.JPG "An investor monitors the stock prices in the gallery of the RHB Investment Bank Bhd headquarters in Kuala Lumpur March 17, 2020. u00e2u20acu2022 Picture by Hari Anggara")
KUALA LUMPUR, Feb 9 ― Bursa Malaysia rose higher at the opening today, underpinned by higher Brent crude oil prices and growing US stimulus prospects which may set a positive tone on the local front.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 6.53 points to 1,579.86 from 1,573.33 at Friday’s close.
The index opened 1.34 points higher at 1,574.67.
Market breadth was positive with gainers outpacing losers 306 to 158, while 285 counters were unchanged, 1,398 untraded and 12 others suspended.
Total volume stood at 414.82 million units worth RM195.45 million.
Malacca Securities Sdn Bhd said Brent oil price has surged above the US$60 level, which may set a positive tone on the local front, although local bourse would see cautious trading sentiment ahead of the Chinese New Year celebration.
“Investors may continue to reduce their exposure in the stock markets,” it said in a research note.
The firm also said with the National Covid-19 Immunisation Plan coming closer, and the daily cases staying below the 4,000 mark for the fourth day running, investors may point towards recovery play moving forward.
The international Brent crude up 0.53 per cent and was traded at US$60.88 (RM247) per barrel.
As for today’s sectors in focus, the brokerage firm said energy stocks are expected to be on traders’ radar amid firmer oil prices, while recovery-themed stocks such as aviation and gaming could continue their uptrends amid the optimism on vaccine development.
“On the upcoming corporate earnings season, traders may position themselves within the consumer electronics, plantation, furniture and technology sectors,” it said.
Among the heavyweights, Maybank and Tenaga gained three sen to RM7.86 and RM9.70, respectively, PBBank and PChem added one sen to RM4.09 and RM7.50, respectively, while Topglov was flat at RM6.27.
Of the actives, DNex inched up 3.5 sen to 40.5 sen and its warrant added half-a-sen to seven sen, Luster erased half-a-sen to 21.5 sen, Opcom increased 10 sen to 65.5 sen, and XOX advanced one sen to 8.5 sen.
Of the gainers, MPI advanced 40 sen to RM36.54, PetDag added 26 sen to RM19.60, CGB, and Telekom gained 23 sen each to RM1.48 and RM6.73, respectively.
On the index board, the FBM Emas Index gained 45.17 points to 11,524.56, the FBMT 100 Index added 43.69 points to 11,243.21 and the FBM Emas Shariah Index rose 55.12 points to 13,068.55.
The FBM 70 increased 47.90 points to 15,097.24 and the FBM ACE appreciated 8.54 points to 10,780.24.
Sector-wise, the Financial Services Index advanced 43.19 points to 14,608.60, the Industrial Products and Services Index edged up 0.94 of-a-point to 179.0, and the Plantation Index improved 12.01 points to 7,134.74. ― Bernama
