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Bursa Malaysia opens lower but rebounds, lifted by gains in heavyweights

KUALA LUMPUR, March 20 — Bursa Malaysia opened higher but rebounded thereafter, in early trading session, lifted by gains in key heavyweights like Maybank, Public Bank and CIMB.

At 9.04am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) stood at 1,747.59, up 2.39 points, from Friday’s close of 1,745.2.

Earlier, the index opened 1.13 points weaker at 1,744.07.

On the broader market, gainers outpaced decliners 255 to 55 with 245 counters unchanged, 1,156 untraded and 16 others were suspended.

Turnover stood at 269.9 million shares worth RM74.81 million.

In a note, Kenanga Research said the underlying fundamentals of the market was intact as the FBM KLCI was still trading firmly above all its key moving averages.

“However, given the series of good run last week, the FBM KLCI is currently on an overbought state and if the underlying fail to swiftly recapture the 1,750 mark, it could look to undergo a healthy retracement in the coming week before resuming its uptrend trajectory again.

“Support levels are noted at 1,740 and 1,730 points level,” it added.

Among heavyweights, Maybank added two sen to RM8.92, Public Bank rose four sen to RM20.22 and CIMB gained five sen to RM5.70.

Among the actively-traded stocks were Dataprep, up 1.5 sen to 45 sen, APFT was one sen better at 45 sen and MQ Technology increased half-a-sen to six sen.

The FBM Emas Index increased 19.43 points to 12,360.77, the FBMT 100 Index was 19.79 points higher at 12,016.09 and the FBM Emas Shariah Index added 3.77 points to 12,731.01.

The FBM 70 advanced 36.27 points to 14,402.11 and the FBM Ace improved 64.03 points to 5,595.19.

Sector-wise, the Plantation Index inched up 6.59 points to 8,168.2, Finance Index jumped 69.85 points to 15,809.84 but the Industrial Index lost 5.29 points to 3,258.52. — Bernama

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