.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, Sept 3 ― Bursa Malaysia rebounded from yesterday’s losses to open higher today, bolstered by renewed buying interest in selected heavyweights as investors were drawn in by the lower share prices, dealers said.
At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.29 points to 1,585.48 from yesterday’s close of 1,582.19,
It opened 2.98 points better at 1,585.17.
Market breadth was positive with gainers leading losers 259 to 154, while 292 counters were unchanged, 1,483 untraded and 17x others suspended.
Turnover stood at 408.95 million units worth RM169.91 million.
Malacca Securities Sdn Bhd said although the local bourse had ended lower yesterday, optimism on the recovery theme still remains.
In a research note today, it said the optimistic sentiment was due to the average infection rate (R-naught) dipping below 1.0 (based on data on Sept 1), in addition to Melaka and Negeri Sembilan being moved to Phases Two and Three of the National Recovery Plan (NRP) starting Sept 4, 2021.
“The FBM KLCI witnessed another session of pullback (on Thursday) despite buying from local retail and foreign investors, as the index constituents succumbed to further profit-taking activities after rebounding at mid-morning,” it said.
Meanwhile, it said the crude oil price rebounded to above US$72 per barrel, while the crude palm oil (CPO) price rose above the RM4,200 level.
“The oil and gas counters might be in limelight following the surge in the crude oil price. Besides, the tourism sector may gain traction as National Security Council (MKN) has agreed to reopen the tourism sector involving several destinations under the travel bubble programme.
“We might see some trading interest building up in tax-related counters as tax experts highlighted that Malaysia is in need of a tax reform to broaden the tax base,” it added.
Among the market heavyweights, Maybank rose 3.0 sen to RM8.30, Public Bank improved 1.0 sen to RM4.08, IHH Healthcare went up 2.0 sen to RM6.38, while Petronas Chemicals and Tenaga Nasional were flat at RM8.29 and RM10.38, respectively.
Of the actives, Puncak Niaga advanced 5.0 sen to 47 sen, Avillion earned half-a-sen to 13 sen, while KNM Group and Sapura Energy went up 1.0 sen each to 28.5 sen and 13 sen, respectively.
On the index board, the FBM Emas Index bagged 23.98 points to 11,557.40, the FBMT 100 Index was 22 points higher at 11,259.98, and the FBM Emas Shariah Index perked 31.50 points to 12,688.86.
The FBM 70 increased 23.92 points to 15,030 while the FBM ACE declined 6.79 points to 7,210.80.
Sector-wise, the Plantation Index went up 18.96 points to 6,707.51, the Industrial Products and Services Index inched up 0.36 of-a-point to 198.89 and the Financial Services Index gained 18.29 points to 15,418.16. ― Bernama
