Bursa Malaysia opens easier but rebounds thereafter

At 9.09am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.30 of-a-point higher at 1,607.89 compared with Friday’s close of 1,607.59. — Bernama pic
At 9.09am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.30 of-a-point higher at 1,607.89 compared with Friday’s close of 1,607.59. — Bernama pic

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KUALA LUMPUR, Nov 30 — Bursa Malaysia opened easier but rebounded thereafter on the back of a positive reaction to Covid-19 vaccine developments.

At 9.09am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.30 of-a-point higher at 1,607.89 compared with Friday’s close of 1,607.59.

The index opened 0.82 of-a-points lower at 1,606.77.

Across the broader market, gainers thumped losers 415 to 198 while 343 counters were unchanged, 1,215 untraded and 80 others suspended.

Volume stood at 661.20 million shares worth RM303.28 million.

Malacca Securities said with the Covid-19 vaccine development and distribution edging closer, the vaccine-related stocks may continue to garner increase trading interest.

“We reckon that the plantation sector may march higher, premised on firmer crude palm oil prices as demand remain relatively strong,” it said, adding that the lower liners may also continue to edge higher, largely supported by the liquidity-driven momentum as investors continue their quests for higher yields.

Overall, Malacca Securities said the market is set to maintain a positive tone on the local bourse as investors continue to pin their expectations for an economic recovery following the recent batch of corporate earnings that appeared to have bottomed-out.

Globally, US stocks registered gains as the Dow Jones edged higher on Friday on decreasing political uncertainty and market enthusiasm about the coming vaccines amid low trading volume due to early market close on Black Friday.

At home, Hong Leong Bank, Petronas Gas and Tenaga Nasional rose 46 sen, 24 sen and eight sen to RM17.48, RM16.96 and RM10.80 respectively.

In contrast, CIMB, Petronas Dagangan and Hartalega down by 13 sen, 68 sen and 10 sen to RM3.70, RM21.32 and RM14.38, respectively.

Among actives, Vsolar and Bintai Kinden added half-a-sen each to five sen and 80 sen, while Bioalpha dropped one sen to 30.5 sen.

On the index board, the FBM Emas Index was 13.11 points up at 11,555.14, the FBMT 100 Index expanded 10.27 points to 11,331.42, the FBM Emas Shariah Index rose 37.44 points to 13,306.35, and the FBM 70 improved 45.35 points to 14,785.05.

Meanwhile, the FBM ACE surged 114.81 points to 10,704.30, the Industrial Products and Services Index perked up 0.42 of-a-point to 162.90, the Plantation Index was 104.22 points stronger at 7,340.09, and the Financial Services Index slipped 56.91 points to 14,206.19. — Bernama

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