediate resistance at 1,520, followed by 1,540. The support level, meanwhile, remained at 1,480, followed by 1,450. The RSI (Relative Strength Index), which has also been under an oversold position, remains below 50,” it said.
On heavyweights performance, Tenaga Nasional up 10 sen to RM10.50, Maybank jumped five sen to RM7.17, Dialog gained seven sen to RM3.87, Petronas Chemical added three sen to RM5.93, and Sime Darby rose two sen to RM2.32.
For top gainers, technology players dominated the chart with Malaysia Pacific leaping 26 sen to RM19.86, JF Technologies rising 14 sen to RM3.97 and UWC adding 11 sen to RM6.59.
On the index board, the FBM Emas Index rose 22.83 points to 10,948.68 and the FBM Emas Shariah Index appreciated 26.08 points to 13,106.10.
The FBM 70 gained 39.46 points to 14,420.30, the FBMT 100 Index improved 19.58 points to 10,768.72, and the FBM ACE was 34.13 points higher at 10,292.09.
Sector-wise, the Financial Services Index gained 23.87 points to 12,434.66, the Plantation Index down 20.26 points to 6,975.78, and the Industrial Products and Services Index was 0.51 of-a-point stronger at 140.50. — Bernama
