KUALA LUMPUR, July 15 — Bursa Malaysia’s key index has opened marginally higher today amidst concerns over the pace of the country’s economic recovery, as the daily new Covid-19 cases have been in the five digits for two consecutive days.
At 9.05am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.21 points better at 1,513.53 compared with Wednesday’s close of 1,512.32.
The market bellwether opened 0.25 of-a-point better at 1,512.57.
On the broader market, gainers outpaced losers at 172 versus 135, while 238 counters were unchanged, 1,683 untraded and 18 others suspended.
Turnover increased to 283.08 million units worth RM105.51 million.
Malacca Securities Sdn Bhd said the alarming increase in the daily Covid-19 cases has overshadowed the optimism on the improving vaccination rates in the country.
“We reckon the local bourse would continue to trade in consolidation mode until Malaysia could transition into Phase Two in the National Recovery Plan.
“Meanwhile, the market may be monitoring a series of China’s economic data which will be released today,” the brokerage firm said in a note today.
Commodities-wise, it said the crude palm oil (CPO) price climbed above the RM4,000 per tonne level in line with soybean futures, while the crude oil price staged a pullback.
The brokerage firm also expects the buying interest in the technology index to continue in the near term, while the firmer CPO price would bode well for some plantation counters.
It also anticipates the healthcare sector to see short-term rebound trade on the back of the unabated Covid-19 cases in the country.
“On the technical outlook, with investors staying on the sidelines, we expect the key index to trade within resistance at 1,525 - 1,548, with support at 1,500,” it added.
Among the heavyweights, Maybank and TNB added two sen each to RM8.07 and RM9.64, respectively, while Public Bank, Petronas Chemicals and CIMB were flat at RM4.07, RM8.03 and RM4.53, respectively.
Meanwhile, IHH grew four sen to RM5.68.
Among the most active counters, Yenher rose one sen to 96 sen, while Sapura Energy and Lambo were both flat at 12 sen and one sen, respectively, and Serba Dinamik added 1.5 sen to 42.5 sen.
On the index board, the FBM Emas Index was 11.68 points higher at 11,040.18, the FBMT 100 Index climbed 11.78 points to 10,756.38, and the FBM Emas Shariah Index strengthened 4.88 points to 12,080.95.
The FBM ACE perked 1.26 points to 7,106.41 and the FBM 70 went up 28.08 points to 14,386.66
Sector-wise, the Financial Services Index edged up 27.94 points to 14,912.04 and the Industrial Products and Services Index was flat at 186.83, while the Plantation Index eased 20.67 points to 6,196.66. — Bernama
