Bursa Malaysia higher, echoes wall street

On the broader market, gainers outpaced losers 317 to 126, while 280 counters were unchanged, 1,398 untraded and 30 others suspended.— Picture by Firdaus Latif
On the broader market, gainers outpaced losers 317 to 126, while 280 counters were unchanged, 1,398 untraded and 30 others suspended.— Picture by Firdaus Latif

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KUALA LUMPUR, Jan 21 — Bursa Malaysia opened higher in early trade today, echoing the Wall Street’s new record performance overnight after Joseph Biden was sworn in to become the 46th United States (US) president, instilling optimism among traders.

At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 10.94 points to 1,612.48 from 1,601.54 at yesterday’s close.

The index opened 6.89 points higher at 1,608.43.

On the broader market, gainers outpaced losers 317 to 126, while 280 counters were unchanged, 1,398 untraded and 30 others suspended.

Total volume stood at 278.38 million units worth RM158.6 million.

In a note, Public Investment Bank said the US stocks closed higher yesterday, propelled by optimism that the Biden administration’s US$1.9 trillion stimulus plan could help insulate the global economy from the damage wrought by the Covid-19 pandemic.

The S&P 500 index gained 1.39 per cent, the Dow Jones rose 0.83 per cent, and Nasdaq improved 1.97 per cent.

However, in another note, Malacca Securities said market volatility remains in place amidst the expansion of the movement control order to include all states, except for Sarawak, due to the worsening Covid-19 situation.

“On the banking sector, we expect trading interest will be seen after Bank Negara Malaysia’s move to keep the interest rate unchanged until the next meeting,” it said in a note today.

Meanwhile, the research firm said the vaccine rollout plan that could come in the first quarter of 2021 may benefit the distribution segment.

Among the heavyweights, Maybank rose three sen to RM8.12, Public Bank added 28 sen to RM21.60, PChem was up one sen to RM7.55, Tenaga increased four sen to RM10.00 and Top Glove improved eight sen to RM6.22.

Of the actives, Fintec Global, KTG, Dagang Nexchange, and K-Star Sports rose half-a-sen each to eight sen, 25.5 sen, 23 sen and 32.5 sen, respectively, while HPP rose six sen to 77 sen.

On the index board, the FBM Emas Index gained 72.09 points to 11,666.75, the FBMT 100 Index expanded 72.14 points to 11,394.01, and the FBM Emas Shariah Index was 83.08 points higher at 13,164.44.

The FBM 70 rose 75.09 points to 14,985.66 and the FBM ACE increased 148.46 points to 10,998.84.

Sector-wise, the Financial Services Index increased 103.96 points to 14,980.39, the Industrial Products and Services Index rose 0.54 of-a-point to 180.3, while the Plantation Index eased 15.96 points to 7,258.75. — Bernama

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