Bursa Malaysia opens higher

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.0 points to 1,584.48 from yesterday's close of 1,581.48. — Reuters pic
At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.0 points to 1,584.48 from yesterday's close of 1,581.48. — Reuters pic

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KUALA LUMPUR, June 10 ― Bursa Malaysia opened higher today, rebounding from yesterday’s downtrend following the government’s announcement on vaccinations for workers in the critical economic sectors under phase four of the National Covid-19 Immunisation Programme.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.0 points to 1,584.48 from yesterday's close of 1,581.48.

The index opened 1.87 points better at 1,583.35 today.

Market breadth was positive with gainers leading losers 220 to 188, while 283 counters were unchanged, 1,469 untraded, and 29 others suspended.

Turnover stood at 472.02 million units worth RM184.07 million.

Malacca Securities Sdn Bhd in a note today said the government’s announcement on the commencement of vaccinations for workers in the critical economic sectors has changed investors’ sentiment into a positive mode.

“Commodity-wise, the crude palm oil (CPO) price extended its losses, while the crude oil price remained flat around US$72 (RM296.47) per barrel.

“Hence, we expect the transportation and logistics counters to continue doing well under ongoing movement control order (MCO),” it said.

The research firm said the recovery theme stocks may be in focus over the near term, given the improved market sentiment following the rising vaccination rate in the country.

“Also, plantation counters might get a lift from IJM Plantations’ take-over deal,” it added.

Yesterday, Kuala Lumpur Kepong Bhd (KLK) announced its proposal to acquire 494.87 million shares in IJM Plantations Bhd from IJM Corp Bhd for RM1.53 billion.

Subsequently, IJM Plantations was one of the top gainers this morning, rising by 53 sen to RM2.99 with 3.18 million shares changing hands, while KLK bagged 28 sen to RM22.04 with 53,200 shares transacted.

Yesterday, the National Covid-19 Immunisation Programme Coordinating Minister Khairy Jamaluddin said the Covid-19 Vaccine Supply Access Guarantee Special Committee would be cooperating with Protect Health Corporation Sdn Bhd ― the Ministry of Health’ non-profit subsidiary ― to manage the vaccination shots for the sectors.

In a joint media conference with Health Minister Datuk Seri Dr Adham Baba on the development of the National Covid-19 Immunisation Programme, Khairy said the industrial sector comprises manufacturing, export, logistics, transportation, energy, utilities and other related industries.

Of the heavyweights, Maybank was flat at RM8.20, Public Bank gained two sen to RM4.22, PetChem rose eight sen to RM8.13 and TNB increased three sen to RM9.96.

Among the actives, Vsolar was flat at two sen, Cuscapi added 1.5 sen to 29 sen and Managepay fell two sen to 24.5 sen.

On the index board, the FBM Emas Index increased 29.51 points to 11,556.12, the FBMT 100 Index bagged 26.44 points to 11,241.02, and the FBM ACE earned 31.17 points to 7,698.98.

The FBM Emas Shariah Index rose 41.65 points to 12,710.52 and the FBM 70 strengthened 55.19 points to 14,958.46.

Sector-wise, the Financial Services Index fell 6.16 points to 15,289.35, the Industrial Products and Services Index inched up 0.58 point to 192.87, and the Plantation Index pared 63.67 points to 6,814.89. ― Bernama

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