KUALA LUMPUR, March 12 ― Bursa Malaysia rebounded from yesterday’s losses to open higher today, tracking the gains on the overnight Wall Street led by its technology stocks, after US president Joe Biden signed into effect the US$1.9 trillion (RM7.8 trillion) stimulus bill, dealers said.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) improved 1.06 points to 1,630.47 from yesterday’s close of 1,629.41.
The key index opened 1.18 points better at 1630.59.
On the broader market, gainers outpaced losers 426 to 153, while 330 counters were unchanged, 1,295 untraded and 18 others suspended.
Total volume stood at 521.23 million units worth RM202.38 million.
In a note, Malacca Securities Sdn Bhd said the local bourse is expected to see some rebound amid growing optimism in the market, especially after technology stocks took a bash recently.
The lower liners should continue to move higher at this juncture, it said.
It noted that the crude palm oil (CPO) price has climbed above the RM4,000 per tonne level, recording at RM4,060.
“For sector in focus, we believe the recovery-theme sectors such as gaming, aviation, consumers, property, and construction should continue to shine following the reopening of economic activities, coupled with the ongoing Covid-19 vaccination drive.
“Therefore, investors are likely to price in their potential future earnings growth and attractive valuations. Besides, we reckoned the plantation counters should see potential breakouts, riding on the firmer CPO price,” it added.
Among the heavyweights, Maybank added two sen to RM8.57, Public Bank gained one sen to RM4.35, Petronas Chemicals shed two sen to RM8.18, while Tenaga and IHH Healthcare were flat at RM10.80 and RM5.31, respectively.
Of the actives, Sapura energy edged up half-a-sen at 16 sen, Dolphin International climbed two sen to 10.5 sen, while Avillion, KNM and Velesto were flat at 12.5 sen, 20.5 sen and 18.5 sen, respectively.
On the index board, the FBM Emas Index rose 23.86 points to 11,958.62, the FBMT 100 Index improved 19.10 points to 11,635.99, and the FBM ACE advanced 35.99 points to 10,479.11.
The FBM Emas Shariah Index was 45.11 points higher at 13,234.58 and the FBM 70 jumped 70.73 points to 15,751.05.
Sector-wise, the Plantation Index rose 26.91 points to 7,216.63, the Industrial Products and Services Index edged up 0.87 of-a-point to 191.69, but the Financial Services Index slipped 17.07 points to 15,704.75. ― Bernama
