Bursa Malaysia higher at opening on positive market sentiment

Market breadth was positive with gainers leading losers 236 to 119, while 213 counters were unchanged, 1,566 untraded and 11 others suspended. — Picture by Firdaus Latif
Market breadth was positive with gainers leading losers 236 to 119, while 213 counters were unchanged, 1,566 untraded and 11 others suspended. — Picture by Firdaus Latif

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KUALA LUMPUR, June 2 — Shares on Bursa Malaysia were higher at opening on Wednesday with finance and healthcare stocks becoming the contributor, thanks to the recent stimulus package by the government that helped boost investors’ sentiment.

At 9.03am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) added 2.53 points, or 0.16 per cent, to 1,588.43 from 1,585.90 at Tuesday’s close.

The index opened 0.43 points lower at 1,585.47.

Market breadth was positive with gainers leading losers 236 to 119, while 213 counters were unchanged, 1,566 untraded and 11 others suspended.

Total volume stood at 304.28 million units worth RM123.98 million.

The FBM KLCI staged a mild rebound on the first day of the full movement control order on Monday as investors were anticipating that the vaccination drive could boost the appetite for recovery-theme stocks, restoring some optimism in selected heavyweights, Malacca Securities Sdn Bhd said.

“Meanwhile, traders may be rotated into technology stocks as we believe the consolidation phase might be at the tail-end after stabilising over the past two weeks. Commodity-wise, the crude palm oil price extended its losses, but the oil price crossed above the US$70 level,” it said in a note.

On sector focus, the brokerage believes the firmer oil price, which has climbed above US$70 level, should translate to some positive buying momentum on the oil and gas counters.

“With the ongoing vaccination rollout, we expect traders to look for opportunities within vaccine-related, recovery-theme and technology stocks.”

On another development, Eka Noodles Bhd, whose shares had been suspended since May 31, would be de-listed today.

The company had yesterday received a notice from Norhayati Tukiman, who is seeking to convene an extraordinary general meeting for the removal of its entire board of directors, informing of her equity interest in the company as a substantial shareholder.

The rice and sago stick (vermicelli) manufacturer said Sheffie & Partners, acting on behalf of Norhayati, had on Tuesday emailed the company secretary a notice dated May 31, 2021, disclosing the substantial shareholder’s interest and change in her interest pursuant to Sections 137 and 138 of the Companies Act 2016.

Of the heavyweights, Maybank rose two sen to RM8.22, Public Bank added one sen to RM4.22, PetChem was flat at RM8.05, while Petronas Gas was eight sen weaker at RM16.12.

Top losers included MISC which shed six sen to RM6.84, Sedania Innovator which lost five sen to 92 sen and Tomei Consolidated which erased four sen to RM1.35.

Top gainers included Pharmaniaga which added 15 sen to RM5.89, IHH which rose 10 sen to RM5.49 and Dufu Technology which improved nine sen to RM4.45.

Of the actives, Tanco was flat at 14.5 sen, Serba Dinamik rose 2.5 sen to 86 sen and Nova MSC gained one sen to 16.5 sen.

On the index board, the FBM Emas Index improved 25.89 points to 11,541.80 and the FBMT 100 Index gained 20.23 points to 11,238.35.

The FBM Emas Shariah Index added 23.77 points to 12,776.45, the FBM 70 advanced 35.86 points to 14,835.83, while the FBM ACE slipped 0.61 of-a-point to 7,716.54.

Sector-wise, the Financial Services Index garnered 48.56 points to 15,133.46, the Industrial Products and Services Index edged up 0.51 of-a-point to 191.76, while the Plantation Index fell 15.44 points to 6,816.49. — Bernama

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